“You can increase transaction frequency by offering your customer a reason to come back soon. Offer value proactively.”
This issue is part of a series on The Four Ways To Grow Your Business. Dan Weedin, one of the members of my Global Business Advisors Forums, recently interviewed me on this exact topic. You can see the interview here on LinkedIn.
Most people only buy and sell their home every five or ten years. Yet, we hear from our awesome real estate agent, Bill, through his regular newsletter. It includes interesting tidbits and useful tips that can make our lives better. He stays top of mind and always asks for referrals.
We live near a mall and receive the usual big box store flyers in our self-serve mailbox. Thanks to Canada Post, by the way, for that decrease in service while stamp costs continue to go up. Decreasing your service is a good way to put yourself on the path of uselessness.
These traditional advertising activities cost money. Direct mail has a very low response rate. So does social media advertising. The best advertising to increase your sales doesn’t cost you any money.
To increase your transaction frequency, communicate directly with your customer when they are already at your place of business. Take a lesson from my great dentist (and brother-in-law), Dr. Blaine Friesen, and “out book” your patient or customer’s next visit.
Our mechanic, Jack at OK Tire, services all our vehicles. He gives everything a good check over every time we’re in for a regular oil change or seasonal tires and gives us a report on what needs fixing and when. If something needs attention in the future, we plan for it. If it needs to get fixed now, it gets fixed now. That reminds me, it’s time to book getting our winter tires installed.
Most importantly, if I’m taking a quick trip and want something checked out, Jack can get me in and have a look at my vehicle on very short notice.
Do your customers know they can call you and get a response or a product or a service or advice on short notice?
“Tell your customer the different frequencies you can help them at a minimum: annually, quarterly, monthly, semi-monthly, weekly, daily, as needed, without an appointment.”
By making yourself accessible to your customer or client and responding quickly, you’ll train them to call you sooner and for smaller issues. This increases frequency and provides more value, more quickly.
My lawyer, Wayne, is awesome. He responds to email questions or calls the same day, and usually within a couple of hours.
I use Wayne to help me with contracts, get a different perspective on client issues, and to help people who are setting up new businesses to set them up right. He also helps people who did it themselves on the internet to fix things. It’s always much cheaper to fix a situation before it’s a problem then after it’s a problem.
By the way, if you need a great real estate agent, dentist, mechanic, or lawyer, drop me a line, and I’ll introduce you.
Increasing transaction frequency to boost your revenues and help more people is not complicated.
- Out book them during a current visit.
- Give them a special reason to come and see you again soon: new value.
- Just pick up the phone and call them to see how they’re doing and how you can help.
Figure 77.1: Three ways to increase transaction frequency.
Here are ways to increase transaction frequency in B2B:
- Industrial services – offer to inspect or assess or design whatever you do without a purchase order, to demonstrate your capabilities and provide value to your clients.
- Manufacturing – visit your customer to learn about their future plans and offer to develop a prototype.
- Professional services – unlike accountants who have annual financial statements and tax returns, all other professionals can create some type of quarterly or annual assessment to help their clients assess—and improve—their positions.
You’re doing your customer a favor by offering to help them more.
“Don’t rush to the next person, customer, patient, or client. Focus on the person already in front of you and offer more value, more often.”
Full speed ahead!
Thanks for reading.