Research shows that tyre sales in the domestic market will account for more than 80% of the total market cap by 2020. The balance 20% will be made up of tyre exports. These figures indicate that it is a promising landscape if you run a tyre business in India. However, the question here is how you will make the most of the scenario and capture a good market size?
For all activities that ensure this, you can borrow a tailor-made business loan of up to Rs. 50 lakh at a nominal interest rate. Bajaj Finserv offers you funds within 24 hours and with a Flexi Loan facility. Here, you can withdraw from your loan account whenever you need, with interest chargeable only on the amount used and not the entire sanction. This helps you save money and manage your cash flow better.
Read on to know the areas you should focus on to enable you to increase your turnover and have a sizeable market share.
1. Increase footfalls by giving customers something to look forward to
Customer experience holds the key to attracting customers to your business. Ensure that the moment a customer steps into your facility, they are greeted with a professional set-up that communicates that you’re the tyre expert. Opt for interiors and a display that does justice to the tyres you trade in, and also focus on customer care. Offer them a beverage, a free assessment of their own tyres, a short demo on tyre variants and their USPs, or a brochure on tyre facts and comparisons. Small touches such as these go a long way in ensuring increased footfall, word-of-mouth promotions as well as customer loyalty.
2. Offer perks and advertise to widen your reach
To turn every visitor into a loyal customer, you will have to offer something extra. So, instead of a simple discount, look at how you can add value to their purchase and make it more exciting. Offer movie vouchers, discounts on car repairs, tyre warranty, one free wheel alignment, etc. Also, advertise your offers and services so that your customers do not miss them and your reach is as wide as possible. Instead of putting ads in newspapers, consider slipping a leaflet into the newspaper, sponsoring local events, participating in trade shows and even consider outdoor advertising at parking lots, for example.
3. Hire and train your staff to increase sales
Good tyres offer better safety and are durable too, making them an investment that everyone should make. To ensure that you can increase conversions and add more clients to your roster, ensure that you have ample, well-trained staff. This will help them understand the buyer’s needs, answer queries and convert a potential customer into a returning client. To be sure that your hires do what they are expected to, you will have to offer substantial salaries, incentivise the sales process and hire people who have a passion for the business.
4. Offer a host of payment options
Make it easy for customers to choose you over your competitor by prioritising their convenience. This means offering a host of payment options such as a 30-day period for bulk or wholesale orders as well as EMI financing options, for instance. Also ensure that you accept payments via credit and debit cards as well as mobile wallets. Follow these steps to ensure that you give your business an edge over your competitors’. Make the most of a pre-approved business loan from Bajaj Finserv that offers instant finances to take your tyre trading business to new heights.
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