As a business owner, being able to increase your revenue is how you can help your business to grow and achieve the success that you desire. And how can that be done? Through your customers, of course. Many businesses will focus the bulk of their time, money, and energy on getting new ones. But any smart business owner understands that you can never take your eyes off your existing customers. While gaining new customers is great, it behooves you to keep your existing customers happy and have them coming back time and time again. Over the long run, one-time customers, despite the size of their purchase, aren’t going to be as valuable to you as loyal, repeat customers.
So if you haven’t been focusing on how you can keep your existing customers coming back, then here are some of the proven reasons why you should.
If you have a repeat customer, it means that they know about your service and the quality you have to offer. They know they are getting value for their money. Moreover, they know that they trust your business as it has proven to deliver on what is promised. Therefore, if they keep coming back, then they are likely to spend more or choose the higher ticket items as that all-important trust factor is already there.
New Customers Cost More
It can take quite a lot of marketing and special offers to get a new customer to buy from you. In some cases, it has been shown to cost approximately five times more to get a new customer than you spend maintaining an existing one. So it makes business sense to focus on the customers that have already purchased from you and offer them incentives for shopping again. You could use a leading web SMS service provider, for example, to send out messages about your latest deals. You could send them a newsletter or give away things like birthday discounts if you have their details. Consider spending the money where it will have the most impact; which is likely with your repeat customers.
If you have repeat and loyal customers, then they inadvertently are marketing your business for you. If they are happy with something, they are probably going to share it with their friends. As we know, social media is a massive part of everyone’s daily life. Take the time to explore how it can make your marketing a little cheaper. Many would argue that there is no need to pay an influencer or for a celebrity ambassador when you have loyal customers that are sharing their experience with your product, or service just because they love the brand.
All in all, it makes complete sense to take a look at how to get your existing customers to keep buying from you. It can make it easier to make projections or forecasts for the year ahead, as well as help with your bottom line. So what changes will you be making to keep your existing customers loyal to your business?
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