“A satisfied customer is the best business strategy of all,” said Michael LeBoeuf, an American business author and former management professor at the University of New Orleans. His books, Working Smart and The Perfect Business, were internationally published, and he consults with businesses of all sizes ranging from Fortune 500 companies to small banks and medical practices.
Customers are the most important part of any business. If you provide better service to your customers this will make them loyal to the business and they will try to bring more new customers to your business. If you want to increase your customer volume, you need to make your existing customer satisfied first. One of the leading examples Bloombergsen Inc. provides investment advisory services. The Company offers investment management and consulting services to pooled investment vehicles. BloombergSen Investment Partners serves clients in Canada.
Here are 3 strategies to increase customer value:
Sales: Increase per-customer sales:
To increase your customer volume, you need to first focus on your existing customers and try to sell more to your existing customers.
There are two most common tactics used by businesses to increase their sale of product sale are cross-sell and upsell. Lots of companies use these tactics but overuse of these methods can put a negative impact on customer relationships.
- Cross-sell
The main work of Cross-sell is to sell your new products and services to your existing customers. It is a successful method because your existing customers are well aware of your business and even you know them in a better way, so you can target your offers more precisely. Let’s take an example- many banks sell their credit card to their existing customers to mortgage their customers.
- Upsell
The method of upselling is used to increase the value of any particular sales interaction. There are many businesses that use this method successfully as they are aware that their customers are already in buying mode and if packaged properly they will eager to spend more in your business.
Let’s take an example- If go for buying a car, the dealer will provide you extra wheels, window tinting, high spec paint, and few other things all come with your car.
Loyalty:
When you provide better assistance and service to your customers then it will make the customers happy and satisfied and they will become loyal to your business. So, the best way to increase your customer value is by retaining them for a longer period. One thing to put in mind is that it takes less cost to retain a customer than to acquire a new one. That’s why it is worth investing your money in retaining your existing customers. Well, customers leave any business because another vendor is ready to give the same products and services with some new features that your business is not providing. Try to improve your business according to the customer’s demand to provide a better customer experience.
Cost: lower the cost to serve:
Well, if the above option is not able to work for you then you can lower the cost to serve your customers. This point also has various methods to work on but here we will talk about the two most important one.
- Stop marketing to lower-cost customers
This method ensures you stop continuing the marketing for those customers who will not buy more products and services from your company. This can save lots of your money.
- Move customers to lower-cost channels
Most customers focus on how their experience was in the company if they want to return to any business. If your business provides only one communication channel or you limit your communication channels this will led to reducing your customer interaction. So, it’s better to provide more lower-cost channels to your customer to gain more customer volume.
