If you’re a business owner, the chances are that you dedicate a sizeable chunk of your time (and budget) to enticing in new customers. Your marketing and advertising are second to none; you’ve got great deals and incentives in place that 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.
Well, imagine how much more 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.
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 an existing customer’s craw. 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 with something like a loyalty card scheme, 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 personalised experience, it can be much easier to see what type of reward scheme is going to work for your business.
Whether it’s points-based, spend based, tiered, or a hybrid loyalty scheme, having excellent customer relations is crucial when it comes to them wanting to take advantage of your loyalty scheme in the first place!
Offer Low-Cost Add-Ons
They say always give the customer what they want - and what they wish to 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 as) will do the same thing.
Before you start yelling at me that you’re not made of money and can’t begin giving stuff away left, right and centre - it doesn’t have to be expensive.
Mugs, keyrings, pens…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’s going to be relatively cheap for you - but in a market heavily saturated with similar products to yours, it’s the kind of thing that 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 your customer revenue.
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 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, get a better understanding of 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 and means you can take immediate action where it’s needed.
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 their existing customers, get the word out about special offers and deals, and even share product or service related tips and information.
Hubspot’s email marketing tool is a great place to start, allowing you to schedule your emails at the best send times to get the most engagement.
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 they have to say, and offering them a little bit more than the competition is. And with excellent CRM software, such as that provided by Hubspot, Maximising Customer Revenue for your business will be a breeze.
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