Your goal today-Sell More to Current Customers!
Where do you have current opportunities with customers that have already bought from you?
You can easily create more cash in your business when you already have an existing customer base and a product or service that they still need. As current customers, they already know and trust your brand and are happy with your products, so it’s much easier to get them to purchase more (rather than go out and find new customers!).
If you have taken care of your customer and your product was highly valuable for them, they are often willing to have you solve another problem for them. And when you already have a relationship with the customer, it’s a lot less expensive to earn their revenue!
Here are a few ways to sell to existing customers:
- Upsell them or remind them of your other offerings
- Create a new product or sell an affiliate product
At every stage in the process, you want to think about the lifetime value of a customer (LVC), not just the one transaction they have had with you. You can increase the lifetime value of a customer by selling them multiple or recurring products or services. Click here to figure out your LVC.
Upsell Them or Remind Them of Your Other Offerings
Do you have any current customers that would benefit from your CURRENT offerings?
As I said before, it is much more cost effective for you as a business owner to upsell your current customers than it is to try and acquire new ones. Make sure when you initially acquire a customer and they make even a small purchase from you, you are staying in contact with them and nurturing that relationship. Here are just a few ideas on how to nurture, upsell or promote other offerings to your list:
- Make sure you are top-of-mind for your customers by sending them relevant videos, blog posts and other amazing, free content that they can really get value out of-don’t be spammy though (this can work especially well if you already have your customers segmented).
- Ask for testimonials! If they have already purchased from you, ask them for a testimonial. This can remind them of how much they love you and your products or services.
- If a customer is not yet ready to upsell to a higher priced product you can also try to cross-sell them to another similar priced product. For example: going from a product that is $50 to $75 or $100 might be easier than going from $50 to $3,000 product or service.
- Offer a discount or coupon to an upsell product to those that have already purchased from you.
Always make sure you are offering your customers and prospects some awesome value before you send them to a sales pitch. As my mentor always says “people buy from those they know, like and trust,” so make sure your customers know, like and trust you and they will be more likely to buy from you.
Another way to increase current customer sales is by creating a new product or service that serves the needs of your current customer base. For example, I helped Joey 100x his business in 4 months. He was making $500 a month in September, and by January, he brought in over $50,000. How? He created a new program to service the needs of his current subscribers. He had about 3,000 people on his email list and he had no core offering. He was doing affiliate deals and sponsorships but hadn’t offered a core product that his current customers could buy.
Of course, you don’t want to create random products to solve everything your customer needs, but if you do not currently have a flagship product, like Joey, please do that now! It removes the trading time for money and allows for leverage.
But you have to know what your customers want before you start marketing to them. This can be as simple as asking them what they want. Try sending out a simple survey to your audience to see what they are looking for and what kinds of problems they have that you could provide a solution to. You can just use SurveyMonkey.com to do this (and it’s free for under 100 responses!)
Here is a quick explanation on how to survey your audience using Ryan Levesque’s ASK formula.
If you already have an audience, it’s easier to sell a new product to them. Another example is Laura Roeder. Laura Roeder, from MeetEdgar.com, created a new software product when she realized she had a void to fill with her current customers.
“The benefits of selling to our existing audience is that we were able to test a lot of different marketing strategies. For example, ‘let’s take this segment from our existing list and try this e-mail campaign,’ or ‘let’s try this type of coupon and see how people respond.’” – Laura Roeder
Instead of doing a survey if you already have a bit of an audience, try to go back and figure out if they are asking for anything specific. My audience kept asking me for a high-level mastermind. I would get emails asking if I knew anyone that was running a mastermind that they could join, or if I could introduce them to people that would make a good fit. The emails would say that the hardest part was finding the right people for the group, and making sure it stayed together long enough.
It took me awhile, but I finally got the hint and last year I created a year-long program called Six-Figure Mastermind which brought an additional $200,000 in revenue for me. (And it only took 3 weeks to sell because there were so many people that wanted it!)
I used my beta process to do it also. If you want to create a new program and figure out the best product to create – take a look at my beta process videos. It shows you exactly what to do to talk to your potential avatars and figure out exactly what they want (and then sell it to them as a test!)
Dozens and dozens of my clients have been successful with this. (Please be aware these are videos created just so I didn’t have to explain the process a thousand times, so they are candid of me walking someone through the whole process!)
This beta process should only take 2-4 weeks – (and if you start today you can start to bring in money by this week, if you hustle!). It could really affect your bottom line!
-Create a new product or service for your existing audience or customers.
Offer a complimentary product or service:
It’s a good habit to periodically ask customers what else you can help with. Even if you don’t have a product or service that matches their needs at the time, you will gain valuable knowledge about your customer and their needs. Or sometimes, you can also refer people or products to them – it’s a win-win. They get a quality solution to their problem, and you gain a referral or affiliate fee. This will also let you know where there might be a product that you could create as a supplement to your main offering.
-Make a list of 5 potential affiliate products that would make a perfect fit for your customers.
Below is a template that you can use to upsell to an affiliate product. You can download the template here.
Just thought of you and wanted to send this along. I know you were talking about improving ______ in your business and a great friend of mine told me about Product X.
I thought it might be the perfect solution to what you were looking for.
Any interesting in learning more? We can hop on the phone to chat!
[Note: if the price point of the affiliate is high, like over $300 then they probably want a chat about it – if it’s software or a product that is less than that, you could also do a call to action that is more simple like: ‘Any interest in learning more? I can send you all the information and links to help.’]
- Make a list of your current customers. Send them an email to discuss the opportunity of buying more.
>> CHALLENGE CHECK-IN
Stay tuned tomorrow for Day 4 and be sure and catch-up with us to share Big Money Wins in our Private Facebook group!