Most businesses are aiming to keep debt down and cash flow up. Keeping customers coming back for more is the best way to retain strong cash flow. There are thousands of ideas on how to generate more customers. Here are five simple ideas that will keep customers coming back for more:
1. Give a ‘return offer’ with every sale. This could be a voucher that gives a discount on the customer’s next purchase, when they next visit. You could offer a free service, a special treatment, or a gift such as a free coffee from a nearby cafe.
2. ‘Friend get a friend’ rewards. Give existing customers a voucher to give to friends. The customer writes their name on the voucher and gives it to a friend. When the friend redeems the voucher you send the customer a special offer as a reward. The existing customer gets a reward and the new customer gets a reward and you get a new customer – it’s a win win for everyone. Make sure the offer on the voucher is enticing enough. The lifetime value of a new customer needs to be factored into the offer.
3. Are your signs working for you? Have you got a sandwich board outside your entrance with a good offer? These are highly effective and say that you are open for business. Tony recently asked a café owner what their most popular item was, and the owner said it was whatever was written on the chalkboard outside the café entrance.
4. Get more clicks. Have you thought about online advertising? Google AdWords, Facebook advertising and other forms of online advertising are powerful marketing tools that many of our clients are discovering. It can remind current customers what you offer and can connect with new customers in your target audience. It is cost effective, specific to your customer base and trackable.
5. Gift Vouchers. These are a great way to get cash now without having to hand over the goods. There is also a percentage of gift certificates that don’t get redeemed making them even better for cash flow. Often people spend more than the value of the gift certificate when they purchase from you.