June 25, 2015

How do we increase our dollar spend per customer without discounting?

June 25, 2015

How do we increase our dollar spend per customer without discounting?

Stump the Strategist

Watch below as we answer:

Q: How do we increase our dollar spend per customer without discounting?

  • Featured strategists are: 

    Jeffrey Cooper – Senior Partner, Step Change Marketing

    Glenn Bartlett – Strategy Director, Step Change Marketing 

    Adam Long – General Manager, Step Change Marketing

  • About Stump The Strategist:

    • Questions from the floor, answered live in nine minutes
    • It's opinion, not advice
    • Step Change charges clients for advice, Stump The Strategist is free

     

A:

  • There are two different ways to increase customer spend: either encourage them to spend more each time they buy, or encourage them to buy more often

  • Try benchmarking how often they should be visiting you or making a purchase. If they come every month, tell them to come once a fortnight. This can be done by sending customers email reminders or outlining a return date on a receipt. One pillow manufacturer achieved this by printing an expiry date on all of their products  

  • Play around with your package deals. You might be able to create a premium product for a slightly higher price

  • Take a premium product further and make it a super premium product. This is something outrageous that puts price increases on your standard product into perspective. Customers will be able to justify paying a little more in comparison

  • A subscription service may work well by turning purchasing into a common behaviour or habit

  • You can also try to upsell by adding complementary products to your customers' basket

  • Make purchasing more convenient by moving the purchase point closer to the customer. This might be in the form of a dropbox or pick-up service close to a customer's home or office. Partnering with other businesses looking to increase purchase frequency may also incentivise customers to use this system

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