Marketing is intended to do only three things:
(1) Increase your customer database (2) Increase the average dollar amount of each transaction from your customers, and/or (3) Increase the frequency that your customers repurchase from you.
Every marketing strategy that you implement should be measured by it’s ability to directly impact and improve each of these three factors.
(1) Increase your customer database (2) Increase the average dollar amount of each transaction from your customers, and/or (3) Increase the frequency that your customers repurchase from you.
Every marketing strategy that you implement should be measured by it’s ability to directly impact and improve each of these three factors.
Increasing only one factor will produce linear business growth. Increasing all three factors will produce geometric business growth.
Marketing Strategy #1: Increase your database of customers
Increasing your database of customers is the first step most business owners and managers consider when growing their business.
It is common to lose a lot of resources (money and time) when companies hire inexperienced marketing and/or sales “professionals”. Even hiring experienced sales and/or marketing people is no guarantee of getting a return on your investment. It is critical to interview and learn how you’re prospective professionals expect to bring you results.
Executed correctly, basic marketing strategies will produce new prospects who are ready, willing and able to buy products and/or services. The main purpose of a marketing strategy is to give your staff prospects to convert into paying customers.
Rewarding existing customers for referring new ones is one easy step business owners can take to increase their total number of customers.
Marketing Strategy #2: Increase the average dollar amount of each transaction
Owners and managers spend most of their time working in their business and/or searching for new customers. They often overlook their customers (which are right in front of them). Repeat customers are usually taken for granted and left to conduct entire transactions without ever being asked if they would like to buy more product or service. More importantly loyal customers would appreciate the opportunity to buy more of what they like. The key is to find out what your customers most appreciate about what you already do for them.
Complacency, or just letting the customer find their way through the sales channel without guiding them is like leaving money on the table. If you expect customers to buy a minimum amount of product or service then they will. You need to have your people trained to support your customers and help them buy more, not doing this can be the undoing of a business. Not enacting this policy can eventually cause customers to spend less money. Customers who aren’t continuously offered compelling reasons to keep buying more of the same products and services from one business will look for new reasons to buy from another.
Cross selling and upselling, systematically offers customers more value via additional products or services at the point of sale, are two simple steps business owners can take to increase their average transaction amount.
Marketing Strategy #3: Increase the frequency of repurchase
In an established business, an average customer has a purchasing pattern which has developed and (like the average transaction amount) is usually taken for granted and rarely improved upon. A customer’s repeat business is earned by the business who gives the customer what they want. It is important to know your customers and what they like and don’t like about your products and services. Without having basic marketing strategies or processes for consistently offering customers more of what they want, repeat business is earned less frequently.
Frequently communicating news and offers to past and present customers via telephone or mail generally increases their frequency of repurchase and is one more step owners can take to grow their business.
Marketing Strategy #1: Increase your database of customers
Increasing your database of customers is the first step most business owners and managers consider when growing their business.
It is common to lose a lot of resources (money and time) when companies hire inexperienced marketing and/or sales “professionals”. Even hiring experienced sales and/or marketing people is no guarantee of getting a return on your investment. It is critical to interview and learn how you’re prospective professionals expect to bring you results.
Executed correctly, basic marketing strategies will produce new prospects who are ready, willing and able to buy products and/or services. The main purpose of a marketing strategy is to give your staff prospects to convert into paying customers.
Rewarding existing customers for referring new ones is one easy step business owners can take to increase their total number of customers.
Marketing Strategy #2: Increase the average dollar amount of each transaction
Owners and managers spend most of their time working in their business and/or searching for new customers. They often overlook their customers (which are right in front of them). Repeat customers are usually taken for granted and left to conduct entire transactions without ever being asked if they would like to buy more product or service. More importantly loyal customers would appreciate the opportunity to buy more of what they like. The key is to find out what your customers most appreciate about what you already do for them.
Complacency, or just letting the customer find their way through the sales channel without guiding them is like leaving money on the table. If you expect customers to buy a minimum amount of product or service then they will. You need to have your people trained to support your customers and help them buy more, not doing this can be the undoing of a business. Not enacting this policy can eventually cause customers to spend less money. Customers who aren’t continuously offered compelling reasons to keep buying more of the same products and services from one business will look for new reasons to buy from another.
Cross selling and upselling, systematically offers customers more value via additional products or services at the point of sale, are two simple steps business owners can take to increase their average transaction amount.
Marketing Strategy #3: Increase the frequency of repurchase
In an established business, an average customer has a purchasing pattern which has developed and (like the average transaction amount) is usually taken for granted and rarely improved upon. A customer’s repeat business is earned by the business who gives the customer what they want. It is important to know your customers and what they like and don’t like about your products and services. Without having basic marketing strategies or processes for consistently offering customers more of what they want, repeat business is earned less frequently.
Frequently communicating news and offers to past and present customers via telephone or mail generally increases their frequency of repurchase and is one more step owners can take to grow their business.
