In part 1 of this 3 part article series, I reintroduced you to the four strategic ways to grow your business. As a quick recap, they are:
1) Increase your customer or client numbers
2) Get your customers to buy more frequently
3) Get more customers to spend more money per transaction
4) Reduce attrition – Keep your customers longer
These four strategies tell you WHAT you should do. But, this wasn’t enough to inspire you to take action; a little more detail was required. Zeroing in on the first strategy of increasing the number of customers you have, I provided you with 10 sub-strategies. Now it makes more sense. Now you have a series of mini-targets and specific areas to focus on.
In part 2 let’s discover 10 more sub-strategies, focusing on the second of the four key strategies, namely “getting your customers to buy more frequently.” The important aspect here to develop and strengthen your relationship with your customer. If they have recently made a first purchase, then they don’t really know your business.
Marketing to existing customers requires completely different messages than prospects. It’s important to continue to educate, re-affirm the customer made a sound buying decision when they bought from you, broaden their horizons regarding how the product works best and which other products may enhance their experience. Of course, remember to communicate any updates to the product too.
1) Your Customer Database
All of your customers should be on an in-house data base. This should be separate to your prospect data base. Your first task is to segment your customers away from your other list recognizing that you must continue marketing to them, but in a different way.
2) Send Offers
Many businesses make the mistake of only sending out ‘special offers’ to attract new customers. Make your customers feel wanted – create some customer-only offers to send out either on a weekly or monthly basis.
3) The Power Of Scarcity
Use the trigger of scarcity to attract more purchases. To do this, run quantity limited or time limited offers to your customer data base.
4) The Back End Sale
Often, we can make more from an existing customer by selling ‘back end’ products to them, than we do from the initial purchase they make. Create a product funnel that introduces your customer to similar products to the one they already purchased or complimentary products that broaden or improve the use of their existing products.
5) Memberships
Start a monthly continuity program that automatically bills your customer. It doesn’t have to be a high cost – if you are providing excellent service and information and get enough people on board, it can turn into a substantial monthly residual income.
6) Package Deals
Offer quarterly extended offers to your data base with package deals rather than single items.
7) Joint Ventures
Create a joint venture with a third part supplier whereby you receive commission for their goods sold to your customer base. This is still getting your customers to spend more money but this time, with a trusted other business…and you still receive a payment, investing little effort in the process.
8) Competitions
Create competitions via a free draw for all customers who purchase products in a given time period.
9) Support
Create a service / support program for certain products you sell (where appropriate).
10) Keep In Touch
Use an autoresponder service to set up a series of emails which are automatically sent to your customers following a purchase. This means that you write the autoresponders once and they are automatically sent in sequence to everybody who triggers the first autoresponder via a purchase.
So there you are, 10 sub-strategies to entice, strengthen, educate your customer that will keep them loyal to your business and spend more money with you in the future. Even if a customer only makes 1 additional purchase from you during the year, that’s still doubling the number of purchases and better than nothing. Each time your customer returns to purchase more products, the bond between you grows, which in turn generates confidence for them to spend more and most important, moves them further away from your competition.
In part 3, you’ll discover the final 10 sub-strategies covering the final two areas, so be ready with pen and paper to jot down your ideas.
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