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The 8 most effective pricing strategies
What type of pricing strategies are you using? Do you understand what you are using and why? How effective are these strategies within your store? 52% of consumers use over 10 different pricing strategies to better their store. Factors such as season, economy and sales all play a critical part. It is important to recognize which factors directly affect each strategy in order to make your store as successful as possible. Here is a breakdown of strategies and how they work.
1) Discount: Discounts can be applied based on product quantity, customer loyalty programs or a specific promotion. This strategy is generally used to increase foot traffic and to obtain return customers.
2) Bundle: Employed by stores such as Costco. Multiple units sold in bulk, making the item cheaper.
Employees are known to work better and more efficiently when they know their efforts are being appreciated. We as humans, like recognition in general and respond positively to it. Having an established recognition/rewards program for your employees will not only give them something to work for, but will keep the work environment constructive.
How do you begin such a program? First, determine how your company wants to will demonstrate its recognition. Plaques, awards with a photo? Buying the employee lunch for a week? Continue reading
A customer is walking around your store, deciding on their must-haves. Then suddenly they get a puzzled look on their face; they are in need of some customer service. You turn around to help them and ask “How can I help you today?” But then what? Are you asking the right questions to boost your sales?
There is an actual art to asking customers questions. You want to be direct and avoid giving them too many choices. Too many choices can often leave customers feeling overwhelmed, which can lead to an empty purchase. You want to ask questions that can be replied to with simple one word answers. Continue reading
Stress management is an acquired skill. You can learn and use it to reduce anxiety and make your day more enjoyable.
Two main points of stress management are control and prevention. Of course it’s not always the case that you can control and prevent stress. This is why many people focus on a third approach; learning to cope. However, it is possible to become so good at reducing and preventing stress that you won’t have to cope with it anyway!
Stress is generally identified as everyday challenges or even risks we need to take or endure. A “stressor” is a stress trigger: A person, situation or object that stresses you out. When it comes to efficient stress management, the answer is to first focus on eliminating as many stressors as possible work on achieving a state of well-being that is less susceptible to any external stressors, like fractious children or a looming deadline.
Understand that the any stress-triggering threat is within your power to control and tackle.
The pressure you might feel when you’re giving a presentation, for example, may cause your heart to race and your palms to sweat. This is an instinctive survival-oriented response your body engages when you feel threatened. It is commonly known as the fight or flight response. It’s characterized by an increased heart rate and blood pressure, pupil dilation, blood sugar level increase and muscle tens
Top 10 Overlooked Paladin Features
At Paladin, we want to ensure you are getting the best experience with your Paladin Point of Sale system. We want to make sure you are equipped to have the most efficient and productive use of your time. Here are ten features that can help your business succeed and make using your Paladin Point of Sale system more effective.
Reports can be set up to run automatically, especially overnight, and can be retrieved at any time. No more having to select report ranges or sorting options.
You can set up your end of month reports to automatically generate, saving you time when you need the information quickly. No more missing inventory reporting deadlines, everything you need will be ready for you at the push of a button. Continue reading
Many merchants have legitimate business reasons to establish remote access connections to their point of sale, including allowing resellers and other vendors to manage and update their software. However, if not configured and managed correctly they can provide an easy entry point for unauthorized intruders to gain access to the system, and potentially to sensitive customer data. The following are highly recommended tips for enabling remote access while maintaining data security: Continue reading
Popp Hardware is a family-owned store located in Lidgerwood North Dakota with a population of a cozy 650 people. John Popp has owned the store since 1976; while his father owned it before him since 1946. Continue reading
Ready-made gift bundles.
Save your customers time by creating prepackaged collections for the usual recipients on their gift list, as well as the hard to buy for ones. And make it personal – “Your dad will love this.” Continue reading
Out-of-stock items, unmanaged inventory, unknown losses, and overstocked items can add up to significant revenue losses. Once you understand these losses, you can take action. The new PaladinNsight™ dashboard and tools (in the Inventory module) are designed to help you. Continue reading