How to Get More Customers by Adding Value
To understand how to get more customers by adding value to your product or service you first need to know your product or service and what your customer wants from you. The best way to increase your customer base is by adding value that helps them meet their goals. If your customer is looking to save money, make money, get something done, automate a task or save time, save money or even entertainment, the best way to get more customers is to meet their needs.
Simple ways to get more customers
1. Add significant value, meet their needs
2. Offer incentives for referrals, discount/prizes etc
3. Collect their information to market them directly
4. Create additional products or services to market to previous customers
5. Target your customers emotions
Get more profit from each of your customers
If you can sell each product for 30-50% more, you can increase your revenue by 30-50% without having to get more customers. This is a strategy that is quite effective if you can keep your conversions in the same ballpark as you did before the increase in price. Now do people stop buying Pepsi just because of a 30% increase in price? Maybe… but usually if they are emotionally attached to it they will buy it anyway.
Example of a 50% price increase and a 17% decrease in conversion percentage with the same amount of visitors.
$50 product – 300 visitors – 6 sales = $300
$75 product – 300 visitors – 5 sales = $375
If you think you are tapped out on your current product or service try improving what your offering and sell an upgraded version to the same customer. A good example would be buying a brand new car, you can start with the base model or you add additional options to the same vehicle for more money. This is the best way to get more customers to spend more money on the same product or service by adding value to it.
How to Generate Traffic and Customers for your Product or Service
Traffic is Money and More Traffic is More Money!
I spend a lot of time of time discussing internet marketing ideas or projects with online friends and real life friends as well. Not only online but in real life I keep running in to the same issue over and over again. We start talking about how to turn a buck and immediately they start talking this great product or service that they’re going to sell and why people are going pay for it.
Let’s get it out of the way… they are idiots. This is how poor people think and this is why most of them stay poor. They start developing their product or service first without considering how they are going to market it for a profit. What good is the most amazing product or service if you can’t sell it to anyone?
How do you plan on reaching your potential customers? In order to generate sales you have to make people aware of your product or service. The first step is known as brand marketing; you basically generate impressions (awareness) of your brand. Now once you’ve established your advertisements in a high traffic area you’ll need to convert those impressions into visitors.
On the internet, as well as in real life, there are observers and there are visitors. Observers are more commonly referred to as impressions on the internet; they have probably seen a banner, image ad or text ad but haven’t yet visited your physical site or internet site. Visitors have actually visited your physical site or internet site and have had a chance to review your product or service.
Once you have converted your impressions (observers) in to visitors you’ve begun to generate potential customers. These visitors are potential customers because they are aware of your brand and have decided to take a look at what you have to offer.
Here is a simple idiot proof formula for you:
Traffic = Impressions = Visitors
VISITORS = CUSTOMERS
The number one most important thing in business is generating sales. Most of the time small businesses fail because they are unable to generate enough sales to profit on their product or service. Some of you might want to argue with me and say that if they were able to cut costs on their product or service they would be able to profit on the visitors they have already without generating more sales.
This is where most get confused and trained monkeys (hourly workers) go wrong in business. Let’s assume you’re able to generate 25% more sales in your market than your competitors. Let’s also assume you purchase products for resale or use/consumption from the same manufacturer or distributor as your competitor. Since you’re purchasing 25% more from than your competitor from the same manufacturer or distributor it’s extremely likely that you’ll receive a better discount than your competitor as well.
Benefits of Increased Sales:
1. Increased Sales Revenue (+Profit)
2. Increased Affiliate Commissions (+Profit)
3. Discounts for Larger Purchases (+Profit)
4. Increased Exposure / Brand Awareness (+Sales) (+Profit)
[[ +5 ]]
Benefits of Cutting Costs:
1. Increased Profit on Sales (+Profit)
2. Increased Profit on Affiliate Commissions (+Profit)
[[ +2 ]]
If you position your physical site in a high traffic area within your target market you’re more likely to generate sales. Yes, this targeted high traffic location may cost you an additional $3,000 per year but can easily generate 10x that ($30,000) in additional revenue. The same goes for a high traffic search engine keyword on the internet. Yes, it’ll cost you more time and money to get ranked but once you’re ranked the increased sales revenue will more than make up for what you’ve spent.
IMPORTANT SIDE NOTE:
To be successful in business it’s a good idea to adjust your business plan for the worst case scenario. That way if you only get 1/4th of the visitors/customers you expected, your business model is still profitable.
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