What are you doing to grow your revenue or sales year after year? If you are like most businesses, your resources are going to attract new customers. But what about your current customers, those that already know and like you?
What if you took just 5% of your marketing budget and dedicated it to grow sales to past or current customers? How much more income could you generate? Whether you sell to other businesses or consumers, don’t overlook this golden opportunity.
3 Ways To Capture More of Their Budget
Up-Sell: Upgrading customers to premium products or services is a simple way to grow sales. Premium products or services deliver more perceived value and command higher prices than standard offerings. So take a look at your current line-up. What can you do to beef them up with more features, special treatment options, extended warranties, higher service levels, faster delivery, etc? Think good, better, best. Once you have them, start promoting them!
Cross-Sell: Think complimentary products or services. Things that logically go together or are natural fits. Window washing with house cleaning, desert or wine with dinner, brushes and tarps with paint, and bookkeeping or payroll with accounting services are just a few examples. Whether you bundle or package them or leave them as a stand-alone option, these products or services offer customer convenience and incremental profit opportunities for you. And they can be delivered directly by you or seamlessly through a third party. The key here is to ask. So get creative and partner up if necessary to take advantage of these opportunities.
Re-Sell: Get customers to buy again and again. Some businesses, by their very nature, have recurring customer opportunities. Dance studios, cleaning services, and lawn care companies come to mind. However, most companies need to create repeat business.
Quality and convenience when it comes to service, product line, payment options and hours of operation certainly go a long way to keep them coming back. But making them feel appreciated and staying connected is vitally important. From birthday cards and punch-cards to customer-only offers, participation in surveys or research groups and volume incentives, these are all simple ways to stay connected and show you care. Whether you do so via phone, mail, email or social media, make sure your customers know you value their business and reward them for their loyalty. It will go a long way.
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