Every time you connect with a new customer you need to think about how to increase their value. We know that acquiring new customers costs much more than retaining old ones, so making sure that we work hard to increase the value of our customers is an essential part of business success.
Finding new customers means investing in marketing, it means persuasion, it means making deals and discounts. However, securing loyal customers massively lowers your investment in terms of both time and money so you need to focus on how to resell, and how to increase the spend of those customers who are already familiar with your brand.
So what are some simple ways you can increase the value of your current customers? Let’s take a look.
Bundle your products and services
If you want to get your customers to spend more money, you need to create irresistible packages that seem too good to be true. If you create bundles of attractive products that are related to one another and offer these at a discounted price, customers would naturally see these as good value and feel like they are saving money. The more bundles you create, the more temped they will be. Everyone loves a bargain after all, and by offering even slight savings this incentivizes your customers to spend more and do so in one large purchase. You can think about how to bundle products so they cover different needs or create themed bundles that complement one another. Alternatively, you can try to use shock factor and create surprising bundles where you encourage your customers to try something out that they might now otherwise have bought.
Automate email if they abandon their cart
There is nothing more frustrating and disappointing for a business than to get customers interested enough to add products to their shopping cart, but then see them leave the site before they complete the purchase. If this seems to be happening repeatedly, it’s important to get to the bottom of it as quickly as possible. Sending out a cart abandonment email can not only encourage customers to complete their purchase but can also help give you insight into why customers decided not to follow through. An effective email might include an incentive buy – such as a discount code, but also an option to decline but state the reason for doing so so you can gain some data and feedback and then adjust your sales pitch and buyer’s journey accordingly.
Work on brand recognition and trust building
If you want to turn a one-time customer into a loyal, returning one you need not only to ensure they remember you and that your brand is at the forefront of their mind, but also to build a relationship of trust. You can do this by sending out valuable content, by updating your social accounts, by sending out thoughtful communication. By becoming an authority, an inspiration, a helpful professional, or even a friend you can build a relationship with your customers that sees them returning to you time and time again.
Make an effort t follow up
Once your customers have bought through you, don’t just leave this awesome opportunity to get to know them. If you follow up you’ll show that you care. Thank them for their purchase, ask them for feedback, remind them where they can find you if they need any help, direct them to your awesome blog and social pages, encourage them to sign up for your mailing list, offer them an incentive to return. Following up isn’t just a one-time thing. By making an effort to keep in touch with your current customers, they’ll remember you and then be much more likely to turn into repeat buyers.
These simple tips are worth taking on board, regardless of the kind of business you operate. The more you can increase your customer value the more ROI you’ll receive, and ultimately the more successful your business will become.
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