Do you know your customer retention rate? A 5% increase in customer retention brings you increased profits of between 25% to 95%.
Repeat customers are a sign of a successful business, and by getting repeat buyers, you avoid customer acquisition costs. But how do you get them to come back? It doesn’t have to be a mystery, as long as you follow these five strategies.
Nearly 88% of businesses believe that customer loyalty relates to commercial success.
One surefire way to create brand-loyal customers is to start a loyalty program. Doing so incentivizes them to return to your business and buy more.
You can keep your loyalty program simple. For instance, give them a punch card and add a punch each time they come back. Or you can create a card or account number they can use online or in person.
Remember that you’re not just selling a service or a product but an experience.
Imagine visiting two different restaurants. You find the food equally delicious at both places, but one restaurant also had exceptional service. Perhaps the waitress was friendly, or someone came by to see how you enjoyed your meal.
You’d likely return to the restaurant with better service since you had such a great experience.
Your marketing strategy should include tactics that improve the customer experience, such as finding ways to resolve issues sooner or creating more ways to reach you.
Have you heard of attraction marketing before? Attraction marketing is a strategy that draws in particular customers, essentially attracting them to your brand.
You’re focusing on not just creating new customers but creating loyal customers. You’re targeting people that will appreciate your services, products, or your values.
One mistake businesses make is casting the net too wide and trying to reach everyone. Targeting your audience through attraction marketing ensures you’re only focusing on those that are the most likely to buy from you.
Have you ever attended a concert, festival, art fair, or other event and received freebies like pens, fans, or calendars? Often, businesses hand out company swag or promotional products with the brand name and information.
One reason for this is to increase brand awareness. People that weren’t aware of a brand before will see it on the freebie and possibly look into it further.
You can do this too, but you don’t have to limit yourself to promotional products. You can also offer a free e-book in return for an email address. Give people something of value, and they’re more likely to come back.
Another way to incentivize customers to return is to give out future-use coupons, which encourage repeat business. If customers spend a certain amount, you can give them a coupon for 10% off their next order, for example.
Customers will feel they’re getting a good deal, and it can be the extra push they need to return.
Use these proven strategies to start earning repeat customers. The best part is that these strategies grow with your business, so you can continue to use them.
Are you looking for more advertising and marketing tips? If so, be sure to look at some of our other articles to find great advice for business owners.
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