Creating More Value For Your Best Customers

Let’s start off with a provocative question: What if I told you that your best customers are trying to tell you something and you weren’t listening?

You’d say I was crazy, right? But hang in there with me.

First, they’re telling you that they’re your best customers because they’re your loyal customers.

So? Well, this means that they’re predisposed to buying from your company and not your competitors. As you saw through your interviews with these customers, there are specific reasons why this is the case. Therefore it makes all the sense in the world to find new and interesting ways to sell these customers/fans additional products and services. In many ways it will be a much easier sales process — primarily because there’s not a whole lot of selling required!

Second, what’s perhaps less obvious is that not only are these customers more likely to buy more of what you offer, but they’re willing to pay more for premium products or services (or experiences) that you create if you can demonstrate their additional value.

It’s important to note here that whenever someone says additional value, that means you can charge premium prices, complete with higher profit margins. Why? Because you’ve gone beyond sameness to uniqueness.

What exactly does that mean? Let’s take a simple example. If you sell candles, you probably have some raving fans. They love to light your candles, relax, do some yoga…

Wait a second. Did we just say that your best customers, the same ones who buy every type of candle you make, also enjoy yoga? What if you created a premium bundle where you offer some candles and a yoga DVD?  Better still, what if you partnered up with the yoga studio down the street to offer your customers a few classes at an introductory rate?

What you’ve done is bundle a product with a service and charged more for it, therefore increasing your profit per customer. And you can do this over and over again!

There’s a virtuous circle or feedback loop at play here:

While your ordinary customers will continue to buy the occasional candle, you have some big fans out there who will not only buy all kinds of candles from you, but they’ll follow your lead when you recommend ways they can get even more value out of your candles or even more value from their lives in general.

Think about that last statement for a second. The truth for your best customers is that you’re not just selling candles. Or not even candles at all. Rather, your real ‘product’ is a better, more relaxed lifestyle — and candles (and yoga and whatever else) are just means to that end. What you’re selling is the door that opens to a better life. And you are the one holding the keys.

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