Business

5 ways to make more money from your existing customers

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As a business owner, I’m sure you realize that cash flow is the life of any business. If money is not coming in, its only a matter of time before that business dies a slow natural death. While every business needs new customers to grow, some business owners go about chasing after new customers that they totally forget to look after their already existing customers. Remember the saying: ”A bird at hand is worth two in the bush”.

Note: I’m not saying you should not look for new customers. Of course you need those new customers to expand. What I’m saying is you need to continue to satisfy your already existing customers and keep adding value to the relationship so that you can make more money from them while ensuring they are loyal to your business are not stolen by your competitors.

If you read this article to the end, you will learn how to get new customers while keeping the existing ones happy.

Ok let’s to business. Here are 5 ways to make more money from your existing customers.

  1. Ask for referrals
    Some of us just think once we’ve made a sale, that’s it for that customer. We leave their repeated patronage to chance. Firstly, in order to have them come back again, offer top notch products/services and make sure you satisfy them more than your competitors would do. Then ask them for referrals to their family and friends. They will be your advocates and do word of mouth marketing for you. Word of mouth marketing is very powerful. People often ask their family and friends for recommendations before making a purchase. Be that business they are referring to be patronized.

 

2. Upsell & Offer complimentary products/services

Don’t just sell one product. Sell other products that are complementary to your main product or service. If you sell mobile phones for instance, sell phone accessories as well. Let them buy the phone case, screen guard etc from your store. You can also offer to install mobile apps…hehe Smart right?  This is just an example. I’m sure as you’re reading this, you can already think of 2 or 3 other related products that you can sell to them.

3. Keep a database of your customers & do some follow up
The Nigerian banks force you to do a BVN so they can get more information about you. They simply call it  ‘know your customer’. You should too. As much as possible, try to collect and keep records of your customers. The likes of Facebook and Google make so much money from the data they collect through your browsing habits which they sell to advertisers. Have you ever visited a website or searched Google and the next thing you start to see ads based on the website you visited or what you searched for earlier?

Collecting basic customer data like their email and phone will help you reach out to them as the need be.  If you have an e-commerce store, you can send an email to all your customers when you have new stock. You can also call your customers to find out how they are enjoying your product or service. This will endear them to your business. I cannot over emphasize the importance of collecting data.  Even Whatsapp can help you collect data. A new way of collecting data especially in the US/European markets is Facebook messenger bots. This is also easy to setup. (You can contact us to help you set up a Facebook messenger bot for your business).

4. Offer loyalty cards/reward points
I’ll give you a personal example here. When I need to buy some basic medication, I buy from Medplus. Apart from the fact that I believe they stock original products, they also offer me a loyalty card that I use to earn redeemable points. I can use the acquired points to redeem a product in the future. The fact that I know that I can get something free when I accumulate enough points, makes me subconsciously spend more money at Medplus to accumulate those points fast. My network provider Airtel also gives me reward points anytime I recharge my mobile line.  I have used these points to redeem airtime and data several times in the past. You should also offer reward points to your customers as this will encourage them to spend more money.
5. Celebrate your customers
You have to make your customers feel special. One way you can do this is to have a customer of the month program where you celebrate the customer with the most purchases from you the most in the past month. You will notice that other customers will also want to be the customer of the month. Try it and let’s hear how it goes.
Final note: There are no hard and fast rules when it comes to business process/conversion rate optimization.Use these points as inspiration to find what works for you and then tweak it to your particular situation. I hope you got some good takeaways from this article which you can apply to your business?

Most importantly, the secret to satisfying your existing customers while acquiring new ones is to concentrate on your core service/product offering while setting up a separate marketing & sales team to help you acquire new customers. You can always outsource your marketing to us  to help you get those new customers. Contact us today.

What are your thoughts on the above mentioned tips? We’d love to hear your comments.

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Olumuyiwa is a Digital Marketer and Communications Consultant in Nigeria. He has worked with some of the biggest new media houses & Social enterprises in Nigeria including Pulse NG, Linda Ikeji Media & Rise Networks. He is the founder of Delurge Consulting where he leads a dynamic team of talented Copywriters, Web Developers, PR Executives, Talent Managers & Showbiz promoters & Account managers. Contact him via delurge [at] delurgeconsulting.com to discuss your business needs.

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