The key to improving business metrics and hitting sales goals is often misunderstood. It’s easy to assume the best way to increase sales is to acquire more customers. The more customers you have, the greater the revenue, right?
Wrong! There are more efficient ways to work.
Recently, we discussed all the benefits associated with increasing average order value by nurturing relationships with top customers. Now we’re going to break down tips to help you make it happen:
Analyze your current client base
Not all clients are created equal. Some of your favorite, most dedicated clients may have already reached their spending plateau. To increase your average order value, you must understand exactly where each customer currently stands and identify which accounts show the most promising future for upselling.
Use your sales data to assess the trends of what each customer has spent over time. Create line charts to visually see which customers have consistently increased over time vs. which have decreased or plateaued. Highlight the customers who are trending upwards, and start there.
Increasing the order value of clients that are willing and able to invest more in your products now allows you to maintain your necessary sale volume. You can then turn some attention to determining why other customers have decreased or maintained their lower sales and look for ways to better meet their needs.
Spend time nurturing relationships
Be intentional with your time. Focus on genuinely improving your relationships with your customers, rather than constantly chasing new, possibly dead-end, accounts.
Start by planning out your intentions for each customer. What do you know about them? In what ways can you encourage your clients to increase their spending? Most importantly, how can you show you can better meet their needs?
Once you have a plan, set expectations with your customers and stick to them by showing up when you say you will. Don’t just stop by because you were “in the neighborhood.” Make them feel valued by committing to meetings and coming in with tailored sales pitches that prove you have their individual needs constantly front of mind.
Be diligent in tracking and reporting on customers’ metrics. When you first meet with a customer (old and new), learn how they plan to measure their ROI on your products.
Then, check-in with your customers on a regular basis to understand if they’ve been meeting their goals with the help of your product. Collect a combination of hard data and anecdotal customer success stories to report out to your own team.
Over time, in addition to meeting your customers’ goals, discuss customer retention rates and other trends you identify to keep proving you and your product are worth their loyalty and investment.
Dig for feedback
Neither you nor your company is perfect. And that’s OK! It’s important to let customers know you’re aware of areas you can improve and how you plan to work even harder to ensure they and their patients receive the best attention.
In addition to checking in on successes, dig in and ask for feedback. What are some things that they want to see from you and your team in the future? How could you work better together?
Once you’ve compiled this feedback, act on it as quickly as you can. If it’s greater than just what you can tackle single-handedly, advocate for making changes on your team. Making these efforts shows you take their input seriously and want to improve their experience in your relationship, with your product, and your company.
Map out the future
Everyone likes a solid plan, especially business-minded people. Become your customers’ go-to consult for the future. Layout a strategy that shows you working together toward their goals.
Take the time to understand the unique stories of each customer: their history, goals, company culture, etc. Really immerse yourself as if you’re part of their team.
The more invested you are in where they come from and their future plans, the more they’ll feel connected to you and your product. They will start to see you as an essential partner in their success, rather than just someone selling medical products.