To most investors and business owners, the only way to Increase Revenue and annual revenue is by acquiring new customers. Well, it is imperative for businesses to come up with ideas for improving their clientele base to continue dominating the market. However, you do not necessarily need to have new customers’ acquisition strategy to get more revenue.
Here are some expert tips that you can start applying today in your business to increase revenue without acquiring new customers.
Strive to Provide the Best Customer Experience
Customer experience is one of the factors that differentiate successful from unsuccessful Singapore online businesses. Evaluate the manner in which you respond to their inquiries and resolve any weaknesses that could be hurting your relationship with the clients or holding your business back. Think like a customer and build a customer journey map that is holistic and in line with the expectations and preferences of the customers.
Note that having repeat customers does not mean that your system is 100% perfect. There could be some flaws, but the customers are waiting for you to make the necessary improvements. Research shows that 88% of clients say they would comfortably pay more if a service provider offering better customer experience.
Surveys and interviews can help you to get a clear perspective of your customers’ needs. Below are five simple things that you can do to improve customer experience drastically.
- Make the checkout process more straightforward and secure
- Offer personalized content, services, and products
- Make sure your site is mobile friendly
- Offer more promotions, giveaways, and discounts
- Adjust customer service hours
Improve Customer Loyalty
The secret to customer retention is loyalty. Please do not get it twisted, just because there are customers who a purchased product from you repeatedly does not mean that they are loyal to your brand. It may be that your company is the most convenient to buy from at the moment.
For example, if you have a local coffee shop and there is a customer who comes in every morning for a cup of espresso. It may be he/she prefers your shop because it is the closest to their home. If a new coffee shop is opened closer to, the client’s home but they still come to your shop that is a loyal customer.
Here is another example to help you understand the difference between a loyal and repeat customer. According to a recent report, most people retain cars for 6.5 years on average. It is difficult for any auto sales company to maintain customer loyalty for such an extended period. However, it is not impossible; after-sale service such as maintenance can keep the customers streaming into the facility.
In the Singapore e-commerce industry, you can enhance customer loyalty irrespective of your industry by creating a robust email and social media marketing strategy. The two will help you establish personal connections with your customers.
Master the Art of Upselling and Cross-Selling
Did you know that you could increase the amount of money that you make from every sale by motivating customers to spend more in your store? This strategy is referred to as upselling. The idea is to convince the client to purchase a product that is similar or related to the initial purchase.
On the other hand, cross-selling motivates the client to purchase a product that will compliment another product that they have already purchased.
Insurance companies have mastered these strategies – they sell home insurance and auto insurance policies as a bundle.
The more services or products that a customer gets from you, the more likely they are to invest in your brand emotionally. Be sure to administer surveys periodically, as customer preferences and interests are dynamic.