69. BOOM your profit by maximising Customer Spend

19m · Profit 2 Cash · 07 Apr 05:57

Today in the podcast we will focus on various strategies that you can implement to BOOM your profit by maximising your Customer Spend.
One of the most effective ways to increase profit is maximising how much a customer spends with you each time they engage with your business. I am sure you have heard the saying "Do you want fries with that?" McDonalds is probably the best example of how a company has trained it's employees to always be focusing on increasing the spend of each customer with one simple question.
How can your business implement a simple strategy to increase the average dollar spend per customer?
The following are some examples of ways you can focus on increasing the dollar spend per customer:
1. Upsell and Cross-sell offers - as in the McDonalds example offering additional products or services at the time of purchase is one of the most effective ways to increase a customers spend. An upsell is encouraging the customer to buy a higher end or more expensive product than the one they were initially considering, cross-sell involves suggesting related products or services that complement the one they are already buying.
2. Bundle Products or services - Telus is great at this, when I signed up for home internet, I then received a call from a sales rep and ended up purchasing TV and my mobile bill all for a discounted rate and with additional credits.
3. Loyalty Programs - incentivizes customers to spend more to get additional discounts or rewards.
4. Limited Time Offers - creating urgency can encourage customers to spend more than they might not have otherwise so that they don't miss out on the special offer
5. Personalisation - this is a very popular strategy at the moment, people want to feel special and that they are not just a number, by personalising their shopping experience and offering them products or services specifically for them they will be incentivised to spend more.
6. Add-ons and upgrades - adding this to existing products can increase a customers spend, for example for just an additional $10 per month upgrade to the premium version of Netflix
What is that one idea? Send me an email and let me know as I really want to be your biggest supporter in growing your profit this year.
Don't forget to grab your F*R*E*E Profit Levers Calculator, a simple tool to show you the powerful impact focusing on each of the 8 Profit levers can have your your business.
You can download the "8 Profit Levers" tool HERE!

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The episode 69. BOOM your profit by maximising Customer Spend from the podcast Profit 2 Cash has a duration of 19:53. It was first published 07 Apr 05:57. The cover art and the content belong to their respective owners.