What else can I sell?

As Starbucks steps closer to possibly becoming a player in the quick-service food market with McDonald’s recent announcement of its all-day breakfast menu, all foodservice operations and even non-food companies need to ask themselves every once in a while: “What else can I sell to my existing customers?”

This Starbucks move may be a shot across the bow, a wake-up call to everyone else about a practice that we like to call “stacking.” This positive course of action reminds us of similar steps taken by some of the most successful companies in just about every industry.

• McDonald’s evolved from a drive-thru hamburger, fries, and Coke joint to one offering restaurant seating and adding over the years the Egg McMuffin, Chicken McNuggets, and gourmet coffee.
• Dunkin’ Donuts added gourmet coffee, iced beverages, breakfast and bakery sandwiches to its menu.
• Firestone Tire stores added tune-up service and then just about everything to do with a car becoming a “complete” auto care outlet.
• Hair salons have added a multitude of amenities including nail and spa services.
• Convenience stores are providing fast food.
• Real estate companies have added mortgage options to their portfolios.

And the list goes on…

Today the Internet, online marketing and social media has allowed companies to have a continuous dialogue with new and existing clients, customers, and patients on what is new and exciting.

Through all of this companies have to keep striving to answer the question, “What else can I sell to my existing customers?” They like us, there is an element of trust, and what else can we provide for them to make the experience more fulfilling while providing additional sources of revenue?

Brian Buffini, the real estate training and coaching guru, instructs to his sales people to throw in the phrase “by the way…”

“By the way….would you be interested in our apple pie special today?”

“By the way….would you like to have your car detailed while it is here to be tuned up?”

“By the way….did you know that we now offer mortgage and insurance service?”

You can never assume that customers know all of what you offer. Add value to their experience. Add profits to your bottom line whenever possible.

At Francorp, in our work as franchise consultants, we always raise the question to companies that we work with about what else they can sell that can increase sales and profitability consequently increasing royalties to the company.

Here is a punch list of items to consider when looking at Stacking:

1. Are there added products or services to provide?
2. Can the products or services be added with minimal additional costs (staff, equipment, inventory, marketing, etc.)?
3. Can these services or product additions be done with minimum interruption of the the core business?
4. Focus on high margin products and services.
5. Look for products or services that differentiate your from direct competition.