Wouldn't it be nice if there was one surefire way to increase your revenue on every order? It turns out there is. Learn how to secure greater profits than ever before by selling clients higher price point items. It's easy when you educate clients on the benefits below.
While this point might seem obvious, its importance can't be understated. The more expensive an item is, the greater profits you'll receive by selling it, all while keeping the same margins. Don't let fear prevent you from increasing profits: higher price point items aren't any harder to sell than basic promos as long as you're fulfilling a need your clients have.
Richardson Seating, a premium furniture manufacturer for both retail and promo, illustrates this point in the following example. 100-piece orders for branded bar stools are a common occurrence. If the distributor marked up each bar stool by just $20, that's a $2,000 profit from just one order.
While high-end products might seem expensive for small business, big brands won't bat an eye at spending more money up front for quality items that last. Adding higher price point items to your sales repertoire allows you to appeal to a whole new customer base and capture more revenue for yourself at the same time.
To understand the full potential of big brand business, consider a few recognizable clients who work with Richardson Seating for their branded furniture needs:
2,000+ locations
2,100+ locations
4,600+ locations
Whenever a client like this wants to place an order for branded bar stools, they'll need new seating for every location – and considering how common 100-piece orders are for this category, you could be looking at massive profit margins for each location.
Plan for all possibilities when presenting higher price point items, such as clients wanting to start with a small order first. Make sure your supplier can fulfill small order quantities, so you never have to turn away a sale. After all, even small orders for high-end promos can result in big profits, or be your foot in the door for bigger purchases down the line.
No order is too big or small for Richardson Seating! In fact, this supplier can fulfill orders as low as just two pieces, which are ideal for many small store locations, such as:
Here's a sales opportunity you're sitting right on top of – literally! Logoed furniture, such as branded bar stools, is an extremely profitable promo category thanks to its utility and high price point. In fact, bar stools accounted for over $2.07 billion in retail sales last year, per Statista, and those numbers can easily be replicated for the promo industry.
Even if you're new to this product category, Richardson Seating is here to help. This third-generation family-owned business has been helping ASI members for over 20 years and is ready to extend that same level of service to you.