With the current economic slowdown throughout the world, everyone one is affected right from the Fortune 500 companies to the small business houses. Holding on to customers is crucial more than ever and every effort is being made to keep the existing customer base stronger. A targeted marketing effort is required to retain your existing customers so that they serve as your most reliable sources of higher revenue.
Your revenue increases when the customers make more purchases frequently and provide you higher returns for every done deal. As they are already your customers, all you have to do is keep wooing them. Here are some tips and ways to increase the revenue of your company from existing customer base so as to keep your cash registers ringing:
Discounts
Everyone loves discounts. Provide your customers with discounts on certain purchases. You can even have a discount when their purchases reach a certain number or when they are your valued customers for a certain period of time. You can offer free trial sessions tagged with discounts when ordered at that moment. You can send free gifts along with offers to your customers.
Add on products and services
You can provide add on services and products to your customers to entice them. In case of training programs, cross selling and up selling can be done with advanced versions and it works well. If you don’t have products or services that go with a particular item, you can opt for strategic alliances with third party providers and later move on to provide them yourself.
Combination packages
Provide a package of products or services to the customers. If these packages are designed in a tempting way, even if the customers don’t need all of the items, they may end up buying the package instead. Think of McDonald’s. Whenever you order a “Big Mac”, they ask if you want to combo. Even if you weren’t planning on eating the fries, if you desire a soda, you may go ahead and order the combo. This is a good way to promote your less used products. But be careful and plan your packages strategically to generate interest.
Additional services
Provide upgrades of your products, extended warranties, insurance plans for slightly higher and additional prices. Churn out loyalty programs so as customers make more purchases and help in increasing your revenue.
Payment options
A variety of payment options like monthly payments, quarterly payments as opposed to full payment can increase your revenue drastically. It will lure all those customers who cannot pay a hefty full amount but will go for a big purchase on the pretext of ease in releasing funds.
Listening to their needs
It is a very important aspect of every business to listen to its customers. Their requirement can turn into an excellent business opportunity for you. All you have to do is to be in touch with them, ask for their feedback and any new services they may be in need of. Provide your customers with new offers in the product packages they have already purchased from you. Putting up a good contact management system can pay you well in the long run.
Provide exceptional deals and services to your existing customers and you will see your revenue grow manifolds with every passing month. We hope that these tips and ways to increase revenue from existing customers serve as a guide to look into your processes more deeply and by implementing just a few of these suggestions, you turn out to be a favorite among your customers for making any future purchases.
Katherine Kline is Vice President of OFD Enterprises. She can be reached through her website at www.californiabusinessresource.com or via email at kathekline@odfenterprises.com
Your revenue increases when the customers make more purchases frequently and provide you higher returns for every done deal. As they are already your customers, all you have to do is keep wooing them. Here are some tips and ways to increase the revenue of your company from existing customer base so as to keep your cash registers ringing:
Discounts
Everyone loves discounts. Provide your customers with discounts on certain purchases. You can even have a discount when their purchases reach a certain number or when they are your valued customers for a certain period of time. You can offer free trial sessions tagged with discounts when ordered at that moment. You can send free gifts along with offers to your customers.
Add on products and services
You can provide add on services and products to your customers to entice them. In case of training programs, cross selling and up selling can be done with advanced versions and it works well. If you don’t have products or services that go with a particular item, you can opt for strategic alliances with third party providers and later move on to provide them yourself.
Combination packages
Provide a package of products or services to the customers. If these packages are designed in a tempting way, even if the customers don’t need all of the items, they may end up buying the package instead. Think of McDonald’s. Whenever you order a “Big Mac”, they ask if you want to combo. Even if you weren’t planning on eating the fries, if you desire a soda, you may go ahead and order the combo. This is a good way to promote your less used products. But be careful and plan your packages strategically to generate interest.
Additional services
Provide upgrades of your products, extended warranties, insurance plans for slightly higher and additional prices. Churn out loyalty programs so as customers make more purchases and help in increasing your revenue.
Payment options
A variety of payment options like monthly payments, quarterly payments as opposed to full payment can increase your revenue drastically. It will lure all those customers who cannot pay a hefty full amount but will go for a big purchase on the pretext of ease in releasing funds.
Listening to their needs
It is a very important aspect of every business to listen to its customers. Their requirement can turn into an excellent business opportunity for you. All you have to do is to be in touch with them, ask for their feedback and any new services they may be in need of. Provide your customers with new offers in the product packages they have already purchased from you. Putting up a good contact management system can pay you well in the long run.
Provide exceptional deals and services to your existing customers and you will see your revenue grow manifolds with every passing month. We hope that these tips and ways to increase revenue from existing customers serve as a guide to look into your processes more deeply and by implementing just a few of these suggestions, you turn out to be a favorite among your customers for making any future purchases.
Katherine Kline is Vice President of OFD Enterprises. She can be reached through her website at www.californiabusinessresource.com or via email at kathekline@odfenterprises.com
How to Increase Revenue from existing Customers
California Business Resource
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