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Getting Customers to Buy More

by Scott Ames
5 replies
The current wisdom states there are three ways to increase revenues.

1. Getting more customers

2. Increasing the transaction size (i.e., getting customers to pay more)

3. Increasing the frequency of purchases (i.e., getting customers to buy more often)


Often increasing the transaction size is put forth as upsells or cross sells. Rarely mentioned is increasing price. I think that is one area to look at hard and do testing on. A membership site with 3,000 members only has to increase price by $1.00 a month for a ton more revenue. An extra $5.00 per product would make a big difference if you are selling thousands per year.
#buy #customers
  • Profile picture of the author Dave Cornish
    Personally I like to focus on option three due to the fact that it has more long term sustainability and also enhances option one.

    If you increase purchase frequency you are giving your customers more value or you are doing a better job at helping them perceive the value in your product for their money.

    This makes them more likely to recommend your product (viral marketing) so that you will increase sales with advertising that costs you nothing.
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    • Profile picture of the author Neil Morgan
      Personally, I focus on visitor value which is just another way of saying I focus on price, upsells and cross-sells.

      It really can make a HUGE difference to your bottom line. I've quadrupled visitor value by focusing big-time on it.

      Combine that with a managed increase in targeted traffic and it's a real winner.

      Specifically on the price issue, raising your price won't always reduce your conversion rate so, yes, testing would be very worthwhile.

      Cheers,

      Neil
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  • Profile picture of the author napoleonfirst
    Send more quality offer to your list. This is a cool strategy.
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  • Profile picture of the author jhongren
    Hi Scott,

    Great tips on how to get customers to buy more.

    I would like to add on my opinions:

    1. Increase lead-ins

    2. Increase conversions

    3. Increase follow-ups

    4. Be effective and efficient in customer support (which lead to happy customers and they will bring you more lead-in)

    5. From 4 hours work week, focus on 20% of your customers who are giving you 80% of your profits (and treat them well and good)

    => such as finding out what they want
    => giving them what they want
    => selling them what they want

    (In this way, your customers will not only pay more but much much more...go for multiplier effect rather than incremental growth)

    6. Always optimise your business system and make it as easy as possible for your customers to do business with you.
    (Likewise for affiliates who I treat as customers too.)

    7. Taking about affiliates, learn to leverage on OP (Other People)
    It could be OP's time, resources, efforts and so on. Again, I read this from Robert Kiyosaki's books on how to increase profits.

    My 2 cents.

    Cheers,
    John
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