Developing repeat, referral, and residual business.
You've made some sales. You've built a list of buyers. Now what?
Don't leave money on the table. The most cost effective marketing you can possibly do is to your already satisfied customers. They already trust you. They already know your product or service is excellent. They just need to be reminded that either they need to refill, reload, or that you have other equally good "other" products or services that might interest them.
The major ways to increase sales with this segment of your market is to offer products or services for up-sell, cross-sell, and resell. There are many opportunities to do this within any sales funnel, but below are three of the most effective and efficient ways to take advantage of these opportunities.
Three Top Revenue Boosters From Existing Customers
As the title indicates, this is the process of getting you existing customers to come back and buy from you again. While this is often more cost effective that marketing for brand new customers, it is imperative that your customers are opted in to your marketing at the point of sale or very shortly thereafter. Failure to cause this to happen can result in your not being able to connect with them later. Future sales are generated by using drip marketing. This is most commonly done via email, although text is also being utilized by several companies these days.
Referral business is not just an amazingly cost effective source of sales, its also the highest compliment any business can receive. There are some excellent strategies for generating more referral business. The common factor for any strategy to generate referral business involves three core elements:
- High trust with existing customers
- Remaining top of mind
- Creating value for the customer by referring your business or offerings
Residual Business (Subscriptions)
By far the most effective method of creating more business from existing customers is a combination of repeat, referral business incorporating up-sell and cross-sell strategies. This is usually best accomplished by uses subscriptions. Subscriptions allow the business to create customer account pages on their site, regularly communicate with their customers, and constantly develop trust and relationship with their customers. Other benefits include higher open rates on emails, a much increased likelihood of referral business, and much lower levels of attrition.
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The first step to an effective marketing strategy, is a sober look at where your marketing stands right now.