I get excited to see creative examples of retail businesses expanding their sales vertically.

I just witnessed a car washing business partner with a 3rd-party windshield chip/repair company – what a great partnership! While the car wash employees hand-dried the clean vehicles, the repair employee was able to inspect the windshield and contact the customer. The interaction, thankfully, was brief, as the repair employee had his script well-rehearsed and provided information to the customer efficiently.

What makes this partnership so key is that the car was was able to expand their sales reach without additional resources. It required no involvement by their employees, it did not require more time from the customer, and it did not require an expanded infrastructure. These businesses do not directly compete with each other, but have similar customer demographics, making the partnership work.

How can you expand your retail sales vertically? Try it out:

  1. Identify a business that targets customers similar to yours
  2. Do your businesses compete directly? If no,
  3. How can you each benefit from showcasing the other's product or service?
  4. Does it require additional time or training for your employees?
  5. Will it hinder your customer's shopping experience? If so, is this an acceptable move?
  6. How will you measure the impact? Do you have a rewards or affiliate program in place to reward referrals (if necessary)?

I'd love to hear how you have worked this out – feel free to share in the comments section.

 

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