Did you know most business owners are completely neglecting a “hidden goldmine” of revenue that is sitting right under their noses? It’s true, and I am going to show you what it is and how to use it.
Welcome to your fifth Virtual Coaching Session!
Last time, we talked about strategies for increasing your conversion rate, so more of your leads and prospects become paying customers. You should have made at least three goals to improve in this area. If you haven’t yet done so, please go back and read the previous email and complete your assignment before you move on.
Today, we are going to explore what is probably the best way to increase your overall cash flow, fast:
INCREASING YOUR REVENUE PER CUSTOMER.
As a business owner, you have a resource so powerful that if you truly knew how to utilize it, you would 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 business with you (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 are obviously in your target market because they’ve benefited from your offerings in the past. And once they have 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 neglecting a valuable opportunity.
Here’s a hint: You don’t want to send JUST promotional material, though that’s important. For the best results, be sure to include value-added, relationship-building content so customers know how much their business means to you.
Here are ten sure-fire suggestions for increasing the revenue you generate from every customer who 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 for special deals for your customers with other companies.
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. You can call me direct at 506 872 2900, send me an email, or CLICK HERE to book a FREE 30-minute appointment to ask any questions you may have.