The number of transactions can impact your sales and growth equation in a huge way. Businesses will always look at increasing the number of customers because it’s easier to see, count and is probably a much clearer sign of marketing effectiveness. But the cost of acquiring new customers is much more costly than to get your current customers to buy more. Further new visits do not always translate to sales, returning visits are much more likely to.
Think about it, how many times have you visited a retail location but unsure whether to make your purchase then and there. You may walk away and take time to think it over, when you come back however the decision to purchase has already been made. If you’re satisfied with the service, there’s a higher chance of you coming back to the same store in future.
If on average your customers buy from you once a month so 12 times a year and you can get them to buy just once more from you during the year. It might look like this, say, 1000 customers in total who buy an extra time from you and spend $40 during that visit. This would mean an extra $40,000.00 in sales. It is important to note that this is achieved without increasing prices or bringing in new customers.
So How Can You Increase the Number of Buying Visits?
Well firstly, how often do you communicate with your customers? If you are not keeping in touch with your customers, somebody is (and it’s probably your competitor). Find a way to communicate, to keep your venue top of mind and give them a reason to reconnect with you more often. Relationships are the key to building your sales, take as many opportunities as you can to interact with your customers because the stronger your relationship the more they will buy from you.
So what are some simple strategies to get your customers to visit you more:
- Staff Training: the aim is simple make every visit a positive one – build the relationships!
- Loyalty Program: This is a simple strategy that will allow you to learn more about your customers and therefore give them more of what they want and when they want it. If Woolworths thinks it’s a good way to increase sales it probably is.
- Special occasion or events – such as birthday or anniversary specials
- Using instant media to spur an unplanned visit – such as email, SMS or Social Media
PJT would be delighted to assist get your sales and marketing strategy to the next level. Give our advisors a call today for a confidential discussion on your marketing strategy. Contact us here.