As a small business owner, it may seem like you have to work much harder and perhaps spend more money on marketing to generate even a single lead. To compete head-to-head with larger companies that have a more profound infrastructure and a much larger marketing budget, you need to find a way to maximize the benefit and potential of every transaction. While this is easier said than done, it may not be quite as difficult as you might initially think. With the right strategy and plenty of effort, you can potentially maximize the benefit that each lead or client provides to you.
Learn How to Upsell
An important sales rule is to never try to sell your customers something that they do not actually need or want. High pressure sales tactics can give your customers a feeling that you are more interested in selling your products than in helping them with their needs. However, you can still help your customers address their needs properly by selling them the right combination of items. When you upsell, you essentially are increasing the profits that your company generates from each customer. To upsell properly, consider the needs of the customer. Always have an upsell strategy in the back of your mind so that you can build up to it strategically. Consider which of your products go hand-in-hand. For example, a burger typically goes with fries, and vacuum cleaner bags go with a new vacuum. When you try to upsell an item that corresponds closely with an item that you already know that the customer needs or wants, your upselling actually appears to be service-based and customer-focused. Your customer may actually feel grateful that you mentioned the additional product that they may find useful.
Focus on Customer Service
After a transaction has ended, there are two additional sales opportunities that you need to focus on in order to get the most out of the experience. The first involves the customer deciding to return and do business with you again at some point in the future. In most cases, the customer must have a positive experience with your products or services in order for this happen. In addition, the customer must have a great general impression of your company based on the experience that he or she had. Customer service is essential in both of these areas. Remember that the salesperson may play a role in customer service, but the customer’s experience continues after the sale has been finalized. For example, he or she may call your company with follow-up or billing questions. Even if the sales experience was wonderful and the customer loves your product, a poor customer service experience later in the process can also turn the customer away.
The second additional sales opportunity comes from referrals. The best way to get referrals is to simply ask your satisfied customer for them. You can simply ask them to tell their friends about their great experience. Some companies also create a referral program. For example, they may offer a discount on a future purchase for each new referral. Social media marketing is also a great way to generate referral business. For example, when you create amazing content on your social media page, it likely will be shared by your happy customers who are happy to refer their contacts to you in this casual yet direct way. Remember that you can also get referrals from affiliated businesses. For example, you may refer a customer to a local business down the street, and they may in turn send business your way.
As you can see, there are numerous ways to maximize each transaction that you make and each relationship that you develop. To be truly successful, you need to focus on maximizing what you already have rather than spending an unnecessary amount of time, energy and money constantly chasing after new leads. When you nurture existing relationships, you may be surprised by how significantly your profit level increases.