Nine Ways To Increase Your Floral Business’ Profit Margin
Here are a few tips to help you increase your profit margin and continue to share the power of flowers with your customers. While inflation, staffing issues, and slower floral sales may be challenging, make sure you are marketing and letting consumers know the benefit of receiving flowers.
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9 PROVEN WAYS TO INCREASE YOUR FLORAL BUSINESS’ PROFIT MARGIN
In times like these, we all know that flowers are more vital than ever. Customers will be looking for ways to deal with increasing stress in their lives, and the health benefits of flowers are undeniable. So, while inflation, staffing issues, and slower floral sales may be challenging, here are a few tips to help you increase your profit margin and continue to share the power of flowers with your customers.
1. Raise Your Prices (Really!)
As you can imagine, Generation Z is the most social media savvy of all generations. And since they live their lives online, they use each platform differently. That’s why you can’t advertise the same way across all of them: Your content choices will heavily depend on what social media platform you use.
2. Provide Superior Customer Service
Per the Society of American Florists, an IPSOS study showed that 81 percent of customers would forgive small businesses that raised prices if the business provided excellent customer service. So go the extra mile with every customer. This naturally includes every salesperson being helpful and courteous, but it may also consist of extended delivery hours, curbside service, surprise add-ons, and more.
3. Share the Benefits of Flowers
You know the fantastic benefits of flowers, but do your customers know? Multiple studies have proven the beneficial effects of flowers on a person’s wellbeing: Flowers relax stressed nerves, lower heart rate, and improve a person’s mood. Research also shows that flowers can enhance creativity and concentration and improve sleep. Share these benefits on your website, on social media, and with every customer who walks into your shop!
4. Deliver an Outstanding Online User Experience
Can customers find you online with ease? Do they see your floral designs on social media? Can they navigate your website with no issues? Can they view products and purchase them just as easily from their smartphone as their desktop computer? These are all vital questions when it comes to a smooth online experience and happy customers. Plus, your website isn’t just an “order-taker.” It needs to be filled with engaging content, like regular blog posts, to keep your customers coming back for more.
5. Provide a Variety of Payment Options
The more ways customers can pay, the more likely they will buy from your online store. One of the main reasons customers abandon a purchase at online checkout is that they can’t find their preferred payment method. So, ensure you offer credit and debit card payment, PayPal, Apple Pay, Google Pay, and as many other options as possible.
6. Use an Effective Email Strategy
Drive sales to your shop (both online and brick-and-mortar) with a targeted and well-planned email campaign. Not only should you send out regular informational and promotional emails to your list, but you should also have a series of automated emails for abandoned cart reminders, immediate customer service responses, product recommendations, welcome emails, and more.
7. Follow up Regularly
One of the most important ways to use emails is to follow up with your customers. Start by asking your site visitors to subscribe to your emails and add push notifications on their devices. Once you have their information, you can easily send out those abandoned cart reminders and new product notifications and let them know about new launches, events, or any upcoming promotions.
8. Offer Unique Customer Benefits and Rewards
The more you create a unique experience for each customer, the better your sales and profits will be. Provide loyalty bonuses, regular discounts, VIP early access for deals, special options for delivery, and gifts with purchase, to name a few. These benefits and rewards will create a loyal customer base and great word of mouth.
9. Encourage and Share Reviews
Happy customers will gladly share reviews, but you’ve got to catch them as close to the time of their purchase as possible: The old saying, “out of sight, out of mind,” applies here. Once a customer has received their flowers, send them an email asking for their review and link them to your website or Google business page to make it easy. You can also incentivize them by offering discounts or loyalty points toward their next purchase.
There you have it: 9 ways to increase profits in your floral business. We’d love to hear how these work for you!