- Announcing our new web-based KPI dashboards! In standard
Over the summer I used to go to a gas station along a route I frequently traveled. Their prices were the best in the area. At this point of the summer gas prices were nearing $4.00/gallon, and I drive a mid-size SUV which guzzles gas like it is going out of style. So filling up my tank became an expense endeavor, like, $85 expensive.
Here’s the problem. The gas station would only charge up to $75 on a credit card. So every time I went there they lost $10 of income that I was willing to give them. Why? Because of a hiccup in their back office. I looked around me and did the math: because their prices were good, they had 4 cars at any given point in time filling up, and ½ of them were SUVs with big tanks like mine, so they were potentially loosing $20 every 5 minutes. Insane, right?
On the flip side, I was in Target the other day, and was “just running in for one thing” but then I hit the cough/cold aisle and long story short, 15 minutes later, I had an armful of stuff. As I neared the end of the aisle, what did I see, but a stack of Target hand baskets, beckoning me to unload my armful and continue shopping. Guess what? With my arms free to pick up more stuff, I did just that.
The point: make sure you are not leaving money on the table because of some silly glitch in your back-office or some obscure policy you have in place. Re-think everything from a customer’s point of view and you may find opportunities to increase your sales from those already shopping at your store.