The second way to grow your business: Get your clients to buy more or more often.
For this growth model you’ll be talking to your existing customer base. That necessitates that you A) know your customers. And B) are able to reach out to them directly in as many ways as possible.
I’m always surprised by the number of our clients who don’t have an up-to-date database of customers. They have an intuitive understanding of who their customer is but couldn’t reach out to them tomorrow if they had to—at least not directly. If that describes your company, start updating your customer database today! You never know when breaking news or an emergency might demand a quick outreach.
Increasing transaction size and frequency is a communication issue
Survey your customers. Communication is a two-way street. Before you implement a reward program or start cross-selling, find out why they aren’t buying more or more often. Are they aware of your full line of products and services? Is it easy to do business with you? Are there services or products they wish you sold? Tally the survey results to learn what issues need to be addressed before you can achieve higher frequency and sales.
Reward them for frequency. Loyalty programs encourage customers to return. Rewards don’t have to be financial (discounts, cash back, purchase points, etc.) Consider VIP programs that provide early purchase opportunities, access to exclusive services, or guarantees. Your best customers want to be treated special.
Don’t be shy. The key to increasing sale size is selling more of what you offer. That’s only possible when the customer knows what you have. During the sales cycle, talk up the add-ons and cross-sell related services. And don’t stop marketing to them after the sale. Keep them informed about all you do. Let your best customers test new products for you, try your services on a trial basis or preview new programs. They’ll feel like VIPs and probably be your greatest advocates.
How marketing helps you increase purchases
There’s a reason it’s called “marketing communications.” Marketing is integral in every aspect of this communication-heavy growth model. A marketing professional can help you execute a successful survey and crunch the data it provides. They can help you build and manage a loyalty program and all the collateral that surrounds it. And they can help you develop effective sales programs that don’t end at the sale.
There is tremendous opportunity to growth if you can get your customers to buy more, and more often. The key is to talk to them, and let them talk to you.