Any company can do it, it’s fast to implement, and it’s usually extremely inexpensive to do.
Yet despite these factors, in my experience most companies do not come even close to making the most of this revenue maximization technique.
What is this method? It’s asking your current customers to buy more from you.
The crazy thing is that most companies devote huge amounts of time and money looking for new customers, then spend hardly any time properly mining the sales opportunities amongst their existing customer base.
They’ve got it the wrong way around.
It’s your current customers that are more likely to give you money – they know you, trust you and like your products. It’s a comparatively easy sell to get them to buy more. Yet many companies virtually ignore them, as they search eternally for new potential customers.
Here’s how to do it:
Get your database of previous customers up to date and organized. Then design three or four tempting offers you could approach them with. (It may be a new product or service, a discount on your usual products, or an expensive version of what you have traditionally offered). Just make sure it’s valuable and interesting.
Then either call them direct, email them or send a direct mail piece about the offer, stating why it’s so good and how they can buy it. It’s that simple.
Generally speaking, if you present more buying opportunities to your customers, they will buy more.
As long as you don’t endlessly bother them, the more you ask them to spend money with you (assuming your offers are of value) the more they will do so.
Are you asking your current customers enough to buy from you? Bet you aren’t.
Take ten minutes now to brainstorm a menu of offers you can make to your client base. You’ll be really glad you did. Selling to your current customers really is the world’s fastest way to increase your revenue.