Keeping track of business metrics and results are critical to analyzing your performance ticket. However, many managers have questions regarding the selection of metrics that will be used in their management strategies. In this context, the average ticket is an excellent starting point in sales planning and control of company results.
In this article, in addition to understanding the importance and need to develop the average ticket, you will also have access to ten essential tips for increasing your average ticket in practice. Keep up!
The importance of analyzing your company’s average ticket:
The average ticket is a key performance indicator used by managers for the purpose of measuring the average value of their sales per customer. In this sense, the metric can provide the manager with details about the average amount of sales made per customer.
The average ticket calculation is very simple. To reach the result, simply add the total value of sales made during a certain period of time and divide it by the number of customers who bought in that same period. The value obtained from this equation will be the average value that each customer buys from your company, ie the average ticket.
Using metrics helps identify problems, assess customer profiles, set goals, create marketing and sales strategies, and countless other important actions for the organization’s development. Besides, the results obtained by calculating the average ticket contribute to the managers to understand how is the performance and profitability of the organization.
Understand the need to develop strategies to increase the average ticket.
By developing strategies to increase the average ticket, the manager is investing in company development actions. In this sense, in addition to investing in growth and profitability, it will focus on effective actions, based on knowledge and the current portrait of the company, on the profile of clients served and on business opportunities in the market.
However, you need to be aware of one key issue: Some companies are not ready to increase their average ticket because they do not have the physical and operational structure to do so.
In such cases, before taking a specific action to improve customer acquisition, for example, it is essential that you know and evaluates the reality of the business. Only by assessing the capabilities and boundaries of the business will it be possible to put together a plan that will enable safe, organic and well-structured growth.
10 tips for increasing your company’s average ticket:
You may be wondering: But how can I increase my company’s average ticket anyway? What are the effective actions I can take in my business strategy?
Below are some tips that can be applied to actions to increase the average ticket of a company. Find it out!
1. Know your customers:
Before putting any sales growth strategy into practice, consider your client portfolio. You need to understand the needs, restrictions and wants of your consumer. With this information, it is easier to align the actions of your sales team and the goals of your company, according to the expectations of your customer.
2. Increase variety of products/services:
If your company has the structure and conditions to broaden the range of products and services, this may be a great way to increase the average ticket. However, it is worth remembering that the increase can only be made if you have advance planning and a structure for such an increase.
3. Offer discounts and promotions:
Another way to encourage your customers to increase their purchases is by offering discounts and promotions. A very interesting solution is the offer of progressive discounts.
You can do this with products that take longer to sell, encouraging increased inventory turnover. Investing in loyalty programs can also be an effective solution, as in addition to encouraging consumption, they also encourage increased shopping frequency.
4. Engage your sales team:
If you already know your customers well and are offering an interesting mix of products and services, it’s time to have a meeting with your sales team. Encourage your salespeople to improve results by showing that you have all the information and support you need to do so.
The business sector must understand why the company seeks to expand the average ticket to feel motivated to be part of the organization’s growth. By creating collective goals and individual goals, you’ll be able to encourage and value your sales team’s work by engaging them to actively pursue the metric increase.
5. Offer different payment methods:
Offering different forms of payment increases the chances of expanding the audience served by your company. You can offer payment options on the credit card, debit card, bank transfer, bank transfer, among others.
6. Invest in the quality of care:
To understand what quality of service means, just put yourself in the position of the consumer. By changing roles you will have the clarity to identify what is the ideal scenario a customer seeks when hiring the services/buying products from your company.
By offering quality customer service, as well as contributing to customer loyalty, you are creating a favorable environment for that customer to buy more and contribute to the increase in the average ticket. Quality of service is associated, for example, with meeting deadlines, quick returns, commitment to quoted prices, and well-structured after-sales service. The customer must feel safe when shopping with your company.
7. Give your customer what they need:
To sell more and better you need to be aligned with the customer’s consumption needs. Therefore, your business should focus on delivering really needed products/services.
8. Train Your Sales Team:
The sales team must undergo constant training. In addition to stimulating professionals, the training contributes to better customer service.
9. Establish a trusting relationship with your customers:
You need to trust your customer and he needs to trust your business. Creating this relationship is a time consuming and complex process. However, once the trust bond is established, you will have much more freedom to dialogue and offer purchasing solutions to that customer.
Trust is built by realizing all the tips mentioned so far. A customer who is well served by a trained sales team receives the product in line with their expectations, has access to a variety of quality products and items and knows that what has been combined will be executed, trusted by the company and therefore interest in maintaining a business relationship with her.
10.List related products and services:
Knowing your customer, you have information about their purchase history and their needs. With this, you can expand your average business ticket by offering related products and services, based on purchases already made or knowledge of some specific consumer needs that your company can meet.
As you can see, there are several ways to increase your company’s average ticket. The tips presented throughout this article can be tailored to the characteristics of your business and the profile of customers served. Most importantly, you invest in well-structured strategies focused on the sustainable growth of your business.
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