From the course: Identify Sales Growth Opportunities
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Grow sales with current customers
From the course: Identify Sales Growth Opportunities
Grow sales with current customers
- A great source of new sales growth is with your existing loyal customers. After all, they already understand the category, they trust your brand, and you have an existing relationship. Now when I say loyal customer, I mean one that buys 100% of the product or service from you and no one else. Now you have three ways to get growth from your loyal customers. Increase the quantity purchased, increase purchase frequency, or increase the price, now assuming you have a valid reason to raise it. Let's look at each one. Increasing the quantity purchased means getting customers to buy more volume of product during each visit to the store, whether it's online or in person. Now there are a lot of ways to do this, but one way is through product packaging. Costco, the membership warehouse club, sells everything in bulk quantities. When you buy paper towels, you don't buy one, two, or even three, you have to buy one big package…
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