As a business owner, one of your main goals is to make as much money as possible. While there are plenty of ways to do this, one strategy you can try is to get your customers or clients to spend more with you during each transaction that they make with you.
To help you see how this could be done for your particular business, here are three ways you can encourage people to spend more money during every future transaction they have with you.
Make The Payment Process Easy
One reason people might not be spending as much with you as they otherwise would or could be may be due to your actual payment process.
According to Barbara Kiviat, a contributor to Consumer Reports, customers tend to spend more when they pay for items with credit or debit cards. Because this form of payment feels less like they’re taking money out of the bank accounts or wallets, they’re more likely to spend more when this form of payment is an option. But if you’re determined to take cash only, you should make sure that your customers have easy access to an ATM so they can get the cash they require rather than limiting their purchases to just the cash they have on-hand.
Suggest Additional Items
Another strategy you can try to get people to spend more during their transactions with you is to suggest additional items for them to purchase. Many retailers, both online and in stores, are already very good at this.
To try this yourself, Jacob Montreal, a contributor to Entrepreneur.com, shares that you can either keep items right next to your register that you openly suggest to your customers as they’re checking out or, if they’re shopping online, you can show them what others have bought when they’re purchased similar items from you in the past. With these suggestions, you might be able to persuade your customers to pick up one or more additional items.
Give Strategic Discounts
When many people go shopping, they like to have a specific number in mind that they’re willing to spend. To help them form this number within their own minds, Alaya Linton, a contributor to The Balance Small Business, shares that you can give strategic discounts based on how much money someone spends with you.
Once a customer spends a certain amount, give them a percentage discount. And as their total costs rise, raise the discount you’re offering as well. This can help get your customers to a certain minimum purchase before they check out with you.
If you’re wanting to make some bigger sales in the future, consider using the tips mentioned above to encourage people to spend more money on their purchases.