No one likes to lose money.
It has been scientifically proven that the fear of loss is stronger than the desire for gain. So, capitalize on this fact by causing your customers to consider the thought of losing the opportunity to gain the benefits of your offer. Also emphasize the many benefits that can be gained by acting on your offer.
There are many ways to prevent you from losing money – and these seven will all help you make and keep more money at the end of the day.
1. Communicate with your customers early and often
The more you communicate with your customers and help custom fit your solution to them, the lower your refund rate will be.
Once someone buys from you online, you should have an automatic follow-up sequence in place that thanks them for their purchase in a personalized way. After someone buys from you, their name will be in your database, so you can use their name when you send your thank-you email.
Automated thank-you emails are clearly sent automatically: They are sent right after a purchase by email marketing software and often contain an unsubscribe link. You can create a much more real relationship with your customer by following up an automated email with a real one from your personal email letting your customer know that you are there to help them succeed.
2. Limit your supply to increase demand
The more limited something is, the more expensive it becomes. This is a fact of Economics that was explained to me by my Jazz music playing Econ professor back in my York University days.
When an offer is time limited, this often compels people to act before the time limit expires. My car is a “limited” edition and the limited trim is often considered top of the line. By using the same offers year round with no limitations, your customers may feel no pressure or need to purchase.
3. Minimize refunds
Again, the more you communicate with your customers, the lower your refund rate will be. Ask your customers how you can help them. Discover what your customers really want and help them get it. Thank your customers when they buy from you.
4. Make it count
Make sure everything you do helps move your business forward with a key business goal.
With digital marketing, there are three key metrics that are vital to the success of a business online: traffic, leads, and sales. When you are about to take action, ask yourself, “Will this get me more traffic, leads, and sales?” If the answer is no, then don’t do it.
5. Automate everything you can (but stay authentic)
Automation is the key to getting more free time in your life.
Every repetitive task you do should be automated. Just don’t make your automated communication feel automated. Keep your marketing as genuine and real as possible. Write every email, even if it is a broadcast, as if you’re writing an email to a close friend who you know personally.
6. Work strategically
The things you should do are the actions that create the most new sales for you.
In the past, I had to dedicate a chunk of my day towards creating and curating awesome content on Twitter. Now I have automated the majority of my tweets with a Twitter tool called Tweet Jukebox and won a ton of free time for myself in the process.
7. Create a referral development process
Even in this digital age, referrals and word-of-mouth marketing are still very important.
Ask for referrals often. Ideally you should ask every single customer for a referral. A smart move is to set up a reminder to ask your customers for a referral every time after you have made a sale. Implement a referral development process and you’ll soon discover you have less stress.
Earn Your Keep
The more you do to create income for the business you work with, the easier it will be for them to decide to keep you as a part of the team. Create far more income for your company than your wages cost. The more money you can help a business make, the easier it will become for you to negotiate a higher wage.
Garin is a Web Developer, Marketing Strategist, Growth Hacker, Bodybuilder, and Entrepreneur who loves the hustle from Toronto. You can find him @Garin on Twitter & Instagram.
Garin is a paid contributor to THINK Marketing.