If you run a business, getting customers to spend their money is your number one priority. But actually enticing them to part with their cash is a lot trickier than you might think. In many cases, customers are on a strict budget and don’t want to deviate from it.
It turns out, though, that there are some impressive methods that you can use to increase the amount of cash they hand over. And all of them actually benefit the customer.
Invest In A Loyalty Program
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For starters, you can try setting up loyalty programs. Getting customers to come back to you again and again is the biggest way to increase your business’s revenues. How exactly you reward loyalty matters a lot. Don’t just do what the big grocery stores do and offer customers points and money off. Instead, offer them a high-margin product for free if they spend a certain amount of money with you. This way, you can get them to justify spending more on your products all in one go, improving your cash flow.
Install A Cash Machine
Here’s another great idea to get customers spending more money: get an ATM installation company to install a brand-new cash machine for you. This way, they don’t have to walk all the way to the bank to take out the money that they need. They can just get it on site, encouraging them to splash out more than they would.
Target People’s Desire To Buy For Other People
Some people are loath to spend a lot of money on themselves. However, they will regularly splurge on gifts for the people they love. As a business, you can tap into this desire. Train your salespeople to look out for this motivation, and then get them to advocate for the person on the receiving end of the gift. This is one of the most effective ways to upsell your premium, high-margin products.
Allow Customers To Handle Your Products
Allowing customers to physically handle products is one of the best ways of getting them to part with their cash. Studies suggest that people are willing to spend 40 percent more when they are allowed to touch something compared to seeing it in a brochure or online.
Make Your Products More Aspirational
Certain products are what marketing gurus call “aspirational.” In other words, they’re things that customers would love to own if they had the money. As a company, you can tap into this sentiment in your marketing. For instance, you can tell people that your products are the créme de la créme and something that other people will notice that they have. This type of approach to sales creates a sense of pride in people, compelling them to buy.
Unbundle Your Services
Another approach is to unbundle your services. Let’s say that you’re an airline, and you want to sell tickets. Well, you could offer them all-inclusive. But a better approach is to just offer the basic transport service and then add other fees on top if customers want them. The initial low fee draws in the punters, while the add-ons fatten your revenues.