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Why footfall is important

Source: Other | | 23/06/2020

All businesses have customers, According to HMRC, even they have customers…

Sales are the amount of goods and services that you provide your customers and there are three main features that affect your annual turnover:

  1. Number of customers
  2. Price
  3. Footfall

The first is fairly obvious, the more customers you can acquire, the greater the potential to increase sales.

Increase prices and this may increase turnover, but only if you can do this without affecting the number of customers you can retain.

Footfall is a less well known feature. It is the number of times you can encourage customers to return and buy more from you in a particular trading period.

Of the three, maintaining and increasing footfall is probably the most effective way to increase sales. This should be one of your principle strategies for maintaining and increasing sales as you have already met the costs of acquiring the customer (advertising etc). Encouraging a customer to buy from you once a month instead of once a quarter has the potential to increase sales from that customer by an average of 300%.

During the present COVID disruption this may not be possible, but as we emerge from lock-down this may be a strategy you could consider.

 

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McAllisters is a partnership trading from Paxton House, 11 Woodside Crescent, Glasgow providing accountancy and tax services and general business advice and is a member of ICAS (Registration No 0342) and an FCA exempt professional firm (No 301235). Its VAT number is 261 3019 94

McAllisters (Scotland) Ltd is a related business providing tax and business advisory services to McAllisters and its clients. McAllisters (Scotland) Ltd is registered in Scotland (Registration number SC146856). Its VAT number is 624 0564 62.

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