11 Practical Ways to Convince Your Customers to Buy More (+ Examples)

In this blog, we’re going to learn some extremely effective ways with examples to convince your customers to buy more from you.

So, you have a business. (Good Job!)

You have customers. (Congratulations!)

You are making profits ( Three cheers for that!)

…but you’re not making enough profits. (Oh man!)

…because your customers are not buying enough from you. (My oh my oh my!)

What to do?

Let’s figure out together how you can solve this problem of “customers not spending enough money on your products.”

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How to Convince Your Existing Customers to Buy More?

ecommerce marketing

When I talk about making customers spend more money, I don’t mean luring them into buying products that don’t provide any value or benefit to them.

I am talking about all those products and services which actually exist to solve their problems and to make their lives easier.

Generally, there are three ways of making a customer spend more on your products. These are:

  • Build Customer Loyalty
  • Build Customer Equity
  • Increase Your Share Of Customers Or Share Of Wallet

 
You can read more about increasing customer loyalty here and you can learn how to increase customer equity here.

In this blog, we are mainly going to explore the third way that makes your customers buy more from you –  the share of wallet.

 

The Art of Increasing Sales by Increasing the Share of Wallet of Your Customers

If you want to convince your customers to spend more on your products, you have to start focusing all your marketing strategies on increasing your share of their wallets. Let’s understand how the two are related.

 

What is Share of Wallet?

Share of wallet means how much customers spend on your product rather than on other similar competitive products. It is the percentage of their spending that your product has captured in its category.

Just like market share which tells you how much market you own in a specific industry, the share of customers lets you know how many customers from that specific industry you have, and share of wallet shows how much those customers are spending on your products.

If you are a travel and tourism company, you are trying to increase your share of travel.

If you are a food and beverage company, or you are a restaurant owner, you are trying to increase the share of stomach.

In the end, everything comes to increasing the share of the wallet for your product.

 

Understanding “Share of Wallet” With an Example

To exemplify, let’s imagine you are a restaurant owner in Manhattan, New York City. You have a customer named Amanda who eats at your restaurant once every month and spends $40 on average.

Amanda, in general, eats out 5 nights a week, spending $200 every week or $800 in a month.  Your share of her wallet is $40/$800 which is 5%.

Now, if you can make Amanda come more to your restaurant rather than going to other places, you will be able to increase your share of her wallet and improve the value you are getting from her.

The question now comes to how to make Amanda spend more than $40 at your restaurant and how to make her eat out at your restaurant more than one time a month.

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So, How Do You Increase Your Share of Wallet & Make Your Customers Buy More?

5 channels increase ecommerce sales

Increasing your share of your wallet implies figuring out how to make your customers buy more from you and not from your competitors.

To begin with, answer these four very important questions:

 

    • Are you your customers’ favorite product or service provider in your industry?
    • If not, who is it?
    • How many more similar products or service providers form a part of your customers’ list?
    • If you’re not your customers’ first choice, where do you find yourself on their list?

 

Let’s say, you are the owner of an Italian restaurant in Williamsburg, Brooklyn. Now, start your research on who your customers and competitors are.

If your customers want to eat Italian cuisine and they don’t come to your restaurant, then which other Italian restaurants are they going to consider?

Here are what all you can do to increase your share of wallet:

 

1. Learn More About Your Customers & Your Market

This is the most important step if you want to convince your customers to buy more from you.

Read: Market Research For Startups: 6 Stupid Mistakes To Avoid

If you don’t know your customers, you won’t understand their needs and if you don’t understand their needs, you won’t be able to satisfy those needs better than others in the market.

So, start by knowing more about your customers and their choices, and your competitors and their strengths and weaknesses.

If you’re new to market research, here’s a good book for you: Market Research Like a Pro: The Easiest Guide to Market Research

Market Research Like a Pro, is written for the sole purpose of helping small businesses and startups not just understand the role market research plays in the success of a business, but also in learning the easiest ways of incorporating it into their day-to-day business operations. Get the Book.

 

2. Increase Customer Satisfaction

Customer satisfaction can improve so many of your metrics and it can also convince customers to buy more from you.

 

A satisfied customer will come more often to your store and spend more on your products rather than on your competitors. Click To Tweet

 

But you should never stop at customer satisfaction. Your ultimate goal should be to achieve customer delight.

For increasing your customers’ satisfaction and reaching the stage of customer delight, you have to make sure that your customers are seeing the high perceived value in your brand, that their expectations from your products are exceeding all the time and their experience with your brand is nothing short of being delighted.

Related: Want To Increase Customer Satisfaction? Here’s The Secret No One Is Telling You

 

convince customers buy more

3. Reward Customer Loyalty

To make your customers choose you over your competitors, you have to increase customer loyalty. Customer loyalty rewards are one of the many ways of doing that.

There are various ways of rewarding your loyal customers and convincing them to buy more from you.

You can offer them discounts based on points collection or level achievement, give them free gifts, reward them with exclusive access to various things, or make them a part of your community.

 

4. Build a Brand Image

Building a strong brand image is an important part of increasing your customer base or their share of wallet.

Even if you are in the number one position, your branding work doesn’t end here. Now, you have to make sure that you retain this image to convince your customers to buy more from you.

Nokia held the number one position at one point in time, not anymore. Therefore, branding requires continuous work as it’s a race to the top. If you stop after becoming the market leader, your competitors won’t stop.

They will keep working on their brand till they snatch that position of market leader away from you.

Bizadmark can help you with this. We have experience in creating, changing, and managing brand images.

To learn more about how we can help you with branding and increasing your share of wallet, get in touch with us.

Related: No-Nonsense Digital Branding Strategy: 8-Step Easy Process

 

5. Target More Customers of High Value

Sometimes, it’s more profitable to concentrate most of your business efforts on a few customers of high value rather than many others who don’t purchase enough from you.

For example, Amazon has 112 million Amazon Prime members and they are 6 times more profitable to Amazon than non-Prime members.

Therefore, Amazon focuses more on Prime members because they bring more value to the Amazon brand.

 

6. Upselling & Cross-selling

Upselling and cross-selling have been seen as highly effective techniques for increasing the share of the wallet.

The act of upselling means selling higher valued products than what your customer was actually planning to buy and cross-selling means selling related and complementary products in addition to the product your customer actually planned to buy.

For example, Amazon’s recommended products influence 30% of the sales happening on its website. It’s an example of very effective upselling and cross-selling.

Related: Easy 4-Step Cross-Selling And Up-Selling Strategy For Ecommerce Businesses

 

 

11 Practical Ways to Make Your Customers Buy More (With Examples)

5 channels increase ecommerce sales

I am sure by now you have a clear idea of the things you can do to convince your customers to buy more.

Now let me give you a few select tips that will definitely inspire your customers to buy more from you.

Let’s take a look at these:

 

Tip 1: Target Them Before Anyone Else Does

This is one of the initial tricks to convince your customers to buy more. Most customers these days show immense loyalty to a brand they found on early stage.

Therefore, if you give them a product or service they are desiring before your competitors, you will become their favorite and naturally, they will buy more from you.

So keep the market research constantly on, and design the products or services that your customers want to convince them to buy more from you.

One way to understand the changing needs of your customers is to encourage them to share their feedback. Surveys by Podium make it easier for you to collect feedback.

 

Tip 2: Create an Interpersonal Connection With Them

Having a deep personal relationship with your customers is one of the key factors that drive them to buy more from you.

A report by Forbes suggests that brands that form a deep interpersonal connection with customers are 80% more likely to lead.

This means that giving your customers what they desire, that is, an interpersonal connection with your brand will convince them to always buy more from you.

Moreover, they will also spread the word of mouth and more customers will be convinced to buy more from you.

 

Tip3: Offer Combo Deals on Your Products

This is one of the most widely used tips for the very obvious reason, it works like a charm.

Customers are always looking for amazing deals that are beneficial to them. So, if you give them that, they are naturally to buy more from you. 

So, offer combo deals on your products. You can go add two or more products of your and make it into a combo, or collaborate with another brand and add that combo.

That way you both will be benefited and your customers will definitely be convinced to buy more from you.

 

Tip 4: Give Them Super Amazing Buying Experience

A report by Temkin group suggests that brands that are earning $ 1 billion annually can expect to earn $700 million more if they invest in customer experience.  

Moreover, another report suggests that 86% of the buyers are willing to pay an extra price for an enhanced customer experience. 

These statistics are very telling of the importance of giving your customers a memorable brand experience.

Through this experience, your customers will know that you are the brand they need in their lives and they will eventually buy more from you.

If you have a lot of international customers, then you can use Easyship software to grow internationally. It gives you the lowest shipping rates. Moreover, your customers are able to track the shipped products that have always been a problem with internationally purchased products.

 

Tip 5: Give Them an Even More Amazing After Sales Service

According to a report by salesforce, 89% of American customers are more likely to engage with a brand if they have a positive customer service experience. 

Moreover, another report suggests that if a brand provides poor after-sales service, 50% of the customers are likely to make a shift from that brand.

Therefore, giving your customers top-notch after-sales will ensure that they are buying more from you. So, are you willing to provide it?

 

Tip 6: Free Giveaways Will Encourage Them

Giveaways drive one of the highest conversions for brands. Who doesn’t want free stuff right?

If you tell me today that if I buy 2 of those cosmetics that you are selling and will get one lipstick color of my choice free with it, I will be all yours.

The point is, free giveaways really drive conversions to you. The thought of getting something for free with just a little more investment really convinces customers to buy more.

This is tried and tested. So, why not go ahead and try it yourself?

 

Tip 7: Offer an Easy and Effective Return Policy

A report suggests that 67% of customers feel incredibly satisfied with a clear and easy return policy.

Moreover, 68% of the prospective buyers review the return policy before buying anything.

Therefore, it is important that you have a quick, easy and effective return policy, one that your customers will really love.

So, make sure that your return and refund policies are easy on the customers, as those will encourage them to buy more from you.

 

Tip 8: Limited Discounts Work Like Magic

Anything that is limited creates a sense of urgency in your customers’ minds. Now, add a topping of discount to it.

What is the combination you get? Correct, a plethora of customers coming to your brand and buying more of your products to make the most of the offer at hand.

Moreover, they will also encourage others to buy more of your products as you are offering a limited period discount on those.

This is why products that are on sale for a limited amount of time clear out completely. So, are you willing to try it?

 

Tip 9: Offer Them Extended Warranties

Another tip that will convince your customers to buy more is offering them extended warranties.

When you offer your customers extended warranties, they can get their product repaired or modified for free for an extended period of time.

This will instill a sense of trust and loyalty of the customers with your brand and they will buy more from you.

 

Tip 10: Don’t Feel Shy in Sharing Customer Testimonials

According to a report, 95% of the customers read reviews before buying something.

Moreover, another report suggests that for every one-star increase in their brand’s review on yelp, a brand gets a 5-9% increase in their revenue. 

Therefore, sharing customer reviews will really increase your brand’s credibility and will in turn convince your customers to buy more from you.

The problem here is that an unhappy customer is fast at sharing a one-star review whereas your gang of happy and satisfied customers rarely share reviews. So, how can you make your happy customers start speaking as well? Use Podium. It gives voice to your 99% happy customers who need a little push to share their reviews.

 

Tip 11: Make an Offer They Can’t Refuse

A unique offer that stands out from your competitors will be like your brand’s Patronus charm.

It will not only convince your customers to buy more from you but will also give you a competitive edge over others.

Therefore, be extremely creative when you are offering something to your customers, give them brownie points for being loyal, and encourage others to become a part of your community by giving them entry offers as well.

This will not only help you in interacting with your customers but will also convince them to buy more from you.

 

shopping

 

Key Takeaway: How to Convince Your Customers to Buy More?

Even though the choices your customers have are endless but their wallet is limited.

You can’t reduce the choices or increase their wallet size, but you can increase at least your share of their wallet.

The process starts with knowing your customers better and ends when you are able to make a community of delighting customers.

This post contains affiliate links. Clicking on those won’t cost you anything but we might get a cup of coffee with that which can help us not fall asleep while writing our next article.

 


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Get Your Customers to Buy More: FAQs

Will Digital Marketing Help Me Attract More Customers?

The long and short of it is Yes. Digital marketing will help you bring more customers in. With the right digital marketing planning and execution, a great pool of customers will be attracted to your brand.

 

Isn’t Retaining Customers More Important Than Bringing New Customers?

That’s not necessarily true. There needs to be a constant flow of both. Your pool of customers needs to grow. So acquisition and retention both are important.

 

How Much Should I Spend on Marketing And Advertising?

It totally depends on you. The beauty of digital marketing is that everything you do is in your control and at your convenience. So, the ad spend is also up to you. Whatever is in your comfort, you can choose to spend that much.

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