From Michael Ladd of Success with Michael Group.
Business owners are often trying to find ways to market their business without spending mone They want a successful business that’s profitable and offers services and products that people love. Wondering how to generate more sales from existing customers? You don’t have to drop serious cash if you try to focus on increasing your current customers’ revenue. Repeat customers spend on average 67 percent more than new ones Use these four tips to get more sales from your existing customers. Focus on Lifetime Value vs. Transactional Value.
Focus on Lifetime Value vs. Transactional Value.
You can keep customers coming back if you offer them exceptional service. Think along the lines of heavily discounted services. Business owner Chris Zane offers parents who buy their children’s bikes from him an incentive that’s too good to pass up: He credits the full cost of the previous year’s bicycle toward a new bike each year until they reach a 20-inch wheel. This means that he doesn’t make money initially, but parents tend to use his business to buy the necessary accessories for their children and wind up becoming lifelong customers.This is a good example of operating your business in a manner that does not simply focus on a single transaction, but makes high value its number one focus.
Beat the Clock.
Consumers are not tolerant of organizations that waste their valuable time. Consider becoming a one-stopshop for your clients’ needs to simplify their day. Everyone appreciates convenience – so when people can stop at one place, or make one call to solve a lot of problems, they’re going to do it. Helping customers do more in less time gives your business a competitive edge.
Appreciate Your Customers.
To increase sales, you must alter your thinking about your customers’ role in the future of your business. Your customers are more than just a mere sale. They actually control the fate of your business and whether or not it succeeds. If they’re unsatisfied with your services, they will have no problem telling others about their bad experience. You know it’s true; customers can be tough judges. However, if they’re thrilled with your products and services, they’ll tell others about your company. They’ll shout it from the rooftops. Consistently over-perform and deliver great value so your customers know you appreciate their business.
Put a Referral System in Place.
A referral system gets you new business by continually reminding your current customers that you’d love to add new ones. Create a program that offers rewards to your current customers when they send a friend your way. This method earns you new customers, and lets your thank your current supporters. Plus, once the program is in place your current customers basically do the work for you when they spread the word of your business to their friends and family. Keep in mind, a referral from a peer says more than anything you can say about yourself. As you can see, companies have many strategies available to help generate high dollar sales from their existing customers if they’re willing to think creatively and put in a little effort. How do you boost sales among your current customers? Leverage the power of your current customers’ voices by having them send referrals your way. Download, “The ABCs of Earning Customer Referrals” for help!