Advertising has proven to be the best way of generating more money for businesses. More so, it is capable of increasing sales, increasing customers base and building better business reputation.
But in some cases, an entrepreneur may not have the capital to advertise his/her business for one reason or the other. The business will need funds to be sustainable and more so, as the cost of goods are increasing, rent increases, personally needs mounts, and taxes to be paid; the business owner will need to look for means of getting all these and lot more settled.
The best option is to look for means of increasing sales and consequently, revenue form already existing customers. This may be an uphill task, but below are way one can use to increase his/her business revenue without advertising to new prospects.
Cross-sell and upsell
You can make more money from your current customers by making them to spend more each time they make a purchase. You can accomplish this through cross-sell and upsell.
Upselling involves making a customer to by something similar to what he is already buying (maybe a similar new product), but with higher price and/or higher profit for you.
Cross-selling involves making a customer to buy something that compliments (something that goes with the first purchase) what the customer already bought. For example, if a customer buys a website domain, you can encourage him/her to buy SSL security also.
Maintain Customer Loyalty
The fact the a customer keeps coming to your shop every time doesn't mean that he/she is loyal. No!
Maybe he/she is coming always to buy from you because your business is closer to him or price is good. If a similar business opens closer to the customer, you may never see him/her again.
So you need to build trust, loyalty and good customer relationship. You can achieve this through many means like; emailing, social media linking, sms and calls. Also very importantly, good customer service. You need to be friendly with your customer to be able to build loyalty.
Loyal customers should be rewarded! Offer freebies or incentives to keep people coming back.
Good Use Of Email Marketing And Use of Social Media
If you are not already using email marketing strategy in your business, you got it wrong. Email marketing can be use to build good clients relationship and loyalty.
Get your customers email addresses and create a newsletter campaign.
You can use email marketing to:
- Announce new products,
- discount,
- new sellouts and remind customer about shopping cart abandonment.
Always ensure you keep your emails short and, do not spam.
We can help you create an email platform that you can be using to send unlimited emails to your customers in easy steps. Contact Us.
Also, social media such as Facebook, Instagram, Twitter can be use to keep customers informed about your business, new products, discount/promotion and, to resolve issues faster. Encourage your customers to follow you on your social media handles and always post at least once daily about your business.
We can also help you to create and manage your social media platforms for little fee. Contact Us.
Create Constant Customer-Feedback Channel
Getting new customer can be expensive, while the customers you already have know your business and have engaged with it. Create channels for customers feedback. Why are customers choosing your business? What value are you offering to them? What are the difficulties, they are encountering buying from you? How can you make your products or services to build on that value for customers?
Getting customers to answer these questions will be a great source of more revenue for your business.
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