JUN 16, 2020
Most companies will find that they have a lot of money lying on the table when it comes to their existing operations.
That said, it’s not necessarily easy to “mine” these resources as the timeless adage of “it takes money to make money” still rings true.
However, it’s good to know what you can do if you want to increase your revenues and to make sure that your business has long and short term goals defined accordingly. In this article, we’ll outline three things for you to consider in order to help you boost revenues from your existing client base.
This problem is usually the easiest to diagnose but the hardest to solve. Most likely, your database of leads, prospects, and customers could use some serious optimization.
This is especially true when the company puts more resources into acquisition than it does retention and it’s really quite common.
Don’t make this rookie mistake!
Customers you already have spent money to acquire are valuable and keeping them loyal is well worth the investment. The idea isn’t merely to cover your acquisition costs and break-even - you’ll want to optimize these clients and make sure you’re making a healthy return. A good retention team has protocols in place to constantly analyze the existing customer base and identify good cross and upsell opportunities.
Sometimes tweaking your existing product to create more to market is necessary (we’ll discuss this more in-depth soon). Keeping in touch with your customers and placing your brand top-of-mind is also critical, especially in markets that are more saturated and where there are lots of competing brands doing exactly this. Tools like marketing automation are especially helpful to better understand the behaviors of your existing customers.
Having a loyalty program is also critical for most online brands to make customers feel like they’re in control and just to add that fun gamified factor back into making a simple transaction.
Making your customers feel rewarded helps them to constantly associate your brand with positive emotion and this is necessary for ensuring brand loyalty.
As mentioned above, marketing automation is key when it comes to increasing efficiencies around your marketing efforts and boosting your revenue without needing to further expand your existing database.
Automation in marketing, however, is just a start. Automating flows central to your operations, specifically as it pertains to payment activity, can also go a long way when it comes to getting you more bang for your buck.
And here is precisely where the Praxis cashier solution comes in. Praxis lets you seamlessly integrate all your PSPs into a single interface and automate your processes to increase acceptance rates and mitigate risk. We do this by helping to automatically route each of your customers (defined by preset rules like geography, profile, etc), to the PSP that we know will convert the best based on the millions of transactions we’ve processed over the years.
Through Praxis, you can also set limits per processor, customer or payment method for any time frame to make sure you’re optimizing the process and minimizing your own costs. Most importantly, when you set up all your processors through Praxis, we help you gather and analyze all your transaction data to show you clearly which processor is performing best with different card types and currencies.
This helps you not only to make better routing decisions but it helps you to better leverage negotiations with your various PSPs and save money in the process.
Sometimes tweaking your existing product to better appeal to a demographic that you might have attracted but not converted can go a long way.
In this sense, you’re merely tweaking the wrapper or the verbiage around the product and not the product itself. By analyzing your database and segmenting properly, you’ll be able to identify if there’s a demographic that showed enough interest to sign up but stopped before making an actual purchase.
Look critically at your current value proposition and ask yourselves if perhaps you’re missing the mark when it comes to this group. Tweak your messaging and packaging accordingly and run multiple tests to see what you can do to get this group of acquired leads to convert. Don’t ignore these groups of users in your database without trying hard to convert them first and realize that how you’re pitching your product to one group won’t necessarily work on the next.
This should be enough to get your team’s collective wheels turning!
Focus on one or two small tasks to help you optimize and see how with the right focus and resources, you can easily find the low hanging fruit and boost your revenues without having to spend more marketing dollars to grow your database.
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