When thinking about “how do I increase revenue for my business?” look to your existing customer base. It costs five times more to gain a new customer than to retain a current customer. What can you do keep your customers coming back for more?
Here are four tips to increase revenue with existing customers.
1. Ensure a positive experience - If you do a great job, your clients will tell other people. If your clients are unhappy with your customer service, they will tell many more people. Clearly keeping clients happy is key to retaining them as loyal clients.
2. Increase your prices – You may worry that if you raise your prices, your customers will flee. But are you charging enough for your products and services to cover your costs and make at least a small profit? If you provide a service but undercharge, then getting more clients at that low rate will just leave you burned out. Dan Kennedy, the author of The Ultimate Marketing Plan, says that your prices are too low IF you are not losing 20% of your business on price. Price your offering as if it is valuable.
3. Increase the number of times clients buy from you – A local pie company in my area makes amazingly tasty pies using fresh, organic ingredients. The owner posts pictures of her mouthwatering pies every week on Facebook and sends out a Constant Contact email with her latest offerings. These beautiful photos remind me to visit one of the stores that stock her pies. Gently reminding your customers about your amazing products will increase sales.
4. Tap the power of social media – Ask your current clients to “Like” your business on Facebook. Once they "like" your business, your posts will show up on their FB News Feed. But first make sure there is something on your FB Page for them to like. Post links to your blog, share interesting articles, offer a coupon or announce a contest. Give your friends something valuable to share with their friends.
Want more ideas to increase revenue? Contact Bay Area Inbound to learn how inbound marketing can keep your business forefront in your clients’ minds. You want to be the one they think of when they need that product or service.
