If you’re a business owner, the chances are that you dedicate a sizeable chunk of your time (and budget) to enticing new customers. Your marketing and advertising are second to none; great deals and incentives make you and your products or services super appealing. Not a day goes by without a witty, informative social media post about what you have to offer.
Brilliant. Getting new leads and converting those leads into paying customers is vital for any business. But, do you know what’s just important – and, if we’re honest, a tad easier?) Maximising Customer Revenue you’re already bringing in from existing customers.
Why easier?
Imagine how difficult it is to forge a new relationship with a stranger. To let them know about your product and convince them that they MUST have it, it is to upsell or cross-sell to someone who already understands what your company is about and values and trusts your brand.
Exactly.
So, how exactly can you use your current customer base to boost your profits? Let’s look at some tried and tested strategies in Maximising Customer Revenue…
Reward Existing Customer Loyalty
‘New deals for new customers' is a phrase that sticks in the craw of existing customers, and who can blame them?
They’ve been there from the beginning, buying from you, telling their friends and family about your products and services, supporting you—and then these ‘Johnny-come-lately’s show up and reap all the rewards!
While I’m not saying that incentives to draw in new blood aren’t a good idea, be sure not to alienate your present customers by making them feel they’re not as crucial as the newbies. Loyalty should be rewarded, even if something like a loyalty card scheme is simple, cheap, and easy to implement.
CRM platform Hubspot offers some great solutions for rewarding customer loyalty. By keeping a record of past experiences that a customer has had with your brand and then using that info to create customised notes about an individual to create a more personalized experience, it can be much easier to see what type of reward scheme will work for your business.
Whether your loyalty scheme is points-based, spend-based, tiered, or hybrid, excellent customer relations are crucial for getting customers to take advantage of it in the first place!
https://blog.hubspot.com/service/customer-loyalty-program
Offer Low-Cost Add-Ons
They say always give the customer what they want – and what they wish is extras.
A reward scheme will boost your profits because customers will want to visit your salon (for example) more often to get the tenth treatment cheaper, and offering something a little extra with every purchase instead (or as well) will do the same.
Before you start yelling at me that you’re not made of money and can’t begin giving stuff away left, right, and centre, remember that it doesn’t have to be expensive.
Mugs, keyrings, pens…, and even baseball caps and T-shirts with your company logo on them can be purchased for a reasonable price in bulk and are a great way to get some free advertising out there and get more money through the door – plus, everyone loves a freebie!
Another way you can maximise profits with add-ons is by offering an associated product either free or at a lower price with every purchase. For example, if you have a business selling homemade soaps and toiletries, perhaps offer a half-price (or free) face cloth or body puff with every order over £15.00.
Again, it will be relatively cheap for you, but in a market heavily saturated with products similar to yours, it will help you stand out from the crowd.
If you’re not sure how to factor the cost of those extras into your business budget, a software tool like Hubspot can be invaluable. It can help you with pricing strategies and price analysis to maximise customer revenue.
https://blog.hubspot.com/sales/pricing-strategy
Listen To Your Customers
To maximise your customer revenue, you have to listen to what your customers say and make them feel valued.
Listening to their problems and opinions will give you fresh new insights into the products and services you can offer and build the all-important trust and customer relations—it’s a fact that trust will convert to revenue over time!
Hubspot’s customer survey and feedback tools allow you to collect that data, better understand your customers, and then share it with your sales team via email or web link. Hubspot’s built-in feedback dashboards will let you monitor performance so you can take immediate action where needed.
https://www.hubspot.com/products/service/customer-feedback
Email Marketing
There’s no easier or more cost-effective way to increase customer revenue than an email marketing campaign. Your business can use this email to thank existing customers, promote special offers and deals, and share product or service-related tips and information.
Hubspot’s email marketing tool is a great place to start. It allows you to schedule your emails at the best send times to get the most engagement.
https://www.hubspot.com/products/marketing/get-started?
It doesn’t take a rocket scientist to figure out that staying in contact with your customers in this manner is going to increase customer revenue – and if you can personalise your emails to the individual, so much the better – even a simple, ‘Dear John’ rather than ‘Dear valued customer’ is going to make all the difference!
So, there you have it—increase customer revenue for your business by building excellent customer relations, listening to what customers have to say, and offering them a little bit more than the competition. With excellent CRM software, such as that provided by Hubspot, Maximising Customer Revenue for your business will be a breeze.
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