Have you ever felt overwhelmed trying to figure out how to drive more sales and profitability for your furniture store? As an owner or manager, you likely wear many hats daily, and keeping up with all the tasks needed to run the business successfully can feel impossible. While growing sales is challenging, there are actionable strategies you can implement that will help boost your bottom line without burning yourself out in the process. In this post, Russ Reynolds, VP of Enterprise Sales & Strategic Partnerships at FormPiper, will share four impactful yet practical tips for maximizing sales success that you can apply immediately to maximize your sales success and increase revenue.
- Identify Low-Hanging Fruit: Pinpoint warm leads using a CRM, ensuring no potential sale slips through the cracks.
Start by identifying your warm leads or hot prospects—customers who have shown interest but left without making a purchase. Utilize a Customer Relationship Management (CRM) system to track these leads and create a follow-up process. For example, if a customer has been approved for financing but didn’t buy, reaching out with new inventory updates or personalized offers can bring them back into the store.
- Implement Training: Establish a routine for sales team training, leveraging POS data to address skill gaps and improve performance.
Implement a regular training routine for your sales team. Identify gaps in their skills by tracking Key Performance Indicators (KPIs) in your Point of Sale (POS) system. Determine if certain sales reps excel with cash-paying customers or financing customers. Provide targeted training to improve areas of weakness and ensure your team is well-equipped to handle objections and close deals.
- Overcome Objections: Equip your team to handle common objections, from price negotiations to affordability concerns.
Objections are a natural part of the sales process. Document common objections and conduct regular role-playing sessions to help your team better handle objections. The furniture industry’s objections could range from price negotiations to affordability concerns. Training your team to navigate these objections can significantly impact your closing rates.
- Maximize Upsell Opportunities: Track financing data to identify and capitalize on upsell opportunities, turning approvals into increased sales.
In furniture sales, upselling is key. Track data on financing sales, specifically approvals versus actual contract amounts. If a customer is approved for a certain amount but only spends a fraction, there’s an opportunity for upselling. Train your team to identify and capitalize on upsell opportunities, encouraging customers to purchase additional items beyond their initial intention.
By implementing these strategies, you can optimize your sales processes, enhance customer satisfaction, and drive revenue growth at your furniture store.
HFA has more tips and best practices to help you maximize SALES.
To further implement this discussion, watch this short video from Russ Reynolds, Owner, FormPiper.