2 Powerful Techniques That Increase Purchase Frequency

A goal for every business should be to get each and every customer or client to purchase as often as possible. MindStorm, New York based management consulting firm, is focused on helping you achieve that. In the previous articles we discussed the best strategies on getting your customers to spend more on each transaction. Today, we’ll teach you how to make those big purchase happen more frequently and grow your company with speed.

There are two main strategies that I’d like to focus on today: Bounce Backs and Loyalty Programs, also known as Reward Programs.

Let’s discuss bounce backs first. Bounce backs are incentives that you give customers to get them to come back for another purchase. Some examples of these incentives are discounts on future purchases, free gifts with the next purchase, or buy one get one free offers. The discounts can be on specific products that you’d like to promote or just general discounts on the next order. At MindStorm we recommend to our clients that instead of using coupons for discounts, use coupons to give “credit”. It means the same thing to you but it’s a very different experience for the customer. It’s easy to disregard a $100 discount but who can throw away $100 credit? It’s free money! Yes it’s a $100 credit towards your next purchase but it feels like real money.

Let’s talk about how to get customers to bounce back with a free gift. A free gift would come with their next purchase and this is a great way to introduce other products or services to your customers. Either give away a small sample or a trial offer. For those of you who have products with very high margins of profit, these are great items to give away. It doesn’t cost you much to give away plus if people like that product enough to order more- you’ll be selling high profit goods. Businesses in the service industry might want to give away a trial service. If you have a service that your customers can’t live without, these free trials will convert into paying customers once the trial period is over.

There is one important condition you must make in your bounce back offers. These offers should only be valid within the next week or two. Your goal is to have your customers make other purchases immediately after the previous. The more often this happens, the faster your customers become regular clients. If a customer only buys from you one time, there is no loyalty to your company or brand.

This brings us to the next area of focus: Loyalty Programs. Again, these are also known as Reward Programs and they do just that- reward clients for being loyal. The reward creates an incentive for your customers to purchase from you as opposed to your competitor. It also creates an incentive for a customer to find reasons to do more business with your company. A good example of this is in the casinos. Many times you’ll find people gamble more than they would or should just to get more “points”. I use casino reward programs as an example because here you have people spending more money, knowing most like they will lose it, just to get “free” perks that will never add up to the amount that they spend. If people are willing to lose $1,000 just to get a free room- a room that they can pay for only $200- then you know there is power in reward programs. Now just so you create a reward program that is just as powerful, I want you to know that it’s not only about the free room. In casino rewards programs there are different levels of status. Just like in society, people will do almost anything to achieve higher levels of status. This is something that is so ingrained in our psyche and if being a high status member of your company means anything then you’ll have people spending as much as they can in your business to achieve it. A great rewards program can be better than all the advertising in the world.

A lighter version of this concept is loyalty cards. A simple punch card system can have your customers come back for more. Give your customers a loyalty card and punch a hole or sign the card after each time they come back. When they come back 10 times you offer the 11th free. Starbucks has the reward card with levels of status and it digitally records every purchase. After 12 purchases you get a free item. A great study was done on loyalty cards and the conclusion was that you’ll get a much higher response when you give people a fake head start. In other words, instead of giving someone a card that gives them a free item after 10 purchases, you would be better off giving them a card that requires 12 purchase with two purchases already punched. Even though they are still 10 purchases away from getting the free item, they feel closer to achieving it and this gets a higher response. This is called artificial advancement.

So in this article we discussed both bounce back offers and loyalty programs. Many people recommend giving bounce back offers only to new customers and then asking the clients who come in repeatedly to participate in the loyalty program. The people who advise this are concerned that loyal customers will get dependent on the bounce back offers and leave you when the offers stop. Here at MindStorm we disagree and we created a very effective system that combines the power of both strategies and multiplies the effects of each.

Our system is as follows: Each new customer is automatically enrolled in your loyalty/rewards program. You let them know right from the beginning that they are automatically enrolled. You also let them know that they are getting credit for their very first purchase and they will receive the points for it. Next, with the initial purchase these customers are given store credit toward their next purchase but the purchase must be made within the week. You consistently give bounce back incentives for specific products that you’d like to promote. Every time someone makes a purchase you are then giving them another incentive to come back and immediately make another purchase. You do this with different offers at different times for different products in different ways. Free gifts, credits, double points on your rewards, etc. Not only do these offers create incentives for the customer to keep coming back every time, the customers also benefit from the rewards program on every purchase which creates a double incentive. Remember, in the other videos we discussed how every transaction you are offering upsell options, cross sell opportunities, and bundle packages. By giving credits, free gifts, and reward programs- you are getting this client to make large purchases and having them do this very often. Imagine every transaction you gave this person a goodreason to make another purchase and on that purchase they have another great reason to come back for another. With each of these frequent transactions you are offering them bigger packages and other products.

The bounce back offers are another opportunity to stay on top of your customers mind, share your offers with their friends, and create an emotional bond with your company. When you combine this with your reward programs they will feel like they’re getting things for free. In fact they will be. Just like the casino example you’ll be glad to give away free items in return for the amount of business the loyal clients will give you. They will also become raving fans telling everyone about your company.

Most likely your competitors aren’t focusing on creating this type of relationship with your client. This is your opportunity. What kind of offers can you come up with? Try to write down 15 of them. Can you create offers on products that would complement their original purchase? Maybe these are items the customer didn’t buy when you offered them as an upsell but they still need them. Maybe you can give a credit towards some or give the smaller ones away free with a larger purchase. Be creative, have fun and build a clients for life.

MindStorm Business consultants New York City based management consulting firm which focuses on 4 Key Performance Areas: Strategy, Innovation, Marketing, and sales training new york. To learn how you can grow your company 30-120% or more, call  844-MINDSTORMand speak with a management consultant today!

Source : Click Here

9 Psychology Tips to Get Prospects to Trust You Faster

A sneaky, beguiling salesman is unlikely to have a successful career. Business leaderswant to purchase from individuals they trust. Sell a couple of terrible deals, and an unpalatable reputation will start to precede you. 

On the other hand, the dominant part of salesmen don't fit the vile “used car salesperson" generalization. In the beginning of a business engagement, most get stuck in that dubious center ground in the middle of reliable and absolute deceptive. The purchaser doesn't have reason to question the rep ... at the same time; they don't precisely have confidence in the salesman either. 

To turn into a "trusted advisor" a rep should first gain their prospects' trust. While trust is an elusive and to some degree slippery metric, there are still some solid actions salesmen can make to manufacture rapport with buyers and win their confidence faster. You must always study and learn how to improve or sign up for seminars, and or sales training NYC or anywhere in the country. Here are nine psychology propelled tips to help you build trust with purchasers in a snap. 

1) Offer social confirmation. 

The bandwagon impact causes individuals to adopt patterns and thoughts in light of the fact that others are embracing them. When we see other individuals - particularly those we trust - vouching for something by wearing it, utilizing it, or talking it up, it colors our assessment of the item being referred to.Harness the force of the bandwagon trend impact and social evidence by requesting LinkedIn suggestions from present or previous clients. Did you help a customer accomplish extraordinary results, or earn an advancement? Request that they write a brief paragraph about your work together and share it for all to see on your profile page. Prospects coming to you cold may warm to you somewhat after reading a couple of gleaming endorsements.

2) Establish your validity. 

People actually fear the unknown. This helped us from not getting by sharp-toothed creatures when we were still hunters and gatherers. Is that hedge stirring in a threatening manner? Perhaps we ought to approach it gradually as opposed to running up to it shouting boisterously with a stick.

Today, our shots of being eaten up by a lion have significantly diminished, however our chances of being swindled by a vendor have not. Henceforth, buyers are vigilant to trust sales people whose validity hasn't been proven. Giving hard information about results you've helped drive in your introductory call can do a considerable measure to disarm the prospect, and inch closer to trust. 

3) Look them in the eye. 

At the point when individuals lie, their eyes regularly dart forward and back, or focus on the floor. They look anyplace but at the individual they're deceiving. 

An absence of eye contact conveys other negative intentions also. Individuals who avert their look too early, or dodge eye contact by and large, are frequently seen as dishonest, unknowledgeable and nervous.

Your nonverbal correspondence is pretty much as essential as what you say when attempting to build trust. Nonetheless, gazing specifically into your prospect's eyes for your whole meeting is sure to make them feel uncomfortable. Keep up eye contact for seven to 10 seconds to convey dependability and certainty. 

4) Bring up terrible encounters. 

Has your prospect been burned by another vendor in your space? Urge them to discuss the experience, and how it’s influenced their ability to trust sales people.

This may appear to be outlandish, however uncovering your prospect's negative feelings could pave the way for them trusting you. By probing into where particularly the past rep failed them, you can make a totally educated guarantee to your buyer that you won't go down the same path.

Since our mental representations are programmed and not deliberately seen, we can combat their impact on how we decipher events and actions by bringing them into consciousawareness. As it were, by conveying suspicious tendencies to the surface, you may help the buyer reexamine how they see you and your organization. 

5) Be consistent. 

Total trust isn't built in a day. It takes days, months, or even years of substantiating yourself to acquire somebody's confidence. In any case, imagine a scenario in which you just have a two-minute long cold call. 

Despite the period of time, consistency is a key factor in building trust. Over the long haul, you ought to convey on the terms of your customer's agreement and follow up on any guarantees you made amid the sales process. Be that as it may, you can likewise establish credibility in the super short-term. 

Case in point, numerous sales people begin their cold calls by saying "This will just take five minutes." And yet they chat on without any end in sight. Really soon a half hour has passed by. The call closes just when the prospect hangs up. 

This is conflicting conduct. In the event that you say you'd like to talk for only five minutes, talk for only five minutes. When you time yourself and stop promptly at the five moment mark, the buyer realizes that you mean what you say, and the seeds of trust have been planted. 

6) Put your confidence in them. 

A fundamental mental marvel is known as the Pygmalion impact. This peculiarity holds that "individuals treat others in ways that are reliable with their desires of them and accordingly cause the individual to act in a manner that confirms those desires.

7) Be competent. 

This is a no brainer. In case you're bad at your job, prospects won't believe you - and sincerely, they shouldn't.

So what does it intend to be a skillful salesperson? Here's a brief rundown of skills you ought to ace:

·         Precall research

·         Asking the right qualification questions

·         Listening to the buyer, and turning discussions as indicated by what they care about

·         Making insightful responses to protests and having them good to go

·         Showing customized demos

·         Knowing when to close, and doing so effectively

In case you're powerless in one of these areas, approach your manager for help or look for extra training. 

8) Demonstrate real concern. 

Trust frequently prompts individuals to share personal insights about their lives, or reveal data not openly known. Furthermore, I question they would do this in the event that they didn't think their listener would mind, or if nothing else identify. 

On the off chance that you couldn't care less about your prospects and their issues, you're in the wrong profession. The best salesmen are concerned with helping their buyers most importantly above all else, and their honest to goodness interest and compassion is reimbursed with the buyer’s trust. 

9) Smile. 

Trust is a genuine topic; however that doesn't mean you need to look dead serious when you're attempting to get individuals to trust you. Truth be told, an excessively grave expression may have the opposite impact. In an experiment, a smilehelped game players choose to trust their teammate. Another study found that a brisk smile made individuals 10% all the more ready to trust. 

Once more, trust isn't assembled in a day - yet the establishment for trust can be. Utilize these tips to get to trusted advisor status with your prospects quicker and build your salesin the process.

For More sales strategies, speak to a MindStorm sales trainer at 1-844-MINDSTORM (1-844-646-3786) www.mind-storm.com.

For More Info boutique consulting firms Visit Us.
Source: Click Here