#WednesdayWisdom – How to increase your customers ‘Number of Transactions’
One of the fastest and easiest ways to increase your business’s profits is to increase the number of times your customers buy from you.
Your existing customers know, like and trust you already – they must do because they have bought from you already.
It is possible to lose this know, like and trust if you mess up on the delivery of your product and service. For the moment let’s assume that you are providing a consistently excellent service to your customers. (We can discuss this as a future topic).
All of these are emotional connections to your business can be up to 80% of the reason people will buy from you – with logic to back up this emotion being the other 20%.
Start by asking yourself the question “Do all of my customers know all of the products and services that I can provide to them?” Have you ever heard the phrase from your customers (or somebody else’s customers): “I never knew you did that product or service?”
10 Key steps to take to increase the number of transactions your customers have with your business:
- Have an up-to-date database of your customers. Stay in touch with your customers with messages of value to them
- Have an up-to-date system for recording your sales.
- Measure the number of transactions that your customers have with your business – on average.
- Have a loyalty card system This one strategy alone was the main reason for Tesco’s growth in the 1980’s and 1990’s.
- Regularly inform your customers of all your products and services – and, more importantly, – inform them of the benefits they get from your products and services
- Carry out regular – at a minimum annually – surveys of your customers’ needs. Publish the results of these surveys.
- Use these surveys as a basis for innovating your product and/or service offering.
- These surveys are great marketing tools. They also help you to understand what you are selling to the various segments of your customers (hint: it is not your product or service).
- Give your customers incentives to come back with vouchers and other offers.
- Make a list of birthdays and other significant dates for your customers. A shoe shop client of mine brought his customers back another time by mailing out a birthday card with a voucher in it. Reference also Joe Girard,
To find out how to increase the number of transactions in your business, get in touch.