The activities to acquire new customers are always the number one priority for your small business. That’s the fact! However, do you use the potential of existing customers on the maximum possible level? You need to sell more to current customers.
Existing customers have already built a high level of trust in your business, and in such a way, it is much easier for you to sell to existing customers than to someone who does not yet know your business. On the other hand, acquiring new customers is usually 5-10 times more expensive than retaining existing ones.
Because of that, one of the most critical tasks of entrepreneurs is to spend some part of their energy on acquiring new customers. These new customers will contribute to the business growth. But, at the same time, they need to spend another part of the energy developing more creative ways to sell more to current customers.
Here are some ideas and techniques that you can use in this process.
1. Rethink Your Basic Business Model to Sell More to Current Customers
The purpose of rethinking your business model is to find opportunities in certain areas of your business model that you can change from current transactional relationships to long-term ones. With the transactional relationship with your customers, they come, buy something, and never make any other relation to your business again. On the other side, with the long-term relationship with your customers in your business model, they will come, buy something, then again buy something, contact your company, come again, repurchase something, etc.
If you succeed in implementing this change in your business model, you can come up with:
- with opportunities for discovering new revenue streams. Often times without looking into the details of your business model with all of its overall environment, you will not be able to see the opportunities that the market already offers to you.
- with opportunities for introduction of complementary products (products that normally go with another one that will simply increase average transaction value among your current customers.
2. Keep Good Relationship With as Many as More Current Customers
Although it is not easy for the first-time purchase of your new customers to ask them to give you contact details, many creative ways will help you to succeed in this intention. If nothing else, anyone who repeats purchase has some confidence in your business, and it’s the real-time to start building much deeper relationships with them. You can use email, phone, letters, social media, and many other means for building a different relationship with your customers. They can provide you with an easy communication process with your customers.
However, one thing is essential: Don’t try to sell immediately. Contact them in a manner without pressure for them. Nobody wants pressure.
3. Implement a System of Expected Up-sale to Current Customers
This is a sales technique where the seller offers additional products to increase the average transaction value from that one specific customer. This technique aims to get the maximum from each transaction in your business. You can use it by asking a question like:
- Would you like to make your sandwich turbo?
- Would you like to buy this one product to get one-year free technical support?
However, if you want maximum utilization of the up-sale technique, you need to make it as something expected. For example, if someone already bought the turbo sandwich, it is not expected to get another one, but he will expect to have an offer with a drink.
4. Use Promotions Only for Current Customers if You Want to Sell More to Current Customers
You can use promotions for current customers when your sales numbers are att in the highest possible level. This can be a really powerful strategy. Every business has periods of the year, months, or days when demand for those products or services are not at the levels where it should be. For example, if you sell seasonal products, your sales will climb in the non-seasonal period. Sometimes your customers stop buying from you because of some reason. However, with one contact with your current customers with the promotional offer, you can increase your sales numbers over such a period.
5. Don’t Forget to Present Everything That You Offer to Sell More to Current Customers
Although we live in times where everyone hurry somewhere, an attempt to show that you can offer something more than the current transaction, is an excellent opportunity to increase the specific transaction with specific customers. You can’t lose anything.
Question: Do you have experience using these techniques to increase sales for your business from current customers? Could you share your experience with us?