Increase Product Obsolescence/Upgrades

That is, give your products a shorter life span, either by reducing their quality (a risky proposition), or by developing new models that customers simply must have. The fashion business would not survive without this technique. Every few months, we are encouraged to scrap our entire wardrobe and get with the times. How can you apply this idea to your business? Perhaps you could improve your product and allow people to trade in the old model.

Hints and Tips:

1. Look for ways people can enhance a product they've already bought from you.

2. Always introduce new and improved versions. 3- Have a trade-in option.

Rating: 3/5

Always Have Stock

If you don't, you could easily lose customers. See, people like to be sure of two things when dealing with a business: one, that they're getting a reasonable deal and two, that they can rely on the business to help them. If you're out of stock most times they call, your customers will eventually start going somewhere else- somewhere with stock.

Hints and Tips:

1. Predict sudden rushes and stock up accordingly.

2. If finances are tight, see if you can get stock on consignment. 3- Make sure you deal with products you can readily get more of.

Rating: 4/5

Offer Service Contracts

Don't just sell to a customer once. Build in long-term sales with a service contract up front. Offer a five-year, a two-year, and a one-year contract. People will generally take the one-year contract. 127