4 Simple Ways to Increase the Value of Your CustomersOctober 6, 2020
Every time you turn around, some marketing stat blog post is telling you that it can cost upwards of 7 times as much to acquire new customers than to sell to your current buyers.
And sure, there are lots of different ways you can lower that new customer acquisition cost. But wouldn’t it make even more sense to make your current, cheaper-to-resell-to, customers spend even more money?
Yeah, we thought so too. That’s why we put together this list of 4 simple ways you can increase the value of your current customers. You’ve already gotten their attention. Now it’s time to get them obsessed.Bundle Bundle Bundle
Treat your products like they are going out in a winder storm. The more bundles, and more variety of bundles, you have, the more your customers are going to get temped to buy more. A great example of this is the holiday bundle from Tushy.
For a slight discount on everything, you get a whole collection of goodies in one purchase. This is often used during the holidays or as a special sale offer, but having a few standby bundles (beginners bundle, themed bundles, etc.) can provide a more consistent offer for your customers.
Not only does this incentivize a larger overall purchase, but it even gets your customer to try something they may not have bought otherwise. And that may just be their new favorite product.Cart Abandonment Email
If you haven’t put items into a cart, realized you didn’t have your credit card with you, closed the window, and immediately forgot you were ever going to buy that thing, have you even online shopped?
But actually, sending your customers a reminder when they leave something in their cart can make a huge difference in your follow-through rates. Even if they were just window shopping, they were interested enough to add it to their cart, and that final nudge may be what tips them over the edge to make the purchase.
It doesn’t need to be complicated, and you can send 1, 2, or more if you want to. Just make sure to make it as easy as possible for your customer to get back to their cart to check out.Prime with Content
No matter what you are selling, the best way to keep your customers coming back is to build and maintain trust. And nothing boosts your trust factor more than great content that sets you up as an authority, expert, or even friend.
The trick is to create content that is specifically about the issues your customers are having. Do some research and find the questions your customers are asking, and then answer them. Make sure to provide a ton of value, since that is the best way to boost your reputation with your audience.
When you are running a sale or mailing an offer to your list, make sure you are offering them valuable content for free before ever asking for their information or money. They will be way more likely to spend (and spend more), if they know you can deliver value, and they trust you.Follow Up
This one may be last on the list, but it is arguably the most important trick to increasing your average customer value. Following up.
It seems obvious, but when you actually follow up with your current customers, you stay top of mind. And that’s a huge part of what increases customer value. When your customers remember you, they are WAY more likely to buy than when you seemingly drop off the face of the Earth.
Following up can be as simple as sending thank you emails after they make a purchase, and as complicated as sending out surveys or follow up automations. But those cart abandonment emails from just a few paragraphs up counts as following up. Even just sending regular communication and replying to DM’s and messages on social media counts as following up.
No matter how you follow up, just make sure to keep the chain of communication going and keep yourself top of mind, and you customers are way more likely to make more purchases.
And if you want even more tips on how to grow and scale your business—customer value included—you’ll want to check out Make it Big, a 3-day virtual event where you can get the best advice from the leading industry experts. Register today for FREE!
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