Walk into any McDonald's, order a Quarter Pounder, and the cashier will invariably ask, "Do you want fries with that?" Each affirmative answer adds $1 or more to that particular sale. If just a fraction of McDonald's' 54 million daily customers say yes to that question, that's millions of extra dollars every day!
The same strategy is important for any business. You need to entice as much money as possible from each person who visits you. The issue at this stage isn't market share but wallet share. Boost the dollar value of your average sale, and you boost your cash flow and bottom line using Flowte.
Calculate your "Average Spend Per customer" If you receive 10,000 customers per day and they generate $500,000, your average spend is $50.
The journey includes every interaction a customer has with your business. Flowte handles every touch point.
Combine product offerings to include tickets, merchandise, food and beverage, gaming and customer experience.
How can we modify customers' behaviour in a way that benefits our business. Incentivise activities that drive spend per customer.
Flowte has all the tools to increase customer engagement and to drive loyalty.
Analyse customers' previous purchase data. Derive meaningful insights by layering multiple sources of customer data together.
Growing attendance does not mean you only focus on acquiring ‘new’ customers. The first part of our plan focused on increasing spend per customer. Let’s assume for a minute we have now successfully implemented all of these strategies. As a result we may, hypothetically, have increased spend per customer from $25 per customer to $32 per customer.
Therefore if we want to increase revenues further, we must now turn our attention to customer frequency. If our average customer visits a business 5 times per month, how can we increase that to 10 times per month? If we can do this and retain our average spend of 32$ per customer those extra 5 visits can generate an enormous amount in additional revenue.
Flowte clients focus on expanding their product offerings to attract a broader base of customers. It needs to appeal to as many target groups as possible.
The key to these additional business operations is that the same system is used for all product offerings organisation wide, rather than having four multiple systems for each part of the business as is usually the case. By doing so the business can gain a far deeper understanding of their customers interests and profile.
Even if you've developed a core group of loyal customers, attracting new clients is crucial for long-term business expansion.
Make sure that your business is continually inviting to potential customers and relevant. You can continue to provide exceptional customer service and grow your business and products thanks to the influx of customers.
You shouldn't limit your business to what you are currently providing. Therefore, in order to appeal to as many target audiences as possible, you need to focus on modifying your current offerings.
Make your current customers your ambassadors by offering them a wider product mix which they can offer to family and friends.
Salons can exhibit hair and beauty shows
Coffee shops can host comedy shows
Stadiums can add a pre game food market
Restaurants can offer kids menu options
Offer family-centric activities
Add post event concerts
Offer stadium tours
Add gaming and VR experiences
A hotel could offer dinner in their restaurant
An airline could upsell inflight food and movies