You may think improving your website or your point of sale system or even your after-sales service will help increase your sales. They most likely will. But there usually are more places that customers (and potential customers) interact with your brand (touchpoints). Ignoring these other customer touchpoints may counter-act the good you’re trying to do.
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Understanding the Value of Your Customers
Most business owners know the average purchase amount they get from their customers (amount of sales divided by the number of purchases), but few bother to understand how much value customers give over the lifetime of their relationship with the company. Advertising and marketing is vital to the growth of any company, but knowing how much a customer is likely to spend while they’re doing business with you is important for setting the proper budgets (and expectations).
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Pricing Based on Customer Expectations
Pricing, when done properly, is one of the most difficult tasks any business faces. Yet it is usually only given a perfunctory once-over. Customers have a range in mind that they’re willing to pay, but if you ask them, cheaper is always better. Ask a customer what they paid for something after the fact, and they’ll probably have a hard time remembering exactly. Price something too low, and people wonder about the quality. Price too high, and you’re out of budget. How can you meet your customer’s expectations without directly asking them?
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