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How Can I Increase Value for my Marketplace?

How Can I Increase Value for my Marketplace?

Many people spend massive amounts of time and money on a constant chase for new clients while not offering a lot once they've converted those prospects. This is an approach that pleases the thrill seekers but doesn't put money in your pockets as efficiently. To grow your business more efficiently, it's better to focus on a resource that you already have: your current customer base. By leveraging your customer value, you can increase sales and get the revenue that is needed for sustainable long term growth. Strategies for getting more value out of these customers include:

1. Cross Sell and Upsell.

If someone is buying a kayak from your ecommerce site, chances are good that they'll also need a paddle, a life vest and a dry bag. Additionally, if you offer a range of kayaks from entry level to pro series, you can often entice someone to buy a better and pricier kayak than they originally were shopping for.

Comparison and suggestion features can significantly help your marketplace. In brick and mortar sales, it is important to position associated items close to the bigger products to make it easier for people to pick up those important accessories.

2. Reward Repeat Customers.

People are more likely to buy something again from a company they've purchased from before than they are to buy a product from a new company. Reward this behavior by sending money-saving offers or fun bonuses to people who buy from you a second time. For instance, a few weeks after a first purchase, send an email that dangles a 10% off sale or an offer for free shipping. These are customers who are already primed to buy from you again. Make it easier for them to pull the trigger with a great deal.

3. Offer Customer Education

A quality video channel, blog or article series makes your website a place to come for content as well as products. Creating explainer videos that feature your products can create interest and engagement while also making a current customer want a new product from you. You can also create guides that show how your products are used together so that your customers can get the best value out of each. 

4. Offer Excellent Customer Service.

When it is easy and fun to shop with you, a customer is more likely to pick you over the competition. Make your purchase process as friction-free as possible. And, when a customer has an issue or a question, respond in a helpful manner as quickly as you can. When it comes to customer service, it is also vital to monitor social channels. Many customers take to social media to talk about a problem with a product instead of contacting you directly. These customers aren't just venting; they expect you to get in touch and make it right.

5. Have a Retention Process.

Do you offer an ongoing service or a product that is expended or consumed? If people get in touch to tell you that they'd like to discontinue, what you do next can either help you keep them or lose them forever. Your retention process should start with asking why they want to leave your service. If there are issues with the product, address these right away to keep their business. If they are leaving for another reason, make an offer to keep them. Spotify, for instance, offers three discounted months to people who want to step down from the Premium level to the free one. This discounted period removes the cost objection and gives a current customer a bit of time to cool down and decide that they want to keep the monthly service after all.

If you aren't offering the sort of value that keeps customers coming back, you lack the foundation for a successful, sustainable business. By offering great products, valuing your customers and doing what you can to keep them happy, you can get more revenue from every conversion and keep your business flush and successful.

 

Topics: Marketplace, Start-ups, Marketplace Platforms

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