New Jersey-based entrepreneur Bill Scuorzo serves as the CEO and president of BCG Advisors, an insurance brokerage and human resources consulting firm. In addition to this, Bill Scuorzo, who is active on Twitter and Facebook, leads AndAme Investments, a company that helps startups and small businesses grow revenue.
For many small businesses, the cost and time necessary for acquiring new customers are too high to be a sustainable strategy for increasing revenue. As a result, they focus on boosting revenue from existing customers. This can be done by employing some of the following tactics:
1. Reward loyalty - Providing customers with incentives to continue shopping increases the likelihood that they will become repeat customers and bring in more revenue. Incentives are easy to implement and can include freebies or discount loyalty cards.
2. Analyze customer list - Nearly every business has cross-selling opportunities in its list of current customers. These individuals benefit from additional services or products offered by the business, but they are not taking advantage of these offerings.
3. Don’t disappear - There are a lot of options that consumers can choose from. Unfortunately, many businesses make the mistake of leaving a customer alone once a deal is closed. Keeping in contact with these customers helps them remember a company for the next time they are looking to make a purchase.
4. Update offerings - As businesses change and grow over time, so should their services and products. Keeping these offerings updated keeps customers interested over a long period of time, as well, and targeting these offerings to existing customer needs makes their purchasing decisions easier.
For many small businesses, the cost and time necessary for acquiring new customers are too high to be a sustainable strategy for increasing revenue. As a result, they focus on boosting revenue from existing customers. This can be done by employing some of the following tactics:
1. Reward loyalty - Providing customers with incentives to continue shopping increases the likelihood that they will become repeat customers and bring in more revenue. Incentives are easy to implement and can include freebies or discount loyalty cards.
2. Analyze customer list - Nearly every business has cross-selling opportunities in its list of current customers. These individuals benefit from additional services or products offered by the business, but they are not taking advantage of these offerings.
3. Don’t disappear - There are a lot of options that consumers can choose from. Unfortunately, many businesses make the mistake of leaving a customer alone once a deal is closed. Keeping in contact with these customers helps them remember a company for the next time they are looking to make a purchase.
4. Update offerings - As businesses change and grow over time, so should their services and products. Keeping these offerings updated keeps customers interested over a long period of time, as well, and targeting these offerings to existing customer needs makes their purchasing decisions easier.
