I was thinking of you and thought you might be interested to know… You may not be aware… Increasing the frequency of repurchase Let me explain what this really means. If customers do business with you once a year, what could you do to enable them to do business with you twice a year?
If customers trade with you once a month, what could you do to increase that to once every two weeks? The objective of this opportunity in growing your business is to shorten the purchase trading cycle. And what this really means is that once you have won new customers, you need to keep them. I am amazed how bad businesses generally are at customer retention. Huge sums of money are spent on advertising, promotion, marketing, public relations, brochure design, the employment of sales people and so on, with the sole purpose of winning new customers.
Then it seems companies pass those customers over to the business prevention department. They dream up new ways and processes to frustrate and upset clients, and eventually lose them to a competitor. All about this will be revealed in Chapter Acquisition I am not an authority on the buying or selling of businesses and companies, so I shall not give guidance on how to proceed successfully with this activity. If at any stage this becomes your responsibility, there are other people, books and programmes that I am sure will give you sound advice. There is so much at stake for you and your business by increasing your average transaction value.
There is so much profit at stake. Please speak to people. The second mnemonic I learnt as a 20 year old was taught to me by Barry Wells, a very successful business manager. In many, many cases the client will not give an immediate yes, but he or she might come back for that product or service in the weeks or months ahead, and in most cases will be very grateful for your suggestion. Before I unfold the idea, may I remind you that you are in business to make a profit. Of course this has to be done in an honest and ethical way.
This activity could also come under the heading of increasing your average transaction value, but I want to treat it as a separate entity because it is so important.
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Let me commence with a question. When was the last time you increased your prices? It may have been only a few weeks ago. But in my experience and consultancy, most of my clients have not revised their prices for at least a year, and sometimes for four years. There seems to be a massive fear surrounding an increase in prices. People believe the business will lose a lot of its customers. We are all working in a very competitive marketplace, and of course in order to survive you must be competitive, but there is a balance to be struck.
You need to keep and if possible improve on your profitability, without driving your customers away. I can categorically assure you that my suggestions have been adopted by countless numbers of my clients, and have proved exceptionally successful. Let me give you just one example. One of my clients is an optician with a number of outlets. As I am sure you are aware, this is a very competitive field. No doubt you have seen national advertising campaigns inviting people to buy one pair of spectacles and get one pair free. My client had not had a price increase for some 18 months.
It was considering a 2 per cent increase across the board. After much deliberation the client suggested to me that these too should be subject to a 2 per cent increase. This would hardly be worth the effort of drawing up new price lists.
I suggested to my client that in the vast majority of cases frames are not a price-sensitive purchase. People will always find the money for what they want. The result was that my client took the bull by the horns, and with great courage it implemented the 10 per cent increase.
I advised the firm exactly how to handle it. The first point to make is the big No No. This is what you must not do.
The optician implemented the increase, did not lose a single customer, and the increased income has made a great contribution to the security of the business. So whenever you increase your prices or fees, please, please do not contact your customers with a grovelling apology. At a given date, just put up the prices or fees.
If you are quoting a price or fee, now or in the future, preface the amount with something like this: I have some good news for you. Under no circumstances should you mislead your client or customer.johntrammell.com/3859-location-software-for.php
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I find it despicable when customers are given the impression they are buying at a given price, and when the invoice arrives it is at a higher rate. We shall go into a little more detail on this subject in Chapter I have found through feedback from my clients that this has truly been a quick win for making their businesses more profitable. In the worst-case scenario, from information provided to me by clients over a large cross-section of industries, one client told me that it had lost 2 per cent of its customers.
It was probably going to lose them anyway, and the increase in profitability surpassed the small loss to the customer base.
Nor should you base your increase on a simple percentage. For each billable member of staff — you can do this calculation. You are now working well and increasing your profits. Here are a few further ideas for quickly attracting new customers, particularly if you have spare capacity. Free trial It has been proven many times that offering a free trial on a product, and certainly on a service, will attract some new customers. It is up to you then to make that trial so successful that the prospective client cannot resist doing business with you in future.
The free trial can be offered in a little brochure or letter targeted at those customers or clients you really wish to attract, and should be followed up with a courtesy call. Barter Have you ever considered bartering some of your business activities with a supplier? One very successful organization specializes in helping businesses to trade using an original business exchange system.
Bartercard is currently the world leader, and can be contacted via its website, uk. A voucher This is of course not suitable for all businesses, but it is very usable in certain industries, and with some imagination can be used in many fields. Vouchers should always be in monetary value and never as a percentage off. Percentages are not tangible, but a monetary voucher is tangible, and is less likely to be thrown away.
Incentives for existing clients If you are considering a sale, your clients should be invited to a preview before it is opened to the general public. Incentives can be offered to your existing customers, again with imagination. They will demonstrate care and value. Build a sales matrix and work it out now.
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How about a price increase? Contact your existing customers. Be honest and ethical. Offer a free trial. This page is intentionally left blank 3 Walk a Mile in My Shoes Many of us living today are caught up in the culture of selfgratification. People spend too much time thinking about themselves — their wants — their needs — their pressures — their illnesses — their money — their relationships and their success.
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Many feel the world owes them something, and that their rights are all-important. If only they realized that by making their partner happy they in turn would find so much joy and fulfilment. They have targets to achieve. You need to develop a passionate desire to help him or her to greater achievement, happiness or fulfilment, and in the process satisfy his or her wants and needs. So if you truly desire to become more successful in business, I ask you now to check your mindset.
This is fundamental to being a modern, successful and happy business winner. We all know there is only one certainty: you have got to live with yourself for the rest of your life. Do you want to live with you as you are for the rest of your life? Sadly I come across too many people who have real difficulties with themselves and their past. We cannot change one nanosecond of yesterday, last week, last month or indeed any of our past. We can, however, have a major impact on the next hour, next week and next year. Being a successful business winner does not have to mean you must be unethical, abrasive, aggressive or ruthless.
Those who wish to get to the top do not need to trample others on the way. I can assure you that this is not and never will be the route to long-term happiness and to being able to live with yourself. So much dysfunctionality is caused by the extremes. The role of the business winner is of course a role of persuasion, and with that in mind you need to be plausible and convincing. I am going to build a picture of the personality that appeals to me.
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