We all want to grow revenue in our business.To do that, most of us spend the majority of our time & resources on acquiring NEW customers.Well, today we're talking about why that's a problem.You see, when we obsess over acquiring new customers, we often overlook the most effective revenue expansion strategy of them all... Which is to get more value out of your existing customers!Of course, this is clearly a chicken before the egg thing. You have to first acquire an initial base of customers before they can spend more with you. But, if don't find a way to keep those initial customers coming back, you quickly become the hamster in a wheel! Always chasing new customers, but never realizing net new growth.At Seven Sons, we were once that hamster,,, AAND it's not fun...So, to help you avoid the same mistake, Blaine and I go deep into this topic on today's episode of GrazeCast!
In this video, we explain how we were able to grow revenue from existing customers with the following tactics:
- Diversify product offering
- Incentivize free-delivery
- Restock notifications
- Deadline reminders
- Finding 'sticky' products
- Using story to boost promotions
If you know of a loyalty tactic we didn't mention, share it in the comment section.