The most expensive, time consuming and demanding way to grow your business is to increase your client base alone. Comparatively, selling them more is insignificant.
We have multiple strategies to Drive More Business Transactions, the implementation of which differs from business to business as per their need.
With some of the strategies used by us, you can increase the number of clients and the average amount they spend on each transaction they do with you in the fastest and simplest way possible.
It means you can reach your goals faster, with fewer customers, using less effort and expense, and with less hassle if you use these techniques. They give you geometric growth and dramatic profitability for very little extra work. Strategies include but are not limited to Up-Sell and Cross-Sell, Packaging products or services, Offering larger units of purchase, Increasing your pricing and margins, Positioning yourself further up-market, Point of sale promotions, Increasing your horizontal penetration, Increasing your vertical penetration, etc.
1. Up-Sell and Cross Sell
You can instantly increase the size and profitability of your sales by offering extra value and a better deal at the point of sale, when your customers are most receptive. The purpose of up-selling is to get your customers to buy a more expensive, sophisticated, or better product that will add value to their transaction. Cross-selling involves offering your customers additional products or services that will give them a better outcome. You can typically expect 30-50% of your customers to accept a worthwhile offer, and virtually every penny of the extra profit goes directly to your bottom line because it requires no additional time or effort, and there is no additional sale cost.
2. Packaging products or services
Offering your customers a package of individually desirable products and services that complement each other and represents almost irresistible value over buying the components separately. You can also sell complete solutions that lock in the customer to the use of those products, which can increase your incremental profits. Your customers and you will both benefit from this partnership. A simplified purchase process and a discount on a complete solution benefit them, while you increase your sales and can often own your market. The use of this technique has transformed the fortunes of many organizations.
3. Offer larger units of purchase
A powerful and remarkably easy way to increase your average transaction value is to increase the size of your minimum purchase unit. If people buy a one-week supply, you can offer them monthly, quarterly or annual consumption units at a reasonable price. Buying in bulk will increase your average unit of sale substantially and lock in your customers for a longer period of time, while your customers will appreciate the additional value, the tremendous savings, and the convenience. Furthermore, many people who would not buy otherwise will now purchase your smaller units because they said no to the offer.
4. Increase your pricing and margins
You are not required to sell your product or service solely based on price; there is no law that says that. As long as people believe they are getting better value, they will willingly pay more for most products or services. Educating your customers and making your product distinctive will make you more valuable in your marketplace. By raising your prices, you can offer your customers better service, work with them better, add additional products and services to the transaction, and do more than your competitors. As a result, your business will stand out in the eyes and minds of your customers and you will be able to charge what you are truly worth.
5. Positioning yourself further up-market
Your business can be dramatically improved if you move your products or services upmarket and position them as superior to your competition. Your product or service can often command higher prices in the marketplace if you repackage it to appeal to more sophisticated or affluent buyers in markets beyond those you currently serve. Increasing your market positioning will increase your existing customers' respect and appreciation of what you do, resulting in even more loyalty and referrals.
6. Point of sale promotions
A simple, immediate, and predictable way to increase your average unit of sale is to offer additional products and services at the point of sale. By displaying "impulse" items, or by displaying signage, literature and displays, you can grab their attention. Also, you can make attractive offers at trade shows or seminars, or offer incentives for first-time sales. Your customers are more likely to purchase your additional product or service if you do that before they leave, take delivery, or sign the final documents, or when they place an order by phone or on your website. With no extra effort, cost, or time, you can greatly increase your profit per transaction.
7. Increase your horizontal penetration
The likelihood is that your customers won't think of you if a problem arises that can be solved by your product or service if they're unaware of the full range of products or services you offer. You can focus on the penetration of each of your products or services into your existing customer base by educating them to use your full range of products and services using a simple but powerful matrix. You will also be able to identify all opportunities to increase your product or service penetration, to form strategic alliances, to block your competitors, and to increase your sales and profit averages.
8. Increase your vertical penetration
Instead of focusing on the penetration of your products and services into your customer base, this method uses a simple but powerful matrix and a two-step implementation process that helps you focus on the penetration of your products and services.
