In business, a sale from a customer can be extremely difficult to achieve. It can take weeks or months to persuade a customer to do business with your company, depending on the industry you’re in and the price point of your products.
And if you’re in the retail industry where push buys are the rule, it’s still the toughest to get the first order.
You will increase the bottom line by retargeting and promoting repeat customers without dramatically raising marketing and advertisement expenses.
What is and why is it necessary to repeat business?
Repeat business is when a customer shops repeatedly with your service.
Those consumers become lifelong fans of the brand and frequently shop with you in the best-case scenarios over time.
In terms of why repeat business is relevant, some of the reasons are as follows according to Constant Contact:
a. Companies prosper with customer retention
One of the main reasons repeat business is that most companies are established with the aid of loyal customers who frequently shop with them.
b. Word-of-mouth promotion
Another significant reason to repeat business is that loyal clients through advertise your company for free.
When a customer discovers a brand they enjoy and regularly, they are even more likely to advertise the business to their families, friends and follow-up on social media.
c. More money
Repeat company is a huge help because it helps you to make more money. Customers are more likely to spend more money on companies they they can rely on and trust.
d. Eager buyers
In fact, it is also easier to offer new goods and services to existing customers too.
Since they already trust your brand, convincing them on new goods and services that you are providing is much simpler.
e. New consumer costs
Another advantage of repeat company is that attracting new customers costs little.
Research have shown that attracting a new customer costs five times more than maintaining an existing one, and getting new customers to the amount of spending of the current ones costs 16 times more.
5 Simple steps to ensure your customers come back to your business
There are hundreds of ways to generate repeat business, but if you’re looking for fast, easy and reliable, you’ll be served well by the following five strategies.
1. Start a reward scheme.
Starting a reward program is one of the classic ways to attract the repeat market. You can get as complicated as you like but the most successful is typically easy.
What you need to do is collect information from a customer, send them a special account number or card, and then start rewarding them for making a second purchase or meeting a certain dollar cap.
While only are reward programs promoting repeat buying behavior, they also help to increase the average size of the purchase.
2. Offer one on one customer service
Citizens are accustomed these days to being handled as nothing more than clients.
You stroll into the favorite big-box department store, and no one suspects you’ve been there before 100 times.
If you want their repeat company, don’t treat your customers like this. The quality of customer service you offer will determine their opinion of you during a customer’s visit to your shop.
Personalized service with a lot of attention goes a long way to creating successful (and repeat business) relationships.
3. Offer out coupons for future use.
A lot of customers come to a particular store looking for a single object. When they find the thing they buy it and then they don’t have a incentive to come back.
Through giving them future-use coupons, you can catch certain customers and promote repeat business.
For example, you might sell a voucher for 10 per cent off for any $50 purchase in your store that can be applied to a future purchase. That gives them incentive to come back when they may not have had one otherwise.
4. Get contact details of the customers.
Your goal should be to get some contact details from any client that walks through your doors.
You will reach out to customers in the future with contact details – such as name, phone number, email address, and mailing address – to make them aware of promotions to offers.
It helps you to meet them on your terms and conditions, not just when they want to go shopping.
5. Give any freebies.
The secret to driving repeat business is to stay on the top of your customers’ minds.
You must make them remember you once they leave your shop. Therefore businesses are spending too much in free advertising materials.
“Those gimmicky pens and calendars do fit very well,” says Linda Hamburger, On Call PR communications consultant. “Lay in a selection of gifts that you can send to special people as a way to demonstrate that you appreciate their patronage. Even an inexpensive pen with your logo on it will feel like a gift if it is delivered to a select few customers.”
According to the book Leading on the Edge of chaos , a 2% rise in customer satisfaction has the same impact on the earnings of a business as a 10% decrease in costs. Stand for a minute about that.
Through holding your client base just 2 percent higher, you can effectively do the same as cutting prices through 10 percent. This is enormous.
Furthermore, the more times a consumer visits and has a good experience purchasing a product from you, the more likely they will visit in the future and tell their friends about it.
You need to make sure that you are doing the right things to earn a repeat market. The methods in this article are a perfect starting-point.