One simple way to improve your profits could be to raise your prices. You might be worried that higher prices will turn customers off, but this isn’t always the case. Your price point can have an unexpected psychological impact on customers, and sometimes you might find that higher prices can lead to more sales. Of course, it’s important to test this out for yourself.
Sell More to Existing Clients
You’ve probably heard it many times before: it’s far easier (and cheaper) to sell to existing customers than it is to find new ones. If you want to improve your business, focusing on existing customers can pay off big time.
Here are some ways you can sell more to your existing customers:
- Make sure you are growing your buyers email list so that you are able to contact them again in future.
- Take time to build relationships – give your customers free information and help them out when they have questions.
- When you release new products, offer existing customers an additional bonus that the general public doesn’t get.
- Occasionally, create sales only for your existing customers. It’ll help make them feel special!
- Listen to their needs and create new products based around what they need.
- Create an entire product funnel, starting with low cost items, getting more and more expensive.
- Take advantage of cross-sells and up-sells.
Take Advantage of Cross-Selling
Many marketers leave money on the table by failing to cross-sell to their customers. How many times have you been asked, “do you want fries with that?” only to go on and buy more than you had originally intended? That’s smart marketing at work!
The way you apply this will very much depend on your line of business, but here are a few examples:
- If you’re a writer, you could offer to write a tweet to complement each article for an extra fee.
- If you have a shopping cart, make sure you display a “customers who bought this also bought…” section.
- If you sell digital downloads, make sure to cross-sell related items on the download page to encourage your customer to buy more.