The fastest way to grow any business is to tap your existing resources — specifically, your existing customer base. Here are 4 quick ways you can get your existing customer base to give you more money…
1. Add upsells to your checkout process.
This is far and away the fastest way to increase the amount of money your customers are already giving you. If you’re making 100 sales per month, for example, and you can increase the average order size by 10-20%, this alone could be transformative for your business. Depending on the kind of ecommerce online checkout system you’re using, upsell technology is generally easy to find. You may need to hire a professional to set this up for you, but the ROI potential is huge. Even if it costs you $2,000 to get it setup, you can likely earn the investment money back in the first few weeks or month alone.
2. Trigger sales campaigns following product purchases.
The key concept you must drill into your head for increasing your sales is RECENCY. This is the #1 best predictor of future sales — recent sales and recent activity. If one of your contacts makes a purchase today, you should be dropping him or her into a sales campaign tomorrow. Build on the relationship and seize this unique opportunity to get your customer coming back for mre.
3. Create more products and/or services.
Another key strategy for a lot of fairly new businesses is to expand your product offerings. The simple fact is, if you don’t have new things to buy, your customers will go looking elsewhere. Even if you can build affiliate partnerships and promote products and services of partner companies, this is an excellent strategy.
4. Increase your prices.
Simply doubling or tripling your prices in a single product category can have a very positive impact on your sales AND your bottom-line. Plus, higher priced products often have a much greater PERCEIVED value than lower-priced products. Don’t be afraid to at least TEST this concept by making dramatic price increases in your business.
What other ideas do YOU have for increasing sales in your business? Leave your comment below.