Increase Revenue from Current Customers (10 Step Guide)

At times it can seem like a grind having to constantly bring in new business to keep the revenue going on the trajectory that you want it to. One time customers are great, but what if you can turn one and done, into more than once?

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Increase Revenue from Current Customers

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At times it can seem like a grind having to constantly bring in new business to keep the revenue going the way you want it to. One time customers are great, but what if you can turn one and done, into more than once?

Generating leads and converting new customers is crucial for any business. But it's easier to focus on increasing revenue from existing customers.

Forging a new relationship or convincing a stranger to purchase from you can be challenging. Instead, it's better to start a cross-sell or an upsell with current customers. 

Taking the right approach, businesses can leverage existing customers to increase revenue. 

As a business owner, you should understand your market, the needs and motivation of your customers, and let your efforts be geared towards ticking these boxes.
That said, be confident and creative enough to try new ideas. Some strategies are trial and error which you can always adjust when you finally get what works for your business. 

Check out 10 Easy Ways to Increase Revenue from Current Customers: 

1. Upsell

If you have a premium offer existing customers can benefit from, try upselling to them.  

Smart buyers understand when you're only interested in them spending more money. 

However,  if you can show your customers that their needs are your utmost satisfaction - and that the high end options will be more valuable - upselling can improve their experience and increase your revenue. 

2. Cross-sell

Do you sell multiple, interrelated products? Always put your products or service in front of your customers. For instance, banks regularly promote services like personal loans and credit cards to customers operating checking accounts. 

Again, being attentive to the needs of customers and providing solutions can increase chances of success. 

3. Bundle

Bundling products or an offer together can encourage customers to purchase more in a single transaction. 

Customers view bundles as a great way to save regardless of the minimal discount. Be flexible with your bundle package - when customers can choose whether to buy directly or substitute some elements in the bundle- it can further inspire them to utilize the offer in the bundle. 

4. Ask for Referrals

If your customers are satisfied with your products or service,  ask them to tell others about you. Referrals is one of the best advertisements your business can get for free.

 Inform your customers about the importance of referrals to your business and how you’d love to get one from them. 

Always thank your customer when they refer you to a lead. Create a reward package for referrals. It could be a gift card or a free product/service. 

This can go a long way into inspiring your customers to spread the goodwill about your service to everyone in their circle. 

5. Provide regular volume discount or buyer discount 

Providing discounts on high volume orders can encourage buyers to buy more in one purchase in order to save more.

 Furthermore, loyalty awards offered to customers can encourage them to stay loyal to your business.

For example, some coffee shops offer one beverage for free when a customer purchases a particular number of drinks.

Existing customers will always love to return in order to Continue enjoying this offer. These tactics foster customer relationships through appreciation and help create a more personal relationship. 

6. Add supplementary Products or Services

Do you know of a supplementary product or service you can offer that your current customers will love? For instance, a store that offers computer repair services may start to sell computer accessories and refurbished PCs. 

Always add a supplementary product or service that makes sense economy-wise. 

7. Pair With Other related Businesses

It's an automatic win-win situation when you team up with related businesses. 

A real estate agent, for example, can work with a mortgage broker, or a catering service can combine forces with an event planner.

This business relationship can offer a lot of cross-promotion, which ranges from sharing physical working space to sharing referrals and combined online marketing. 

8. Raise Your Price

Confidently review your rates and see where you need to increase your price. 

You should plan the price hike carefully and thoughtfully to avoid losing more clients than you thought.  

Some cases may require that you raise the price of some products/services and lower the prices of others if that's going to get you some total gain. 

An increase in price doesn't need to push customers away. Here's how to politely increase the price without making it a huge blow to customers:
Inform them upfront about the potential increase in price
Provide them thought-provoking reasons for the hike
Remind them of the true value of your product/service
Create a new sales model for the new price 

9. Extend Your business to a wider Geographic Market

Extending your business to a wider geographical market outside your local region is a great way to enter into another customer base. 

Let's say, for example, you operate a store that's already focused on local neighborhood customers, you can research whether potential customers are looking for your product in a nearby area. 

10. Provide Sales/Promotions

One-time promotion can help businesses attract new leads who may eventually buy more than what they initially wanted to. And the best way to create scarcity and urgency in customers is through limited-time sales. Of course, customers will love to buy before the "sales end"
Coupons are also a great way to attract customers to choose your products over competitors
Always weigh out the positives and negatives before introducing a discount. 

Clarify your goals, make some calculations, and think of how the discount may play out on your revenue and reputation.

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