One of the most effective ways to boost your cash flow is to increase sales. Although you should always be on the lookout for new clients, it’s more cost effective and less labour intensive to concentrate on your existing client database. Your customers are a valuable asset as they have already proved they like your products or services, so are more likely to make further purchases from you. Discuss options with your outsourced accountancy service to get the most from this.
Feedback from customers
Gather responses from customers who have made purchases from you, either enclosing a form with the order or contacting them following delivery. Ask what they liked about the product and what could be improved. Asking why a customer enjoyed a particular product will provide an insight for the improvement of other products. You may be able to use the feedback to predict further demand for a particular product.
Use of social media
Many companies now incorporate social media into a marketing strategy. Social media can be used as part of a benchmarking exercise to see what competitors are offering. Introduce new products through social media so that you can get some feedback before you finally launch a product. You can even use a social media site to start a forum for feedback about your products and services.
Recommend items
Once you have made a sale, you could follow up with news of similar items or new products that may interest the client. Rather than bombard the customer with items, select only those that are of interest, based on previous feedback. Offering a special discount as a thank you for their custom is always welcomed by a customer.
Introduce a friend
You may want to introduce a referral scheme so that if one of your customers introduces a friend who makes a purchase, the customer receives a reward. This may be a discount off their purchase or a special offer. If every customer refers just one person to your company, sales will soon increase.
Be aware of boundaries
Some clients don’t like to be contacted too frequently, no matter how good the offer is. Always seek permission to email and be aware of the number of emails you are sending. Only send news of items that match the customer’s requirements, rather than completely new products.
There are a number of ways to boost cash flow. If you would like to discuss further methods used, please contact us for a chat.