Maximize Your Customer Value Experience
How to Give Your Customers a Better End Result
When your business closes a sale, that’s the perfect time to make an add-on sale; especially if there is a great reason and value benefit for your customer to invest (note, I did not say ‘buy’) in your packaged opportunity.
Typically, 60% of all your customers will step-up if you do it right and provide ‘true’ value.
Below, you will discover how to offer all the alternatives and add-ons to your customers, and in so doing, improving your customer’s satisfaction experience and increasing the value of the transaction.
Customers decide to make a purchase from you because of a level of trust, respect and your ability to serve their wants and needs. From their point of view, you are a leader, a knowledgeable resource…a trusted business. If not, they wouldn’t have called, showed up at your office or appeared at your sales counter, positively responding to your offer.
But let me ask, are you really doing all you can to give your customers all the value benefits and options they could be getting and willing to pay for? I ask because I want to draw your attention to the fact that most businesses in reality restrict the amount of customer sales opportunities.
You might ask, ‘What business owner not out of their mind would intentionally restrict customer purchases’? Obviously, it doesn’t happen intentionally. It happens inadvertently and I’ll wager that it’s going on in your business today.
Still in doubt? Then let me ask this next question. Honestly, could your customers be getting more value, benefits or advantages out of each purchase they make with your business? If your answer is ‘yes’, even for a handful of your customers, then I’d like to suggest that you owe it to your customers to show them how to receive greater value each time they invest in your products and / or services.
Provide your customers a better ‘end-result’. Here are three simple practices that will facilitate delivering greater value and benefits to your customers, frequently at a discount for them and simultaneously putting more cash in your pocket.
- Supplementing Products and Services: Auto dealers, instead of just selling cars, offer their customers opportunities to add-on or upgrade the radio and sound system, sunroof, IT systems, extended warranty and many other options to the basic purchase.
This is not sales deception taking advantage of the customer, who is still in the euphoria of new car ownership. The dealership is aware that car buyers don’t just want a new set of wheels, but a personalized transportation package. This is a delightful, mutually beneficial value to a one-stop-shopping experience. The customer gets a better ‘end-result’ and the business nets more profit.
A dry cleaner that typically does one suit for $6.00, but offers the customer 3 suits cleaned for $15.00. Suppose the cost to clean a suit is $3.00 (possibly much less, as volume increases, costs go down, as with most services).
At first the dry cleaner had a $6.00 sale and $3.00 profit. But when a customer supplements services, now there is a $15.00 sale and $6.00 in profit.
Focus on the increased profit, not lost profit, that supplementing products and services will bring your business.
- Supplementing Quantity or Frequency: Do you presume to know what customers want? You would be surprised to discover that your assumptions are usually wrong. When offered an option or incentive, customers are willing to buy more than they usually do.
Customers can have all sorts of reasons and / or be offered attractive value and benefits for buying larger quantities. Could it be to take advantage of a discount or lower unit cost? Others might want to ensure a season-long supply, hedge against future price increases, and so on.
Always remember; your customers warrant the opportunity to purchase the right amount for them. Offer 3 purchase options. You’ll find that less than a third of your customers will stick with the basic purchase option.
What if you offered 4 for the price of 3, or buy 3 and get 1 free? Just simply offering customers 3 different quantity or frequency options or a combination of, about 66% of your customers will opt for the greater value, an enhanced customer experience, and you will have increased your profitability on the spot.
Like a lawn-care business that offers a season of full lawn maintenance, instead of a one-time mowing job and then hoping the customer calls back for the next mowing. The ‘end-result’ of enjoying a seasonal service and not having to be concerned about seeding, weeding, mowing and clipping is what home owners want.
Optometrists could provide only exams or exams with a year’s supply of contact lenses, solutions or glasses.
Analyze how many ways you can turn your one-time sale into continuing purchases by supplementing quantity or frequency.
- Supplementing Packages: Offer your customer’s opportunities to invest in packages of products and services, to better accomplish a greater customer experience, that satisfying ‘end-result’ they want with one convenient investment decision.
Note my emphasis throughout on the ‘end-result’. Don’t miss the fact that customers don’t buy products or services…they buy the ‘end-result’. Most customers don’t really understand the best way to make use of all the value and benefits you can provide.
You can do your customers an enormous service by assisting them in choosing the best package of what you offer that gives them their desired ‘end-result’.
Look at McDonald’s; for year’s people got in line and ordered a hamburger, a Coke and then other items one at a time. McDonald’s got it; so now they offer packages of complete meals and even a ‘supersize’ upgrade for larger fries and bigger Coke.
A piano teacher charged parents $25.00 for a one hour lesson. Now she offers an $80.00 monthly rate. Some months the student receives 4 lessons, some months 5. Parents used to buy two lessons a month and she would receive $50.00. Now her income has risen
Give your customers 3 better packages and a strong percentage will opt for a package of your products and services every time. Give them greater value in each item you add to the packages and the customer benefits even more.
Help your customer fit their purchase to what they want the product or service to be (end-result). Until they know what’s possible from your business, they can’t make the best buying decision with any or your products or services.
Your opportunity is also your obligation. Educate your customers to how much more or better is possible with your business by implementing one of or all 3 of these practices and watch your sales per customer grow.
- List all the products and services you offer that create a greater ‘end-result’ for your customer when used together.
- List all services your customer would benefit from after the initial sale, i.e. tech support, extended warranty, scheduled maintenance, pick-up and delivery, etc. Can you provide any of these services after the sale to increase the value of the transaction?
- Nothing more to add? Consider offering a larger or an exclusive high-end version of your product or service – at a higher price, of course.
These practices work for big corporations and for the smallest of businesses, and it will work for you; maximizing your customer’s value experience and giving them a better ‘end-result’.
To get more information and receive other no-cost special audio downloads, reports, articles, blog posts, and more, visit Ron Hequet where I cover valuable topics that every person wanting to grow their business or career needs to know. And, if you’re ready to take your business to the next level, get a free assessment from me personally at Free Business Assessment or for those wanting to build your career go to Complimentary Coaching Assessment.