Many of us in business have many roles to perform. We are the owner, sales manager, marketing agent, production supervisor, customer service representative, finance manager, and concierge, along with probably a dozen other positions. But as an owner, we are responsible for the health and well-being of our business. So, in the next few articles, I will give some answers to your most pressing problems. Problems like: how to get more customers, how to get more money from my current customer, how to motivate their employees, and how to increase profit margins from my current sales.
This article will focus on how to get more money from your existing customers. Regardless of the type of business you own, customers are the life blood. Without customers, you have no business. So why do we have so much trouble maintaining them? Your business cannot live without your customers. We spend hours and hours and hundreds to thousands of dollars trying to get new clients, but how much time and money do you spend keeping the ones you have? The old saying is that it is easier and cheaper to keep your current customers than it is to get new ones, it is very true. Existing customers already know your products and services. If they are regular customers, they are satisfied with your service and quality. It is for these reasons that many business owners do not think about their current customers. You’ve already done all the hard work to get them, and you’re probably wasting your time, money, and energy trying to get new clients. But what are you leaving on the table?
The last time you visited your favorite fast food restaurant, were you asked “would you like fries with that” or “would you like to make that bigger?” How about that 99 cent burger, bought fries and a drink to go with it? The fast food industry does a great job of making us spend a little more and it does it with high-profit items. Think of French fries. One of the cheapest forms of food and we spend an additional $ 1.30 or more when we add it to our food. How can you learn from the fast food industry? Do you have an extended warranty that you can offer with your product? How about a complementary service that complements the one you are going to perform?
But what if your products or services don’t have something you can bundle together? How do you get the customer to buy more? Well, you could offer them something special that they can’t buy anywhere else in your store. Some special promotional product with your logo printed or embroidered. Something that no one else has. Let’s say a customer’s average sale is $ 50. Offer them a special item (promotional product) if they spend $ 75 on a visit. You just increased your sales by 33 percent!
Which high-profit item do you want to sell the most? Your customers love bargains, but cutting prices with sales often backfires. So instead of an offer, make a bundle! Offer a special offer. Buy this Lawn Mower and Weed Trimmer for the low price of $ 599 and save $ 50! Or buy this jacket and get this one-of-a-kind book bag (promotional item with your embroidered logo). Bundling is a great way to increase sales and prevent your customer from buying from your competition. After all, how can they compare prices when you give them two items for the same price? Even if the competition is priced cheaper, there’s no way to compare the savings to their two-for-one offering.