I know that we’d all like more new clients and customers. However, there are two other quick and easy ways to make more money using the customers you already have.
Firstly, look at increasing the value of your transactions. This doesn’t necessarily mean increasing your prices or fees, although you should always ensure you are not selling them too cheaply. I am talking about confirming the needs of your customers and ensuring you are meeting those needs with products they actually want.
Think about it. It is much easier to sell a second or third product to an existing client than it is trying to find another couple of new customers. An existing client already has a reason to trust you and your product. Find out what they value and need and aim to meet these requirements with new products and services.
Secondly, encourage existing clients to buy from you more often. If they are buying twice as many products from you, you will be making twice as much money. The secret here is getting your marketing strategy right.
Look at what the mobile phone companies do. Their customers might keep an existing model until it just stops working. However, mobile phone companies encourage people to upgrade their phones regularly by introducing new or improved features which their customers simply cannot do without (or so they think!).
So there you have it – increase the value of your customer’s buying experience and you will see your profits increase too.
For an informal chat without commitment to see how your profits could be increased give me a call today.