Jay Abraham tells us there are three ways to grow a business:
Attracting new customers.
Getting customers to spend more.
Getting customers to spend more frequently.
And I think there is a fourth, getting customers to stay with you longer.
Attracting a customer and closing that first sale is a big deal, right?
They’re giving you a lot of trust.
We hope that we can retain that customer for a long time and that they will continue to spend with us.
Well, let’s stop hoping and start putting strategies in place that will make that happen, shall we?
Really, the strategy to get your customers to spend more with you involves three things:
1. Pricing and upselling
So, get the price right, and the customer will buy from you, and then you can cross-sell and up-sell.
Using pricing tiers to encourage a customer to trade up and optimise their purchase by giving them significantly more value at each tier.
‘Do you want to upsize that sir?’
Next up – bundling. Combine several products or services into a single offering puts greater value on the purchase.
‘For only $1 we can make that a combo.’
The final way to increase the spend is with value adds and add-ons; Offer optional extras.
‘Do you want fries with that?’
To get your customer to spend more with you, there are three ways to do that.
Leveraging pricing and leveraging perceived customer value.
Bundling your products and giving the customer much more value than they pay for.
And then the final part of the strategy is to offer add-ons.
If you want to learn more and make your business more profitable, you can utilise the Market Fit simple 3R’s Framework.
• Repeat: upsell and cross-sell
• Retain: increase customer lifetime value
• Refine: simplify your offerings
Want to learn more, then download the eBook here.