WHY Did Your Customers Buy Their First Product/Service From Your Business?
Don't Guess... Only Use Data...
Here's A Quick Win
Increasing order value from your existing customer base is fairly easily accomplished. It’s a quick win. The key is to capture their “why” for buying your product the first time.
Next, get them to re-experience that same feeling through an ad then show them another product that they haven’t purchased or tried yet. One that complements what they last bought, not replaces or upgrades it here. A certain percentage of them will purchase that product and stay with their existing product thus increasing your order value from one to two.
Increasing The Number of Products Per Order
A better way still, is to add multiple quantities of THE SAME PRODUCT THEY HAVE BEEN USING. Talking about kids, grandkids or dogs tend to be overlooked when they are only presented with one bottle on checkout. For CBD stores or nutrient oriented businesses, this works great.
Even service businesses that provide continuous service such as, landscaping or cleaning. Do you currently come once per day/week/month? Upsell to two or more to an engaged audience.
Hypersegmentation of Your List
This is most easily accomplished through hypersegmentation of your mailing list.
Do you keep them engaged with informative articles all the time about what they care about? That would change a lot if you were a lawyer or a dentist. The key to this is to give articles that each different group of your audience would be interested in seeing. As narrowly as possible define your best customers. Now, there are going to be different types of customers and each one would have a different Avatar or company profile. That means if you have 20 different people and 20 different product/service SKUs You have 400 personas that should be understood that are showing up to your website for the first time and buying for 400 different reasons. Each one is a different persona. You should get as much demographic information as you can just about down to the color of their socks black or brown.
What Is Your "New Customer Acquisition Cost"?
The second reason is customer acquisition cost or in other words how much does it cost you to get a new customer? That is an important key indicator and something that every CEO must know.
So the reason that this is important, as it will cost you a lot more to get a new customer than to Market to one that you already have.
By increasing their average ticket value at less cost, this sure can create a quick win.
For more information
if the thought of trying to manage that yourself and trying to run a business at the same time seems difficult…