5 Ways To Increase Your Client’s Average Spend
In this blog, the Payleadr team shares some insider secrets that have helped us scale our own businesses to record-breaking numbers! Let’s get into it.
In this blog, the Payleadr team shares some insider secrets that have helped us scale our own businesses to record-breaking numbers! Let’s get into it.
In this blog, the Payleadr team shares some insider secrets that have helped us scale our own businesses to record-breaking numbers! Let’s get into it.
Your business is doing great!
You’re filling your books, have an outstanding team around you, and are refining your products and services to provide industry-leading value to your target audience.
So what’s the next step?
Increasing your client’s average spend is one of the most effective and profitable ways to scale your business.
You get to provide more clients with a more comprehensive experience, all while seriously boosting your revenue.
So, how to level up your average client spend?
In this blog, the Payleadr team shares some insider secrets that have helped us scale our own businesses to record-breaking numbers!
Let’s get into it.
It may seem like a simple topic, but having a strong understanding of client spend necessary to begin increasing it.
It’s important that business owners take full advantage of all available data sources when analysing client spend.
Why? Because this allows you to get a complete picture of your current situation, and where you’d like to be in the future.
Useful data can include sales results, client demographics and industry trends, as well as payment methods used by clients and any changes that are taking place over time.
By assessing the metrics of client spend, and their financial impact on your organisation, you’ll be better placed to make informed decisions, tailored to your needs and goals.
In gaining this birdseye view, a good payment dashboard will enable your team to quickly process large volumes of information – and uncover correlations between data points.
Now you understand who your clients are, how they’re spending, and how much, you can begin the process of scaling.
It’s time to get busy strategising and ideating how to boost this figure and scale your revenue.
Here are 5 ways that you can increase your client spend in 2023.
One of the best ways to increase your client’s average spend is by bundling existing offers or creating new ones.
By offering a bundled package, you can create an attractive offer that provides real value for clients – and encourages them to spend more.
It could be a combination of products or services, like discounts on multiple items purchased together, free shipping for orders over a certain amount, or buy-one-get-one-free deals.
This gives clients a clear incentive to purchase more than they originally planned and can increase their average spend.
Offering add-on options is another great way to increase your client’s average spend.
The idea behind this strategy is simple – give shoppers extra options that enhance their experience, but don’t necessarily have to be purchased.
Some examples include extended warranties, additional features, etc.
This gives your prospective client an opportunity to add something extra onto their purchase at an additional cost – thus increasing their overall spend.
This one is a little controversial – and may not work for every business.
But adjusting prices is certainly a way to increase the average spend of your clients.
Research has shown that shoppers are more likely to purchase smaller packages when the cost of larger sizes is increased relative to size (e.g., increasing the price of the large size from $20 to $30).
This technique works best when coupled with promotional offers like percentage discounts or free shipping.
Ultimately, this strategy incentivises clients to take advantage of price increases and purchase larger packages, even though the cost per unit may have risen.
Upselling is all about giving clients the opportunity to upgrade their purchases and boost their overall spending.
It involves suggesting products that are slightly more expensive than what they were originally looking at, providing them with a compelling reason to opt for a higher-quality product.
Take hair salons as an example – if someone’s looking to book a hair colouring, then an upsell could be offering them a shampoo and conditioner package for a minimal extra cost.
Not only would this provide your clients with better quality and value, but it also gives them the incentive to invest in products that will last – and it provides you with an increased spend in the process!
But upselling isn’t just about increasing sales. It’s about building trust in your brand.
By offering clients related products that improve upon their original choice, you show them that you have their best interests at heart.
Loyalty programs are a fantastic tool to help businesses increase the average spend of their clients and build client loyalty.
By providing tailored rewards and promotions exclusively for loyal clients, such as discounts, freebies, and early access to products, businesses can encourage repeat purchases and generate additional revenue over time.
This is because loyalty programs can help boost the Client Lifetime Value (CLV) through more frequent spending from existing clients.
When designed correctly, loyalty programs can also be a great way to incentivise clients to return again and again.
By rewarding repeat clients with exclusive deals and benefits that cannot be found elsewhere, your business has an effective method of increasing brand loyalty while boosting your bottom line.
If you’re looking to scale your business and boost your revenue in 2023, client spending is the very best place to begin.
Payleadr knows – because we’ve done just that! Our team is made up of Australian business owners and talented professionals that actually understand the strategies that work in 2023.
From client membership plans and direct debits to seamless payment dashboards and analytics, we deliver the tools you need to succeed.
When you’re looking to take your business to the next level, work with the team who can get you there. Contact Payleadr today. Let’s begin a conversation about your success!