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Improve Retail Sales Performance With These Sales Coaching Tips
By Steven Lipschitz
Your POS system generates key statistics that tell you about your Retail sales performance.
These key statistics are: Average sale, Transactions per hour, Items per sale, Conversion rate, Sales per hour.
But did you know that tracking these statistics on an individual Salesperson basis can lead you to focused clues about improving individual performance. Most POS systems don’t enable you to track individual sales performance or generate individual KPIs (key performance indicators). If they do, they do not allow you to set a Store Sales Goal for comparative purposes.
If your POS system does track these KPIs they can lead you to some very important coaching strategies:
Coaching on Low Average Sale
Salespeople need to create value in the sale by demonstrating more expensive merchandise. This usually requires more skill and more product knowledge.
Customers need to be probed to identify their needs so the Salesperson can match them with the right product. There is no point in launching into a demo unless the needs of the customer are known. This leads to unsuccessful attempts at adding on. Perhaps the sale itself is lost due to inaccurate probing.
If the Salesperson is in a hurry they may not maximise their opportunity to sell. This will usually be characterised by low items per sale and/or high transactions per hour, as well.
Salespeople need to be aware of natural product add-ons such as extended warranties, product customisation and delivery options. Lack of product knowledge again is a cause for low average sale.
Coaching on Low Transactions Per Hour
Salespeople may be guilty of spending too much time with customer and not closing sales quickly enough. This is usually due to a lack of skill or motivation.
You need to identify a specific behavior that is cause the poor performance which may be thing like too much time spent merchandising, taking breaks, smoking, or talking to customers without trying to close the sale.
Converting customer is paramount
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to increasing transaction per hour. Approach more customers and try to spend less time with them Coaching on Low Items Per Sale Salespeople need to at least attempt to sell more than one item to a customer. Product knowledge and sales confidence are the keys to a successful add on. Lack of sales skill will inevitably result on giving up too quickly or ignoring an opportunity to add on. Probe customers with broad questions relating to the product they are buying. You may find out something about the customers that leads naturally to the ad on. Since the customer’s mind is most open to buying prior to making a buying decision on the primary item, a Salesperson who always waits for that commitment prior to adding on may be minimising his/her chances of successfully adding on. Salespeople are sometimes much to careful about saving a customer’s money instead of trying to sell them more items. If the store is quiet Salespeople need to try harder to ad on. Even if the store is busy, a customer who has already decided to make a purchase is more easy to sell something to than a customer walking into the store. Coaching on Low Conversion Rate Lack of probing, skill in selling, product knowledge, and approaching customers is usually the cause of low conversation rate. In most cases increasing the conversion rate of the store is the quickest and easiest way to increase the sales average. Converting one more customer per period can create a dramatic effect on the sales for the day so Salespeople need to close faster and attend to more shoppers. Lack of clear and targeted demonstrations and a lack of product knowledge can cause wasted time with Salespeople performing the sale but not closing the deal. Coaching on Low Sales Per Hour Usually this statistic is low because one of the other’s is low. Make sure you are tracking this statistic accurately. If you are measuring sales performance for an individual who is selling for less hours than being tracked this will inevitable show us a low sales per hour. Summary Targeting individual deficient sales statistics provides vital clues to Store Managers about the specific area of performance that should be targeted for coaching purposes. Coaching on the most deficient statistic yields the greatest and quickest results and the potential the biggest improvement in sales performance. The author of this article has developed a software program used by retail stores to quickly and easily calculate individual salespeople’s statistics. Article Source: http://www.articleblender.com Steven Lipschitz has a 12 year track record in Internet enabled applications and today specializes in Retail Performance Management Solutions. His company developed the world renowned Retail Performer Software. FREE Trial Download available.
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Hawaii hotel room rates rise 7%
<img src='http://assets.bizjournals.com/pacific/news/WaikikiHotelsEwaStory*100.jpg?v=1'>Average daily room rates at Hawaii hotels rose by nearly 7 percent last week, while occupancy nudged up about 2 percentage points, according to a report by Hospitality Advisors LLC and Smith Travel Research.
The average daily room rate statewide for the week ending Feb. 4 was $197.03, which was 6.6 percent higher than the same week a year ago. Hotels statewide were 77.1 percent full, which was 2.4 percentage points higher than the same week in 2011.
Oahu hotels had the highest occupancy rate at 80...<div class="feedflare">
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Hawaii gas prices jump higher this week
<img src='http://assets.bizjournals.com/pacific/news/gaspumps*100.jpg?v=1'>Gasoline prices in Hawaii shot up this week to a statewide average of $4.19 for a gallon of regular unleaded, 7 cents higher than a week ago and still the highest in the nation, according to AAA Hawaii?s Weekend Gas Watch.
In Honolulu, the average price rose 7 cents to $4.05 per gallon, which was 17 cents higher than a month ago and 42 cents higher than this time last year. On the Big Island, the average price in Hilo was $4.35 per gallon, which was a nickel higher than last week, 15 cents more than last month and 58 cents higher than this time last year...<div class="feedflare">
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Hearing Friday on $80M bond to reopen Hawaii hospitals
<img src='http://assets.bizjournals.com/pacific/news/HawaiiMedicalCenterEastStory*100.jpg?v=1'>The saga involving the recently shut-down Hawaii Medical Center hospitals will continue Friday with a hearing on a bill to issue an $80 million special purpose revenue bond to St. Francis Healthcare System of Hawaii to refurbish the two hospitals and get them ready for potential new owners.
The $80 million special purpose revenue bond provided for in House Bill 2345 would be used by St. Francis to renovate the hospital buildings, upgrade the courtyard and parking garage, modernize technology and equipment and refinance debt at both the East and West campuses...<div class="feedflare">
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Hoku Corp. hits stormy seas but expects to emerge stronger
How long can Hoku Corp. withstand the losses?
On Thursday, it reported a loss of $10.6 million, or 19 cents per share, for the quarter that ended on Dec. 31, 2011.
It has seen losses for all quarters dating back to at least Dec. 31, 2010.
The Honolulu-based renewable-energy company also is facing the possibility of being delisted from the Nasdaq Stock Market.
It is in the midst of a 180-calendar-day warning period in which its stock has been closing below the $1-per-share mark.
But its stock price has been trending upward and on Thursday closed at 87 cents, its highest mark in more than two months...<div class="feedflare">
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Hawaii?s initial jobless claims down 3.4%
Initial unemployment claims in Hawaii declined by 3.4 percent last week, according to the state Department of Business, Economic Development & Tourism.
There were a total of 1,967 initial jobless claims filed statewide during the week ending Feb. 4, compared to 2,034 claims filed during the same week a year ago.
Oahu was the only island to see an increase in filings. It had 1,187 jobless claims filed last week, which was 4.7 percent more than the 1,135 claims filed during the same week in 2011...<div class="feedflare">
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Hawaii part of $25B foreclosure settlement agreement
Hawaii was one of 49 states to agree to a $25 billion settlement with five of the nation?s largest banks to address abuses in mortgage loan servicing and foreclosures, federal officials said Thursday.
The deal with Bank of America Corp., JPMorgan Chase & Co., Wells Fargo & Co., Citigroup Inc., and Ally Financial Inc. (formerly GMAC) was the largest federal-state civil settlement since the multistate tobacco settlement in 1998.
The deal, the result of a year-long federal investigation, will require mortgage servicers to commit more than $20 billion for financial relief for consumers, and commit $25 billion to resolve violations of state and federal laws, U...<div class="feedflare">
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Chow?s game plan includes building fan support for Hawaii
<img src='http://assets.bizjournals.com/pacific/news/Norm%20Chow_autograph*100.jpg?v=1'>After sitting down with new University of Hawaii head football coach Norm Chow for a one-on-one interview earlier this week, it?s clear that he is a man who is passionate about his craft as well as children?s causes.
He is after all a father and grandfather.
But the Hawaii native also knows that as the figurehead of the closest thing the state has to a pro team, it?s a high-profile job.
And part of his work will be mustering up support and donations, whether it is talking to the business world or showing up at a fundraiser...<div class="feedflare">
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Cyanotech Corp. stands out on mixed day for Hawaii stocks
Cyanotech Corp.?s stock gained 39 percent Thursday after the Hawaii-based company reported a quarterly profit that was more than 100 times higher than the net income reported the previous year.
Meanwhile, other local stocks finished mixed on a day when the broader markets closed slightly higher on news of a debt deal in Greece. The Dow Jones Industrial Average gained 6.51 points, or 0.05 percent, to close at 12,890.46, while the Nasdaq gained 11.37 points, or 0.39 percent, to close at 2,927.23...<div class="feedflare">
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Cyanotech Corp. quarterly earnings soar to $1.1 million
<img src='http://assets.bizjournals.com/pacific/CyanotechNEWS3*100.jpg?v=1'>Cyanotech Corp.?s profit for its fiscal third quarter was more than 100 times the net income the Hawaii-based nutraceutical manufacturer reported the year before.
Cyanotech (Nasdaq: CYAN), based in Kailua-Kona on Hawaii?s Big Island, reported on Thursday net income of $1.1 million, or 20 cents per diluted share, for the quarter that ended Dec. 31, 2011, compared to net income of $10,000, or $0.00 per diluted share, during the quarter that ended Dec. 31, 2010.
The company reported revenue of $6...<div class="feedflare">
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Hoku Corp. blames $10.6M quarterly loss on higher costs
<img src='http://assets.bizjournals.com/pacific/hokuNEWS*100.jpg?v=1'>Hoku Corp. reported a loss of $10.6 million, or 19 cents per share, for the quarter that ended Dec. 31, 2011, compared to a loss of $3 million, or 6 cents per share, for the same quarter in 2010.
The Honolulu-based energy company blamed the higher loss in its fiscal third quarter on increased operating costs for the polysilicon plant it is building in Idaho and on expenses of $5.2 million from payments to Idaho Power Co. for the plant?s electricity service.
Hoku (Nasdaq: HOKU) reported revenue for the quarter of $7...<div class="feedflare">
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Hawaii hotel room rates rise 7%
<img src='http://assets.bizjournals.com/pacific/news/WaikikiHotelsEwaStory*100.jpg?v=1'>Average daily room rates at Hawaii hotels rose by nearly 7 percent last week, while occupancy nudged up about 2 percentage points, according to a report by Hospitality Advisors LLC and Smith Travel Research.
The average daily room rate statewide for the week ending Feb. 4 was $197.03, which was 6.6 percent higher than the same week a year ago. Hotels statewide were 77.1 percent full, which was 2.4 percentage points higher than the same week in 2011.
Oahu hotels had the highest occupancy rate at 80...<div class="feedflare">
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Hawaii gas prices jump higher this week
<img src='http://assets.bizjournals.com/pacific/news/gaspumps*100.jpg?v=1'>Gasoline prices in Hawaii shot up this week to a statewide average of $4.19 for a gallon of regular unleaded, 7 cents higher than a week ago and still the highest in the nation, according to AAA Hawaii?s Weekend Gas Watch.
In Honolulu, the average price rose 7 cents to $4.05 per gallon, which was 17 cents higher than a month ago and 42 cents higher than this time last year. On the Big Island, the average price in Hilo was $4.35 per gallon, which was a nickel higher than last week, 15 cents more than last month and 58 cents higher than this time last year...<div class="feedflare">
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Hearing Friday on $80M bond to reopen Hawaii hospitals
<img src='http://assets.bizjournals.com/pacific/news/HawaiiMedicalCenterEastStory*100.jpg?v=1'>The saga involving the recently shut-down Hawaii Medical Center hospitals will continue Friday with a hearing on a bill to issue an $80 million special purpose revenue bond to St. Francis Healthcare System of Hawaii to refurbish the two hospitals and get them ready for potential new owners.
The $80 million special purpose revenue bond provided for in House Bill 2345 would be used by St. Francis to renovate the hospital buildings, upgrade the courtyard and parking garage, modernize technology and equipment and refinance debt at both the East and West campuses...<div class="feedflare">
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Hoku Corp. hits stormy seas but expects to emerge stronger
How long can Hoku Corp. withstand the losses?
On Thursday, it reported a loss of $10.6 million, or 19 cents per share, for the quarter that ended on Dec. 31, 2011.
It has seen losses for all quarters dating back to at least Dec. 31, 2010.
The Honolulu-based renewable-energy company also is facing the possibility of being delisted from the Nasdaq Stock Market.
It is in the midst of a 180-calendar-day warning period in which its stock has been closing below the $1-per-share mark.
But its stock price has been trending upward and on Thursday closed at 87 cents, its highest mark in more than two months...<div class="feedflare">
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Hawaii?s initial jobless claims down 3.4%
Initial unemployment claims in Hawaii declined by 3.4 percent last week, according to the state Department of Business, Economic Development & Tourism.
There were a total of 1,967 initial jobless claims filed statewide during the week ending Feb. 4, compared to 2,034 claims filed during the same week a year ago.
Oahu was the only island to see an increase in filings. It had 1,187 jobless claims filed last week, which was 4.7 percent more than the 1,135 claims filed during the same week in 2011...<div class="feedflare">
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Hawaii part of $25B foreclosure settlement agreement
Hawaii was one of 49 states to agree to a $25 billion settlement with five of the nation?s largest banks to address abuses in mortgage loan servicing and foreclosures, federal officials said Thursday.
The deal with Bank of America Corp., JPMorgan Chase & Co., Wells Fargo & Co., Citigroup Inc., and Ally Financial Inc. (formerly GMAC) was the largest federal-state civil settlement since the multistate tobacco settlement in 1998.
The deal, the result of a year-long federal investigation, will require mortgage servicers to commit more than $20 billion for financial relief for consumers, and commit $25 billion to resolve violations of state and federal laws, U...<div class="feedflare">
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Chow?s game plan includes building fan support for Hawaii
<img src='http://assets.bizjournals.com/pacific/news/Norm%20Chow_autograph*100.jpg?v=1'>After sitting down with new University of Hawaii head football coach Norm Chow for a one-on-one interview earlier this week, it?s clear that he is a man who is passionate about his craft as well as children?s causes.
He is after all a father and grandfather.
But the Hawaii native also knows that as the figurehead of the closest thing the state has to a pro team, it?s a high-profile job.
And part of his work will be mustering up support and donations, whether it is talking to the business world or showing up at a fundraiser...<div class="feedflare">
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Cyanotech Corp. stands out on mixed day for Hawaii stocks
Cyanotech Corp.?s stock gained 39 percent Thursday after the Hawaii-based company reported a quarterly profit that was more than 100 times higher than the net income reported the previous year.
Meanwhile, other local stocks finished mixed on a day when the broader markets closed slightly higher on news of a debt deal in Greece. The Dow Jones Industrial Average gained 6.51 points, or 0.05 percent, to close at 12,890.46, while the Nasdaq gained 11.37 points, or 0.39 percent, to close at 2,927.23...<div class="feedflare">
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Cyanotech Corp. quarterly earnings soar to $1.1 million
<img src='http://assets.bizjournals.com/pacific/CyanotechNEWS3*100.jpg?v=1'>Cyanotech Corp.?s profit for its fiscal third quarter was more than 100 times the net income the Hawaii-based nutraceutical manufacturer reported the year before.
Cyanotech (Nasdaq: CYAN), based in Kailua-Kona on Hawaii?s Big Island, reported on Thursday net income of $1.1 million, or 20 cents per diluted share, for the quarter that ended Dec. 31, 2011, compared to net income of $10,000, or $0.00 per diluted share, during the quarter that ended Dec. 31, 2010.
The company reported revenue of $6...<div class="feedflare">
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Hoku Corp. blames $10.6M quarterly loss on higher costs
<img src='http://assets.bizjournals.com/pacific/hokuNEWS*100.jpg?v=1'>Hoku Corp. reported a loss of $10.6 million, or 19 cents per share, for the quarter that ended Dec. 31, 2011, compared to a loss of $3 million, or 6 cents per share, for the same quarter in 2010.
The Honolulu-based energy company blamed the higher loss in its fiscal third quarter on increased operating costs for the polysilicon plant it is building in Idaho and on expenses of $5.2 million from payments to Idaho Power Co. for the plant?s electricity service.
Hoku (Nasdaq: HOKU) reported revenue for the quarter of $7...<div class="feedflare">
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