How To Keep Your Customers Coming Back For More
Customer retention, or repeat custom, depending on your business, can be hard work. From recommendations to make your prices more competitive, to giving away free stuff, there is a load of information we can access that will tell us how to keep your customers. Most of the information given, while providing practical solutions and actions for you to take, often misses one vital ingredient. People like to feel special, to be acknowledged or recognised, and to be listened to. Giving a free gift, or lowering prices is okay and appears to tick off the items mentioned, however both, along with numerous other ideas reduce your profit margin. This practice goes completely against the point of being in business in the first place! Before you plan any sort of customer retention campaign or scheme, you need to consider the actual customer. Write down these three questions: What will make my customer feel special? How do they want to be acknowledged or recognised? What are they asking for or telling me? A vast majority of the strategies written about make gross assumptions about the customer and their wants and needs. The best way to find out exactly what they want is to...
Read MoreBoosting Repeat Customer Numbers
Depending on which expert you believe, it costs somewhere between 5-7 times as much to attract a new customer than to retain an existing one, and if you were to ask any retailer or service business their priorities will be similar regardless of their product or service. Increasing the number of customers through their bricks and mortar or virtual door, increasing the value of each purchase or ‘basket size’ and harnessing the power of word of mouth by turning their best customers into brand advocates are common goals that drive the most successful customer focused businesses. One of the most important steps in increasing repeat customers is to identify who these customers currently are, look for patterns in their profile and purchasing habits and formulate your key customer profile. Once you have established the customers most like to return and be the most loyal, you can target your sales strategies in the direction most likely to succeed. Survey a cross section of your key customers to assess why they are motivated to purchase from you and not your competitors. Find out what the key benefit you offer as a business and ask how they found out about you to...
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