Product of the Month Spotlight: Elaine Sterling
- Posted on: Feb 12 2019
Did you know that retail sales should make up 10 percent of your revenue?
When implemented correctly, retail can make your practice more profitable, increase retention rate, and result in more repeat clients. Selecting retail is important and you don’t necessarily need the entire line of each product that you’re interested in.
Research has shown that if you sell a client two retail products, there is a 60 percent chance of them returning to your practice. If you sell then one product, there is a 30 percent chance of them returning. And if you sell them no product, there is only a 10 percent chance of returning as a client.
Be sure to introduce your existing clients to your product line! One study found that loyal customers that purchase from you frequently are more profitable than your average customer – the top 10 percent of clients spend 3 times more per order than the lower 90 percent of your client base, and your top 1 percent of customers spend 5 times more than the lower 99 percent.
Keep in mind that existing clients spend 67 percent more than new customers! Retail is a great way to keep them engaged!
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