The most difficult and costly thing a small business has to do is acquire new customers. That’s why it’s so vital that small businesses know how to get the most out of the customers they already have. How can you maximize the value of your customers?
One of the easiest, most tried-and-true ways to get more value out of your customers and clients is with a simple upsell. You might think your employees are already doing this, but you’ll want to double-check on that. A major chain recently discovered that its employees were failing to attempt an upsell eight out of ten times! You can also gain more profits from certain customers by targeting them in smart ways. If you have a customer that only buys prudent, low-margin items, you can target them with sales on bigger ticket items in hopes of tempting them into a buy, being pleasantly surprised, and becoming a more valuable customer. Of course, you can always try to win back lost customers. This is one of the highest return-on-investment campaigns you can run. You can advertise “exciting news” about your business, remind them of the core reasons they became a customer in the first place, or offer them an extremely generous sale or other offer. What other ways do you try to gain more value from your customers?
Read the full article here: https://www.entrepreneur.com/article/270583