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There are several ways you could increase your business revenues. One strategy could be to gain new customers whose purchases you’ll add to those of existing buyers. Or you could increase the price of your products so that each unit fetches you more money.

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A third approach is to get your customers to buy more. This is often a relatively lower-cost way of raising revenues, as it targets people who already know what sort of products or services you’re offering. Your effort at convincing them to buy more doesn’t have to include all the steps you’d take if you were marketing to new prospects.

However, you’ll still need to motivate your existing customers to make more purchases. You can do so by offering them incentives that’ll make them eager to take more items off your shelves. Let’s have a look at five ways you can achieve this.

Run A Promotion

It’s hard to pass up a great deal. This is true of business promotions if they’re run the right way. You may provide discounts, free extras, add-ons, or other incentives to get more people to buy from you. Make your offer time-limited so that it becomes something that customers want to take advantage of before the promotion ends.

This strategy relies on at least two things. First, the bargain or gifts you’re giving; who doesn’t like an attractive deal? Then there’s the sense of urgency you create by limiting the freebies and discounts to a short period. That’ll make people want to buy your product as soon as possible so that they’ll enjoy the time-limited benefits that come with it.

Offer Upgrades And Complementary Products

If some of your customers have become comfortable with buying a particular product (or set of products) from you, it’s probably time to sell them an upgrade on that product. Perhaps they’ll like to get it if it means they’ll enjoy even more benefits than they have with the one they’ve gotten used to.

You might also try to offer your customers products that complement the ones they’re buying from you. For example, if you’re selling them beds, you could also get them to buy pillowcases and bedsheets from you. Or if you’re providing formal suits, ties, and trousers, you might add formal shoes and socks to complete the package. Doing this will increase the volume– and value — of sales, you’re able to secure.

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Provide Free Delivery

If you have to deliver orders to customers, you could make them eager to buy more if your deliveries are free. Your buyers will see this as a great deal– especially when shipping costs make up a significant part of the total price of the order. Of course, it costs money to move goods over long distances. But if you spread out your costs over each product unit and work with realistic profit margin projections, you could still make substantial profits even if it means increasing the price of the product you sell by a little amount.

Turn To Gamification

You can organize a contest with a grand prize that can only be won by people who buy at least a certain number or volume of your product. For example, each unit of your product could come with a sticker that contains a letter. You could offer a winning prize to buyers who are able to assemble stickers that, taken together, form a coherent seven-letter word.

By gamifying the experience of engaging with your business and its products, you’ll make your customers eager to buy more. And if they enjoy the actual product while at it, they could become regular buyers.

Give To Charity

How about donating a portion of every sale you make to charity? You may consider this a great thing to do; it could make a positive impact on the lives of less privileged people. And a lot of your customers may think the same thing as well.

In fact, a lot of them will be more willing to buy from you if they know that some of the money they pay for your products or services will support a charitable cause. This guarantees that there’ll be more people benefiting from your sales than just your business and its customers.

Final Words

It can be difficult to acquire customers, and a challenge to keep them. But you can achieve both these goals if you provide the right incentives for the people you’re selling to. Follow the steps we’ve discussed here, and you’ll convince them to make more purchases.

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This article was first published on 7th March 2022

ikenna-nwachukwu

Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.

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