5 Ways To Make More Money From Your Customers
Perhaps you’re not struggling to get customers. Maybe you are making money online but it’s not enough to grant you the freedom you’re looking for. In this article i’m going to discuss with you, five ways to make more money from your customers.
Before we begin I just want to highlight a point that, new customers aren’t always the answer. A lot of money is being left on the table. Many businesses focus more on acquisition and neglect retention which leads perfectly into my first offering.
1. Up Sell
So a potential customer comes across your brand, takes interest in what you do and eventually makes a commitment to buy. Throughout the sales process they aren’t presented anything but what they have selected to buy. Even though we have already, by default determined they are willing to spend with us.
This is the perfect time to encourage them to dig a little deeper by introducing the option to purchase something that would perfectly compliment their original purchase.
If you want to see that in action lets look at the giants of the online retail industry, Amazon. Forecasted to make over 30 billion USD in their next quarter, Amazon are pro’s at upselling.
For the purpose of this blog post I ran a search on protein powder. Before I even got to the cart I was prompted to add products that made sense to my order, as you can see in the screenshot below.
If I was just looking for protein powder, chances are i may not gone and looked for a shaker and creatine. However when presented the deal in such a way, it makes it very convenient for me to purchase all three in one. This results in a £13.73 extra return which may not be so grand but imagine when hundreds, thousands and more are presented with similar options in your store.
The increase in revenue would be phenomenal!
Even if it’s not prior to the purchase, a lot of business owners are too nervy. They simply thank the customer for their purchase and move on. People love to spend money, that has to be a strong motivation in why they spent with you right?
They already trust you enough, they value enough clearly. While they’re in spending mode, capitalize on the opportunity. Send a follow up email to remind them of the other things you have for sale. The worst they can do is say no! Thats number one of 5 Ways To Make More Money From Your Customers.
2. Refer A Friend
If your customers love your products i’m sure they are already telling their friends about it. If not how can you encourage them to let their friends know about it. Some kind of referral program would be perfect! Setting up a reward or affiliate system would get your customers talking about you.
Imagine if someone swore by your product and had the opportunity to get it for free just by referring a few friends to purchase it. They could even build an income stream from convincing others to purchase it. You may be thinking about the cost to your business by giving away free products and money. The loss is going to be negated by the increase in sales you reach across the board, granted your system is successful.
To make it easier, you can use a service such as JVzoo. Jvzoo is a platform that will allow you to set up a rate and give your affiliates a custom page that tracks their sales. This saves relying on others honesty or having to handle everything yourself.
Thats number two of 5 Ways To Make More Money From Your Customers.
3. More Products
Whilst this one sounds like a no brainer, many will focus on just one or two products. Whilst this may be beneficial in a sense that you get to devote your time to one or two, you’re also potentially leaving money on the table.
In my business I found that I have many customers who will buy any and everything I bring out. Whenever I didn’t bring out something new I found that all my sales of course were only coming from new customers. This was because all of my loyal customers already had everything, what’s left to buy?
Always be seeking to bring out new products and services because if you too have loyal customers, they will be more than happy to buy from you once again.
Of course still focus on pushing your previous products to new customers, the point is don’t forget your loyal ones by giving them new products to buy. Thats number three of 5 Ways To Make More Money From Your Customers
4. Create A Customer Community
The internet is all about communities. From facebook groups/pages, to group chats, to forums and so on, if you can create a community, you are going to make more money.
Building a community based around you and what you do can be highly beneficial. People are always looking for new friends and connections. and if they can do so on the basis of knowing you, you are adding a ton of values to their lives.
Also if you can gear some of the conversations in the community towards your products, your customers are going to hopefully sing your praises and tell their stories with your products. This of course is going to show the others social proof. This will also accumulate interest on any product that is discussed in a good light. That’s number four of 5 Ways To Make More Money From Your Customers
5. Talk To Them More
Whilst this is difficult when you’ve built a large audience and have many tasks to complete, you can never overlook the good you can do for your revenue by simply reaching out and talking to people.
Often on social media we get into a robotic like flow and neglect the human aspect of our business. The truth is people are more likely to buy from people they know and trust and how can we build that with them if we neglect them?
If you are just getting started or haven’t built much yet, make the time to speak to customers and potentials. Get them to talk about something their passionate about and reinforce and encourage them on it. It’s going to make them appreciate you more and pay more attention to what you’re putting out there. Which of course includes any promotions you have going on.
If you have too large a fanbase or not enough time, then I understand this step is difficult. In that situation you can always make content such as videos and blog posts that feel like its to them. In fact regardless of what situation you’re in, content makes more sales. Thats number five of 5 Ways To Make More Money From Your Customers.
There are a variety of ways to make more money from your customers. The point is to not get stagnant in your sales process. There are always more things to do and new things to try. These are only a handful of things you can do so make sure to be proactive. If this post gave you some ideas or inspired you, please share it on your social media!