Sales Big Ticket Products
- Differences between companies, products, and sales
- Is there a right or wrong position on the scale?
- How can you sell different value offerings?
- Different approaches
In this month’s show, Michael and Simon are talking about the difference between small ticket items and big-ticket items. And the difference is far more than just price.
Differences between companies, products, and sales
They begin by looking at whether there is a difference between SMEs and corporates in the value of the products and services they sell. And while it may be easy to conclude that small-ticket items tend to be found more among SMEs and big-ticket items are in the domain of the corporates, Simon and Michael demonstrate that that isn’t always the case. In fact, the opposite can be true.
Is there a right or wrong position on the scale?
Sales, the next topic they explore is whether companies should specialise in, for example, only selling top-end products, or whether it is better to have a range of offerings that will suit different clients. This is an important consideration, especially for smaller businesses. When what they are selling are physical products, rather than services, making a mistake can be costly in terms of outlay for stock, storage etc. But for services companies too, there is an outlay in terms of time spent developing an offering, marketing and so on.
For any business of any size, making decisions about not only what they are selling, but who their client is and how to reach them is crucial. Simon shares some insights from his own business, and from some of the many successful businesses he has worked with. He talks about how to cultivate customers and retain them, rather than having to constantly find new ones.
The duo discusses different types of business, from delivery companies to utility providers, to restaurants, and show how ideas can be taken from one place and applied somewhere else.
How can you sell different value offerings?
They then go on to explore whether there is a difference in how different value items are sold. Should a business approach selling their high-ticket items differently from how they sell their low-ticket items? And how can they encourage their lower-spending customers to buy more?
There are a number of different approaches to this problem. Michael and Simon share stories of businesses large and small that have managed this sales process well, and not so well. They discuss and analyse how different models work in different industries. What makes one business so successful, maybe in a really short period of time, and another business might survive but not thrive, while yet another might fail.
There is no doubt that the ways in which businesses have to change to adapt to new situations is a challenge. While successful companies that have been running for decades or even centuries will have navigated many obstacles, we now have accelerated technological change to accommodate. Simon and Michael discuss not just the challenges, but also the opportunities that this can bring in terms of how to win new business, retain customers and be more effective in selling higher-ticket items.
Every business is unique. Their size, location, what they sell, who their customers are and so on. And yet there are some business lessons that can be learnt and shared no matter what the industry or type of company. And Simon and Michael are excellent at picking out the salient points from a story—whether of success or failure—and illustrating how these can be applied to other businesses.
This episode covers important matters around how to make your business more profitable and more sustainable. It’s a valuable resource for any entrepreneur at any stage of their business journey. Whether your company deals in high-ticket or low-ticket items, whether it offers a wide range or a carefully thought through niche selection, then there are lessons here that will help you take the best care of the customers you already have, as well as attracting more.
Michael CraneEntrepreneur, Business Owner, Presenter
For the last twenty years, Michael has built and run a successful business. He’s learned many lessons—some of them the hard way—and he’s met and talked with many other businesspeople. He’s sold thousands of products and learnt the one hundred and one things needed to run a thriving business. Now he’s bringing this knowledge and experience to educate, motivate and inspire other entrepreneurs.