Why selling more to current customers is the shortest path to success in Malaysia?
When any business raises the need to sell more, it usually works to get new customers. But how?
Here, you should know that there are three different ways to increase your online business in Malaysia:
1. Get more new customers
2. Your existing customer buys more
(increase the value of the ticket and its frequency of purchase)
3. retain lost clients
Although, almost all business owners aim for the first option, you should know that the fastest, cheapest and sustainable way to increase sales in your online business is the second option: Sell more to your current customers.
Above mentioned three ways are tried and tested to achieve the goal of increasing sales in Malaysian. When I told you before that it was the cheapest way, I was referring to the fact that the cost of acquiring a new customer is 4 to 6 times more expensive than the maintenance cost of a customer who is already your customer.
These results ensure a return of 5% increase in customer retention and will also help you to increase sales between 25 to 95 percent.
It is about showing additional benefits to our existing customers who are buying a specific product or service to present a complementary one. A classic example of cross-selling would be that of a clothing store that sends a promotion of jackets to all trouser buyers.
We like customers to have a relationship with. It is important to build an everlasting relationship with your customers. Your customers will always appreciate if you trun back to them and send them a thank you note or gift. This is a gesture for the customers to come back as our happy customers.
Provide value to your customers. Teach them how to use your products or services. For example, if you supply paint, send your customers one or two videos a month on how to apply the paint step by step. This will compel them to come back to buy your business when they need paint or any of the products you sell, as using your products will always be a
Many times, customers buy a specific product in another business because they do not know that you also sell it. As a seller you should always know where the customers are going if they are not buying from you. It is very useful to make your customers know exactly where you can help them and what are the products or services that you have.
One of the keys to selling more to your current customers is to spend more money on your business. One of the best ways is Up selling.
It consists of adding some extra features to the product or service that give it more value and price. So, for example, if you sell beauty products, you can propose to the client who shortlists your hair dye, the application of an individual product with the hair dye for better effect for only some extra IDR.
As you have been able to verify, if you need to sell more in your online business in Malaysia and earn profit, the best way to do it is by selling more to the current clients of your company.
Until you have optimized the profitability of your
goodwill, do not move ahead to seek new customers
through advertising or similar.
It is much more complicated and expensive for someone who does not know you buy your product than someone who is already your client.
Interested in transforming your existing multichannel selling, retailing, or eCommerce service business? Speak with our expert now.
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