In this video I’m getting ready to share with you a way that you can increase your customer lifetime value.
Now here’s the reason why you might want to Increase Your Customer’s Lifetime Value.
- Number one when you increase the customer’s lifetime value, you generate more revenue in your business and ultimately that can lead to more profits.
- Also when you do this, you can earn more business as well so it’s a win-win situation. So you want to do this. Now here’s the strategy.
It’s pretty easy but most people don’t do it so play every ace right!
Find related products to sell to existing clients.
Now your clients have already indicated something that they need from you, something that they like from you. Right?
So if you can find a related product and position that and offer that, chances are if they valued the first, they may value the next.
Look at McDonald’s for Example of Cross-Selling & Increasing Customer Purchase
Would you like fries with that? They took one product and they paired it with something else and they made that offer. Now not everyone’s gonna take you up on these offers but if you at least include this in all your sales processes, you’re going to increase your average sale increasing the lifetime value of your customer.
Think about the last time you shopped on Amazon.
Did they not ask you something else that you may want that was related? Now you may not do this all the time, but chances are if you’ve been to Amazon and you bought their products, chances are they’ve got you at least once to buy something that was related that you might like.
Putting this to Action, A Strategy For Cross-Selling
Look at your catalogue of products and services look at your past customers and your current customers and see where the opportunity is. Actually you can grid this out and grid all your past customers and look to see what they bought and see where the opportunity is. Make those offers and I guarantee you’re gonna make more sales.
What Can You Cross-Sell to Your Customers?
Send me an example of an your cross-sell ideas and I may highlight it as a case study on a future video.