What many business owners don’t realize is that while attracting new customers is very important, often they can increase their profits by tapping into the customer base they already have.

  • Top Three Ways Businesses Can Increase Transactions
  • Number One Major Mistake in Increasing Transactions
  • More Ways to Increase Profits!

Many business owners’ short and long term goals often include ways to attract new customers to their business to increase their profits.

Oftentimes, this conclusion comes as they hit a plateau in their business that prevents them from growing further.

To them, it seems like their resources are tapped out as the stream of customers dies down.

This creates a dilemma for owners because as much as they want to attract new customers, it takes a lot of time and money to reach new clients as they pour their marketing and sales resources into doing so.

Unfortunately, these efforts don’t always work, so they end up tapped out on energy, time, and money without seeing the results they sought out for.

So for those who are investing tons of time and money into reaching new customers they may already be sitting on a gold mine of opportunity that they can tap into by increasing their number of transactions.

This is a missed opportunity as once you’ve sold to a person, you have the chance to sell to them again, and again, and again –  all to the same person.

To understand the value that this strategy has, let’s put it into perspective. Statistics say that it costs six to seven times MORE to get a new customer than it does to sell to an old one.

We explain this more in our recent video. Give it a watch for more information.

So if you want to increase your profits in less time with less money, here are 7 ways you can do so.

Top Three Ways Businesses Can Increase Transactions 

Stay in their Face – Maintaining constant communication with past customers allows you to stay top of mind for these customers so that when the time comes for them to buy again, they already have someone in mind.

This can include weekly newsletters, phone calls, text messages about new promotions and much more.

Of course, this is coupled with excellent customer service that addresses all of their needs and makes them feel appreciated. You want to also make them feel comfortable by building trust and rapport with them. This includes things like using their name in communication and asking them questions while genuinely listening.

Make Your Products Known – How many of your customers come looking for the same thing every time? Do you think they really like that product or do they just not know about your other offerings? In most cases, it’s the latter. If you think about the buyer journey, it starts with a need that leads to a search to solve that specific need. Then they make a purchase based on that search. If they’re looking at a specific product or service that you offer odds are they aren’t going to pay attention or be aware of your other offerings.

So you must make your products known. If they find out they can buy {x} product from you or that it complements the product they’ve already purchased, the results can be exponential for your sales.

Give Special Offers for Loyal Customers

ActionCOACH principles say that businesses should never discount their products because it minimizes its value in the eyes of the customers. But you can offer exclusive limited-time deals to loyal customers. One way you can do this is by offering free trials of a new or old product. This is also a  great way to get feedback and build some hype around a product that is soon to be released.

You can also offer a once-a-year, buy one get a half-off offer for loyal customers. This is also a great way to clear our old stock while still getting a profit on items that otherwise would have sat in your warehouse.

For service based industries you can offer a free upgrade for a regular service that they have, or need to have, done.

Number One Major Mistake in Increasing Transactions

The number one mistake you can make when working to increase the number of transactions is not having an updated and well-maintained database of your clients.

If you’re not keeping records of who is purchasing from you then you won’t be able to reach back out to them. You should have records such as their name, email address, phone number, mailing address. Additionally, you should keep track of the products or services they purchase.

We use KEAP as our database management system, so if you’d like some help or suggestions on setting it up, reach out to us!

More Ways to Increase Profits!

Join us at our 6 Steps to a Better Business workshop to learn more about how to increase customer transactions using our “5 Ways” formula. During this workshop we go over a comprehensive strategy that is guaranteed to increase your profits enormously in 5 years.