6 Profit Boosters for your Wireless Store
Running a wireless store is no easy task so it’s important to look out for any opportunities to increase profits if you wish to make the most out of every sale. Are you following the 6 Profit Boosters below? Read until the end and receive a free guide with more detailed information on how to apply each one!
1. Find the lowest product cost
A great place to start increasing profits is to find a supplier that offers a more competitive price. If you wish to do the legwork yourself you can find several suppliers to compare and contrast on Google but an even better option would be to partner with a well-connected master agent who can offer you great pricing on your inventory thanks to their established relationships with suppliers. Master agents may also be open to offer you deals on large orders without requiring you to buy several hundreds of units, making this a great option for local wireless stores. Empower is a nationwide master agent so if you are interested, find out how to sign up as an authorized dealer in the free guide at the bottom of the article.
2. Join high commission programs such as AT&T Prepaid
Staying on top of commission rates and joining the highest rated programs will allow you to increase your profits. There are many companies in the mobile industry who offer good rates for commission payments such as Lycamobile, h2o, UltraMobile, FreeUp, and more. At the time of publication of this article AT&T Prepaid offers the highest commission rate in Southern California with 14%! Find specific rates from two top brands in the downloadable free guide at the bottom of the article.
3. Have a plan for offering special discounts based on slow seasons, holidays, etc
A marketing plan is an absolute necessity for any business, and wireless stores are no different. You should have an established schedule of promotions to run throughout the year, taking into account which months are high season, low season, what holidays you can build promotions around, what types of promotions you can run, etc.
Make sure to learn a bit about marketing and sales so you can test strategies to help increase profits such as flash sales, offering bundles, tactics to create urgency for consumers to purchase today, and creating a list of consumers so you can message them when new offers are available. For a few marketing ideas to increase profits download the free guide at the bottom of the article.
4. Create an email/SMS list of your consumers
Having a way to reach your customers should be a core pillar in your business. Offering a large discount or a free gift in exchange for an email address and phone number is a great way to incentivize your customers to share their contact information.
You can use a program like Mailchimp (emails) or Textedly (mass SMS messages) to upload your list and send messages to your customers whenever there is a promotion. Be careful not to overdo this, especially SMS messages! For more information on how to create an email list download the free guide at the bottom of the article.
5. Sell Low-cost, High-margin items
This one is great because when you think profits you don’t usually think about low cost items, however items like these can greatly increase your profits because the margins are so high and they are great items to use for up selling. Low-cost products include phone accessories such as cases, chargers, screen protectors, cables, etc. Also, electronic recharge products such as International Mobile Topup are great because there is no physical product cost! Learn more about how Empower provides its dealers with these items in the free Profit Booster Guide below.
6. Offer your own financing!
Rather than referring your known & trusted “regular” customers to a 3rd party financing company, use a system to create our own rental agreements and realize the entire margin for the financing. With a 30% down payment and rental factor of 2-3 times the “cash price” you can earn tremendous margins with mitigated risk!
As you can see, there are several ways to increase profits for your wireless store. If you enjoyed the information shared we would love to help you expand your wireless business. We are a nationwide authorized Master Agent helping wireless dealers run and grow their business. Reach out anytime at firstname.lastname@example.org if you have questions or would like support.
Make sure to get our downloadable profit booster guide below as a handy reference on raising your profits. Share your email address below and we’ll email it to you! It includes more detailed information on how you can increase your profits using each of the points mentioned.
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