Increase Sales: Know Your Customer
Know Your Customer or KYC is the term used for businesses to verify the identity of their clients. The term is used in a technical sense for bank regulations and compliance, but also used as a general way for businesses to better understand their clients. If your cash flow is not looking so hot, here are some simple ways you can increase sales by getting to know your customers better:
When a customer comes through your door (or to your website) they are often looking for a solution. Whether its a new t-shirt or a new SaaS Marketing Automation platform, odds are they’re looking for some assistance. Offer free consultations or advice to your customers to help them find the perfect solution for them. In the end of the day, you’re looking to make the sale. The easier you make the purchasing experience for you customers, the more you’ll be able to sell.
Numbers don’t lie. It’s definitely worth while investing in some good analytics software to keep track of your data. In this article written by Lou Dubois from Inc.com, you can compare some of the best analytic solutions available.
If not utilized properly though, all of this good data could go to waste. Find individuals who have excellent data analysis skills and delegate them to these tasks. On a very basic level here are some ways to utilize your metrics:
- Analyze the size of your pipeline and create a model for the likelihood of turning that pipeline into revenue.
- Metrics that show any possible impediments to your revenue targets.
- Sales/Results by product, location, time, etc..
- Metrics that analyze progress vs. goals.
Loyalty programs are a great way to better serve your customers. Loyalty programs are a great way to not only attract more customers, but also increase your retention rates. The more you can “Gamify” your customer’s shopping experience, the more they’ll want to shop at your store. Fred Reichheld author of ‘The Loyalty Effect‘ says that a 5% retention rate can lead to a 25–100% increase in profit for your organization.
This is a huge one. Its no secret that our economy is moving away from paper and card transactions and moving towards a digital economy. According to Revel Systems, 94% of retailers see in-store digital capabilities as important not only for customer experience but also for store operations. If you aren’t already doing so, it’s about time you offer your customers multiple payment options. Here are a few:
- Payment Processing: Credit and debit card processing is a must. Shop around for the right processing partner for your business.
- NFC Terminal: Near-Field Communication terminals accept payments from digital wallets such as Apple Pay or Google Wallet. These wallet’s serve as an eBank where customers can securely store payment information and make purchases from.
- Online Invoices: If you’re still sending invoices by mail, you’re wasting valuable time and money. There are plenty of online invoicing platforms that allow you to bill your customers entirely online.
If you want to increase your sales, you need to understand who you’re selling to. Utilize these strategies to better engage with your customers.