Small retailers don’t have to limit themselves to a small consumer audience if they have the right marketing tactics on their side. Business owners looking to market to a wider audience and expand their customer bases can learn a lot from big box stores and national chains. The methods large retailers use to drive sales aren’t off-limits to small businesses; even retailers who are just starting out can incorporate these techniques into their business strategies. Michael Garrity, CEO and co-founder of consumer financing platform Financeit, offered these three tips for small retailers looking to grow and boost their sales. 1. Offer financing plans for expensive goods Here’s a tactic for small to medium-size retail businesses whose average sales are over $500 and who sell goods like furniture, jewelry or electronics: Offer a monthly payment plan, like the big boxes do, Garrity said. Showrooms and sales floors that offer financing typically enjoy 20-percent higher close rates and 30-percent higher purchase amounts, Garrity explained. By offering more-manageable payment options on expensive goods, you widen your audience of consumers. [3 Big Challenges for Small E-Commerce Retailers ] “Not only has financing been known to reduce a company’s overall marketing budget, but new technology… Read full this story
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