How To Grow Your E-commerce Business By Selling More To Current Customers
Most established e-commerce businesses think that the only way to boost sales and grow their businesses is by increasing their marketing and advertising spend. In fact, studies have shown that the majority of businesses planned to increase their budgets on customer acquisition in the next year. Although this method can be effective and yield more sales, the truth is that acquiring new customers actually costs more than upselling to existing customers. One of the easiest ways to grow your e0commerce business is to sell more to existing customers. Furthermore, according to a report published by Bain & Company, increasing customer retention by 5 percent can generate up to 25 percent more profits. In this article, we will provide some tactics to sell more to current customers to grow your e0commerce business.
Calculate Your CLV
Before you can effectively sell more to current customers, it’s important to first understand your baseline Customer Lifetime Value (CLV). Your CLV tells you who your most valuable customers are, so you can focus on selling more to them effectively. This is a quick win that can boost your ROI.
Understand Your Customers
Another important tactic is understanding your customers’ interests, wants, and needs, and finding unique ways to address those needs and add value. You can learn more about your customers by collecting customer feedback through customer surveys and focus groups or even interviewing them on an individual basis.
Identify Similar Products
Another tried and true method is to identify key products that are either similar to other products your customers have purchased, or that they might enjoy based on their purchase history. For example, customers who purchase Product 1 might be interested in purchasing Product 1-A. The good news is that there are many automated tools and software available today that can do this for you.
Study Your Competition
If you are brainstorming new ideas for upselling your products to existing customers, why not see what your competitors are up to? Pay close attention to what they offer customers and how they offer it, and see how you can emulate those methods, put a creative spin on them, and make them work for your own customers.
Leverage AI-Powered Tools
As mentioned briefly above, there are a number of automated tools and software that can help optimize your digital ads to ensure that they are appearing in front of the right customers and at the right time, and also further optimize your ad spend. By understanding who your customers are and identifying similar products that are relevant to a customer’s product history, you can then leverage an AI-powered tool, such as AdScale to ensure that they see the most relevant ads and product information to influence their purchase decisions.
Create An Action Plan With AdScale
Every e-commerce business owner wants the “secret recipe” to increase sales, and how to best reach and upsell to existing customers. By having a creative and strategic action plan, you can ensure that you aren’t missing the opportunity to sell more to existing customers.
By adopting AdScale, you immediately take out a great deal of time, money, and guesswork that goes into creating, publishing, and optimizing your digital ads. Upselling to existing customers and further expanding those customer relationships has never been easier.
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