In search of additional revenue, businesses often go off into the unknown, chasing new customers and forgetting about their existing customer or client base and its vast untapped potential.
Meanwhile, doubling your income by closing additional sales with customers already loyal to your business is not only doable but easy and repeatable.
This article will look at some strategies that are deceptively simple but effective nonetheless. They will help you...
- Significantly increase revenue by tapping your existing customer base
- Deliver better value to your most committed customers
- Re-connect with your clients and increase their brand loyalty and engagement
1. Let the people decide
Want to know what new products or services your customers are willing to spend their money on? Rolling out a new offering is always a risk—unless you can somehow ask people directly. And that's exactly what companies are doing online, across various industries.
One of the signature examples of this strategy is the introduction of the pizza cake by Boston Pizza. Can you imagine the kind of marketing scrutiny this decision would have taken just 10-15 years ago? The focus groups, the feasibility studies, the anguish of corporate strategists...
Now it's as easy as hosting a community vote to decide on a new product. Customers get something they feel excited to buy, businesses enjoy a significant increase in revenue—everybody wins. What's not to like?
How you can use it: Ask your customers directly what new stuff they want to see from you. Create a survey and let the free market research flood in. Makers of informational products do this all the time, but you can adapt the approach to any business.
Casey Farquharson is the founder and CEO of Business Essentials and the author of the free report "10 Huge Mistakes That Can KILL Your Online Marketing—and How to Avoid Them."