Ways to Grow the Value of Each of Your Customers

Businesses that fail to fully monetizing their customers often fail outright, and many more will in the challenging years ahead. This is so because nothing is more difficult or costly than new customer acquisition.

There are five specific ways to create the maximum possible customer value:  

1. Increase Transaction Size

At soda fountains during the Depression, “soda jerks” were trained to ask, “In your milkshake, would you like one egg or two?” The same basic at-counter upsell is familiar to all fast-food restaurant customers. Unfortunately, what’s supposed to be happening often isn’t. One major chain recently found via mystery shopping that eight out of 10 employees weren’t doing a simple upsell.