Research has shown that it is easier/cheaper to retain an existing customer than to get new customers. So an existing customer that is kept satisfied is more or less income guaranteed for the business. You can generate more revenues from existing customers by applying any of the following ideas:
- Offer them something new: Existing customers are always interested in finding out when you have new products or services, so once you do; make sure you tell the first. You can even give make them feel special by letting them know that they have priority viewing or knowledge because they are loyal customers. Most people enjoy exclusivity, so it would motivate them to buy as long as they can afford it.
- Upsell them on a product or service: this means asking them to buy a bigger product or service bundle than they usually buy. For example, if you have a Saloon, and a customer only does your blow out service, you can suggest to them that they should try the deep conditioning +blow out service. Sell them on the benefits and they would most likely buy and you would make more revenues.
- Offer them a discounted bundle: this means bundling two or more products or services and offering them cheaper as a bundle than it would cost if you buy it individually. Using the saloon example above, you could offer them a blow dry+ pedicure bundle at a price lower than they would get both services individually. The bundling strategy allows you to generate more revenue and allows existing clients try new services.
- Offer them a flat discount for a limited period of time: this is quite common, you could offer 10% discount of all products or services for a limited amount of time. The idea is to create a sense of urgency and motivate your customers to take advantage of the discount to buy more.
- Offer them a loyalty bonus: this is a special bonus that they can get after they have made a number of purchases. You could offer them 50% off their 5th purchase to make them buy more or a free (worthwhile) gift with their 10th purchase to make them keep patronizing you. Another thing you can do is to also keep a record of their purchases, so that you can inform them of their progress to keep them motivated to reach a milestone.
Put these ideas into practice and let me know which one works for you. Cheers to generating more revenues and living the life of your dreams.