It is: sell to your existing customers.
On our vacation, they invited us to an “update presentation” which was basically a way to sell us upgrades. Now, it didn’t convince us to spend any money, but I was curious to see their techniques (and I don’t mind getting a free tablet and gift card). Any sales course worth its salt will tell that it is easier to sell to people who have already said yes to you once. They’ll also tell you that you want to start off by getting little yeses. (“Are you enjoying your vacation?” “Yes, I am, thanks.” Do you like the beach?” “Yes, I do, thanks.” “Do you like free stuff?” “Yes, of course I do!” “If I told you there was a way to basically vacation for free, would you want to do that?” “Yes, I’d be a fool not to!” etc..)
The statistics are numerous and this article compiles a large variety of them from different sources. For example:
- 40% of an ecommerce store’s revenue comes from 9% of its customers;
- after 1 purchase, a customer is 27% more likely to buy from you again, but after 3 purchases, a customer is 54% more likely to buy from you again;
- average ecommerce conversion rates range from 1-3%, but repeat customers are 60-70% more likely to convert;
- after 2 purchases, a customer is 9x more likely to convert than a new customer.
The statistics go on and on. Repeat customers spend more money, are more loyal, and are more likely to share their love of you via social media. You may not think the timeshare industry is one you want to model your business on, but their numbers certainly show they know how to sell.
The bottom line is this: if you are not offering your version of an “update presentation” to your past clients, you’re missing out on low-hanging fruit (meaning, easy to pick). Reach out to past customers and give them the opportunity to say yes to you again. Chances are it’ll be worth your time.