How do businesses win?
The most expensive thing that businesses will do is acquire a customer. Therefore you need to structure your business so that you are earning enough profits so that you are able to spend more than your competition to acquire new customers. Investing in Marketing is not an afterthought, but a clear profit-driven decision that needs to be built into your margins.
“The businesses that spend the most to acquire a customer will win”
If the most expensive thing you do in your business is acquiring a new customer, then every additional thing that you can sell to that customer, can only maximize your profit. The cost of acquisition has already been spent.
What are ways that you can sell more to existing customers? Think about up-selling, cross-selling or bundling your products.
As an example, create a value first offer for your restaurant or introduce a trendy dish, price it competitively and market it aggressively to potential customers. But once you are able to translate these prospects into paying customers, find ways to up-sell them on existing products. Would you like a bottle of wine with your dinner or take-away?
After you come up with your great offer, you can also cross sell related products, such as a special candle to make your evening romantic if you’re pushing your take-out menu, or an appetizer that perfectly complements the trendy new dish you have on offer for dine-in.
After you create your great initial offer, create bundles that will appeal specifically to your audience. For example, research which wine is often ordered with your special and recommend pairing with your new and trendy dish. Offer a bundle special of “Buy our [special] with a bottle of wine for a great price. Or add two wine glasses for an extra fee or for free. If you already order wine glasses for your business, it would not be expensive to give away two glasses on a $30 0r $40 bottle of wine or champagne. You may not sell this special to everyone, but it may be worth it for those that do buy. For extra marketing points, have your logo added to the glasses.
Want some great ideas on how to upsell, cross-sell or create bundles? Try our 73-point Check list with great ideas on how to get more customers, and get your existing customers to spend more. Here’s an article with some great ideas on how to upsell by making it part of your customer service.
About The Author:
Cherryl Lambooy is the Founder of Inspire | Focus, a Marketing Consultancy that helps businesses to build inspired brands and focused campaigns. She has spoken on Social Media for the Travel Industry at SMART 2019 in St. Maarten, and SMILE 2019.