Footfall measures the number of times a customer returns to your business to purchase goods and services.
Many business owners believe that the most effective way to increase turnover is to win more customers or to charge them more for purchases. Both of these strategies may work to increase sales, but both contain hidden costs.
Winning more customers
To be successful at this enterprise you will need invest in marketing campaigns, including advertising and social media costs.
Increasing your prices
The danger here is that customers will react to price increases and shop elsewhere for supplies.
Whilst we are not suggesting that you should abandon either of these strategies, by far the most cost-effective way to boost turnover numbers is to inspire your existing customers to increase the number of occasions they buy from you each year.
Cross-selling to existing customers is like preaching to the converted. You have met the costs of acquiring the customer, now you need to encourage them to come and buy from you more often.
Every time they return you increase sales and release more profit into your trading results.
If you are new to this notion, increasing footfall, we would be happy to discuss strategies that you could employ.
Of the three, increasing footfall, increasing prices, or winning new customers, increasing footfall will have the most impact on your financial results.