If you didn’t know already repeat business and building brand loyalty is where it’s at, and it’s not just within large corporations where customer retention is a huge deal. Repeat customers are responsible for generating half of the revenue of 61% of small to medium sized businesses. After the initial purchase, repeat customers are increasingly valuable, with the average loyalist bringing in 10 times more than their very first buy. Customers coming back time and time again also spend more with your company when compared with customers who only purchase with you once.
It’s not just increased revenue that repeat customers generate. Repeat business costs less to secure and loyal customers even help to promote your business with the most effective type of marketing around – word of mouth. The opinions of repeat customers can help you expand your range of products or services more effectively as well as gain a much better understanding of how to satisfy your target audience. In short, repeat customers are the Holy Grail, but how can you secure the repeat business that means your company doesn’t just survive but thrives?
Concentrate on nurturing leads
Just a couple of months ago we wrote an article about how lead nurturing, not lead generation, is the key to better business – take a look here – and the very same premise is essential for generating repeat business. Forget the soulless correspondence that most businesses use to touch base with their customers, get personal and craft a targeted, engaging message that really connects with people and gets them back to your website once more. Use your marketing materials to demonstrate what’s special about your business, not just to push sales, and open the door to new opportunities.
Keep in touch
However essential your products or services, it’s unlikely that your existing customers are thinking about your brand around the clock. Keep them informed and give them a nudge to say you’re still here with regular communication. This communication doesn’t have to be pushy or salesy, after all you’ve already secured business from them before, it can be something as simple as introducing a new product or service that you think they might like.
It’s all about the feedback
Finding out more about your customer’s experience when shopping with you is a great reason to get in touch and can provide valuable information that your team can use to make the whole process more satisfying next time round. Take the time to follow up after each first sale. Not only does seeking feedback demonstrate that you value their opinion as a customer, it also provides a great opportunity to deliver the aftercare and support that will really stick in their minds when they come to need similar products or services again.
Give them something worth coming back for
We all love a bargain and what better way to entice a customer back than to offer an incentive. From discounted prices for returning customers to existing customer only offers, making your loyal customer base feel like they are members of a special, valued club can make all the difference.
Keep your customers coming back for more with our help. Contact our team today to discuss your requirements, not forgetting to share this post with all your friends before you go!
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