If you want your business to grow, it’s vital that you have a constant stream of revenue to it. Usually, that means getting new customers to buy from you, but one thing that’s also important is to upsell to your existing ones too.
In either case, your ultimate goal is to have both new and existing clients spend as much money as possible with your business in each order they place with your company. While there are many examples of how to make that happen, some just don’t work, and others may only apply to a select few businesses.
So, what can you do to make your customers spend more money with you? Well, it turns out there are a few “sneaky” strategies that you can follow to increase the average order size. Check out these tried and tested methods for size:
- Raise your prices
It might seem like a counterproductive thing to do, but increasing your prices could actually help you target a more lucrative audience! It’s no secret that certain segments of the market will only spend as little as possible on products or services. If you have a premium offering, you want to attract the higher end of the market.
People that are used to paying a lot of money for the things they want won’t frown at raised prices. That’s because they want things that are a perfect fit in their lives, and don’t want to settle (or waste money on) second-best.
- Have a flexible credit control team
Credit controllers are the men and women that ensure your customers pay their bills on time. While their job might often be to phone up and chase for payments to overdue invoices, they can also work with your customers to have them spend more money with you.
How? There are various examples, such as negotiating more favorable credit terms, allowing staged payments, or even offering a discount on early payment of invoices! It pays to get the best talent for your team from a specialist credit control recruiter, so that you can build better relationships with your customers – and have them spend more money with your business!
- Emphasize the uniqueness of your products and services
Okay, so you might offer something that your customers can obtain from dozens of competitors. Why should they want to spend their money with you? One way is by emphasizing the unique facts of the products and services that you offer.
For instance, if your products get made on home soil, you can use that as a way to promote the things you sell. Perhaps you only sell handmade items? Find a unique quality of what you offer and use that as a selling point.
- Incentivize your customers
Let’s say that you have clients who like to order from you on a regular basis. Incentives are a brilliant way to have them spending more of their money with you instead of other businesses! Examples include offering free delivery, or even a free gift on their birthday!
Such incentives give your brand the extra “wow” factor to your customers, and will also make them more likely to promote you to their family and friends.
- Give your clients a first-class service
Did you know that your customer service is just as important as the products and services that your customers buy from you? With that in mind, it makes sense to always give them a first-class service and treat them like royalty!
For instance, if they have any problems, take ownership of them and ensure they get dealt with promptly and professionally. And if they need other related products and services as part of a solution, offer to bundle them in for your customers.
- Work when they do
If you mainly cater to other businesses, it’s likely that many of your customers will work outside of standard office hours. As you can imagine, it can be something of a hindrance if customers cannot contact your business early in the working day or in the evening to place an order or make an inquiry.
With those thoughts in mind, you should consider aligning your operating hours with theirs. And if you have to offer a 24-hour service, you can do so by employing teams of shift workers. In today’s business world, people often work longer hours and will need to complete their work earlier or later than usual. Being flexible with your operating times will increase the chances of them spending more money with your firm.
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