Did you know that many business owners are completely neglecting a “hidden goldmine” of revenue that is sitting right under their noses?
There are 3 key levers business owners have when it comes to driving sales and growth. Generating more leads, which is what most think of first when it comes to revenue growth. Next is improving the conversion rate of those leads into sales. The third is probably the best way to increase your overall cash flow, fast. And that is…
INCREASING YOUR REVENUE PER CUSTOMER.
You see, as a business owner, you’ve got a resource so powerful that if you truly knew how to utilize it, you’d never have to worry about slowing economic times, changing regulations, or even increasing competition…because your business would automatically create a steady stream of new, returning, and reactivated customers.
So, what is it?
Your customer list.
Your existing customers – the people who have already paid for your products or services – represent the single most likely group to do it again. They are statistically more likely to respond to an advertisement or promotion than even the most carefully selected direct mail list, sometimes outperforming “cold” lists by as much as 500% or more.
Because they already know you. They trust you. They’re obviously in your target market because they’ve benefited from your offerings in the past. And once they’ve made that first buying decision, it becomes infinitely easier to do it over and over again.
So if you’re not tapping this “hidden goldmine” with consistent, ongoing, effective marketing, you’re missing the boat. Big time.
And here’s a hint: you don’t want to send JUST promotional material, though that’s important. But for best results, be sure to include value-added, relationship-building content so that they know how much their business means to you.
Here are ten surefire suggestions for increasing the revenue you generate from each and every customer that walks through your door:
- Contact new clients after their first purchase and thank them personally for their business.
- Send an email newsletter once a month that includes valuable information on topics related to your products and services, as well as a special offer or two.
- Send greeting cards to your customers on their birthdays.
- Invite inactive customers to return, either through the mail or over the phone.
- Hold an exclusive, after-hours private sale where you invite your best customers to enjoy discounts and bonuses not available to anyone else.
- Send promotional postcards to your list on a regular basis.
- Promote special in-house events like parties, lectures, and referral opportunities that add value and get your customers more engaged with your business.
- Have up-selling, cross-selling, and add-on selling offers ready whenever someone makes a purchase.
- Drop customers a personal note every so often just to keep in touch.
- Create joint venture opportunities with complementary businesses where you arrange special deals for your customers with other companies.
Call to action: Choose two or three of the strategies above that you’re not already implementing and put a plan in place to improve the revenue you generate from each new customer!
Some of these strategies might require a bit more assistance to implement, so if you find yourself struggling, don’t hesitate to reach out to me. I’m happy to spend some time with you, FREE of charge, helping you improve your revenue growth.
Or if you’d like more about how business coaching can help in growing your business, get in touch with me. You can book an initial complimentary 15-minute call with me at TimeWithShane.com.