KPIs – Average Price

Hi there!

I think for this one everything is quite clear – The success here depends on you and you only. The whole KPI is a measurement of your ability to seduce people and this in various ways. Of course also it is again about you managing your team towards excellence. So however you twist it – just implement no discussion.

Boutique Visual Identity – use your VM as a tool to increase the average price make the foloowing decisions:

  • Tell stories – give a way for the visitor to experience a journey from the small price to the more complex, more beautiful, more delicate, more astonishing more likeable product without giving him a visual obstacle – and be able to explain this journey in your own words, but sticking to the brands messages.
  • Use the strongest selling place for the best stories you have to tell – limited, new, bestsellers and outstanding should be the attributes to the products displayed there.
  • Have “easy sales”, such as icons of your brand at the stopping point after the comforting zone of your customers to seduce them and to start the journey together with them.

Stock Management:

  • Ensure the right selection for your target group is on stock – this may vary from town to town for the same brand and it is your duty to proof why you want to adapt the given model stock
  • you also need to be aware on the stock within your boutique, but even more so on the stock around you – be it at another outlet of your brand in walking distance or the same market. – You need to be able to swiftly react to customers wishes.

Team Management:

  • Target follow up and communication:
    Previous day rate announced in the briefing
    Monthly rate and target announced in monthly meetings
  • One to One:
    Review individual figures
    identify improvement points and build individual action plans
    Fix individual targets
  • Training:
    Not to have a prejudice on the visitors purchasing power
    Understand and know your visitor – his needs, wishes and dreams
    Spontaneous proposal of a product – which means you lead the sale
    Play with the team on upselling combinations
    Create selections of products that match
    Identify possible benefits of products for various individuals
    Take away the fear from your Sales associates to sell high value products
    Take away the fear to manipulate complex and delicate products from your team
    Ensure a natural and easy storytelling for each product from every Sales associate
    Ensure the technicities of your easy and complex products are known as well as care instructions etc. – this limits objections
    Never introduce the price without being asked – if you feel uncomfy use a terminology: prestigious, luxurious, extravagant, etc. believe me they will understand that they are on thin ice:-)
    Include the entourage in the decision making process to reinforce your arguments
  • Coaching:
    On upselling
  • Roleplays:
    On upselling
  • Challenge:
    Organise small incentives in the Bpoutique on the average price / Sales Associate

CRM:

  • Constantly stay in touch and develop your customers and prosdects with relevant messages to THEIR interests on limited, new, exclusive products or spontanuously when you feel it matches …

Benchmark

  • Send your team to mystery shop at other stores – preferably in luxury environments to lose the price fear – once they understood the daycreme for USD 900,- (la mer), the pullover for USD 8500,- (hermes, Loro Piana, etc.) the bag for USD 60.000,- (Hermes, Vuitton etc.)or the watch for USD 500.000.- (Patek Philippe, Richard Mille etc.) there can’t be price fear anymore.

 

In conlusio I might state the success in upselling really depends on the way your team and you are able to connect with the visitors – this is true for visitors of all cultures and nationalities.

A mayor factor is the ability of you and your team to identify the way your visitor is used to communicate and to adapt to this communication style. There are some tricks available in the broad field of psychology to succeed, but this will wait for another time.
Meanwhile I suggest to already actively implement the above said and you will see how well it will work…

Enjoy and happy sales!!

 

 

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