Having impulse buys available to your customers can increase your average dollar sale – for both tangible and intangible businesses.
Sunshine: Do you impulse buy?
Crystal: Welcome to the Love of Business. I’m Crystal.
Sunshine: And I’m Sunshine. Let’s get to it.
Impulse buying? I’m so guilty of this. I mean, I even put on my list two impulse buys.
Crystal: You are notorious for it. Why do you like doing impulse buying?
Sunshine: Well, there is always something extra that you want, or you feel that you need, or maybe that you want to try something new. I mean, that’s why I impulse buy.
Crystal: Does it make you feel good?
Sunshine: Yeah. I mean, it does. I mean, especially like little extra gooky stuff. You know, that you can get at the makeup store. The little impulse buys.
Crystal: It’s almost like a surprise, right?
Sunshine: Kind of, I suppose. But not a scary surprise. I don’t like scary surprises.
Crystal: Well, let’s talk about what impulse buys really are?
Sunshine: Sounds good.
Crystal: Impulse buys are buys that are not planned. They are not on your list of things to buy when going to the store or to the mall. It’s bought on a whim or a spur of the moment. And why people love impulse buying is because it is a little bit of a surprise. It’s fun and it’s exciting. They didn’t plan for it. It’s spontaneity. And a great way to think about your business, and your products and services, is think about what your customers would want impulsively? Maybe they don’t even know that they want it. So, for example, when you go to the grocery store and you’re in the check out line, you have no where to go, and there is all this candy and chips around you. It’s easy to grab a little treat and put it in your basket. Maybe two or three treats. And then, have a little treat on your way home with your groceries.
Sunshine: Okay. So, now that we’ve got the tangible impulse buy. What are some examples of intangible impulse buys? What is that? Is that like a warranty?
Crystal: It could be a warranty. That could be an impulse buy.
Sunshine: I mean, what are some other things. What would a web developer have as an impulse buy? Or a web designer?
Crystal: Well, an web designer, if they built you a website, the impulse buy could be a CO.
Sunshine: That’s really interesting. I would have never guessed that a CO would be an impulse buy.
Crystal: It’s all how you look at it.
Sunshine: What’s your number one takeaway from today’s video? Leave us a comment and thanks for watching.
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