Looking to increase revenue in your business?
When you cut through the noise, there are really only three ways to do it:
1. Raise Your Prices (which is risky)
2. Aquire new customers through marketing and advertising (which is expensive)
3. Get your existing customers to come back more frequently
#3 is by far the the cheapest and most way to increase revenue. It is the lowest hanging fruit.
Unfortunately, most businesses don’t really have a strategy in place to keep their customers coming back and buying more frequently. This article is for you!
First, lets look at the data behind repeat customers - and just how valuable they are to a business:
Why Repeat Customers Drive Revenue
When you really think about it — investing in getting repeat customers is investing in the future revenue of your business. It is still important to acquire new customers; however, if you add a repeat customer strategy to your existing marketing you get more bang for your buck.
FIVE Ways to generate repeat customers that stick around
Build connections with your customers.
When I was in college, I went to my favorite bar every week with my friends. The bartenders there knew my name, they remembered what drink I liked and what I was up to that week. It wasn't fake; they were honestly interested in building connections with their customers.
Similarly, you can personalize experiences by recalling details about your customers. For example, if someone has mentioned a family member or a hobby that they like to do when they come in the store, ask them about it next time they come back so that you build a relationship based on what your customers share and encourage them to come back more often and not just once in awhile because then the customer might forget.
Share Relative Information about your Business and Industry.
Your customers often have favorite products. They are open to other ones but don't go out of their way to browse, because they know what works for them.
You can help them find new products by telling them about an upcoming product launch or sharing some existing products that align with their needs. You can also send them links to articles that your company has written about the product or topic.
Going above and beyond will continue to engage loyal customers with your brand in new or unexpected ways, which is good for both parties!
Give EXCEPTIONAL Customer Service.
If you want your customers to come back, give them good service [Seems like a no-brainer, right?].
First time customers need to have a reason to come back… your product must be good; however, it is the service from which you provide it that can generate repeat customers.
Treat your customers as the most important investment in your business. Go the extra yard to make them feel like kings and queens.
Quick Response Times.
You need to be there for your customers when they need you. You can do this by being on the platforms they are on.
Gone are the days where customers will pick up the phone and call your business directly to ask questions. Instead, your customers have a variety of other [less intrusive] ways to connect with a business. Your customers will be looking for ways to communicate with you through:
- Website chat
- Social Media posts
- Messenger features on social media (i.e. Facebook Messenger)
Make sure you understand what platforms your customers are on and make sure you have a presence on them. If someone asks a question through that platform, make sure you get to the question quickly and answer it!
Build Exclusivity and Reward Your Best Customers.
Making your customer feel appreciated and exclusive is a HUGE way to get them to come back for repeat purchases.
The best way to do this is to reward your best customers.
Give your customers a reason to join an exclusive list — one where they will receive some type of membership benefits that are not open tot the general public.
This can be done by creating:
- A customer loyalty program - where they earn some type of reward for every purchase they make.
- A customer VIP/Insiders Club - where members receive special pricing, special offers or are notified of new product or services before the general public
- Birthday Clubs - consumers spend a lot of money on Birthdays. In most cases, people celebrate birthdays in groups - so its a phenomenal opportunity to capitalize by giving a special deal to someone with a birthday (this also works for anniversaries). You will be creating good will when you reach out to someone on their birthday and give them something special - they will remember it!
If you are serious about increasing the revenue in your business - you simply cannot afford to ignore building a system to get repeat customers. The secrets listed above really do work…