Customer Retention: Repeat Business Is Good Business
September 10, 2015
Your best new customer is the customer you already have.
Attracting new customers to your business is tough. Creating brand new business requires strong efforts in SEO, confidence-building and conversion on your website, blog or other social media venues. Convincing first-timers to buy your products or use your services is an important goal, but it shouldn’t take up all of your marketing time or expenditures.
Paying attention to existing customers and enticing them to return will pay off in higher revenues. Here are some strategies you can use to profit from your current customer list:
- Mine for gold in customer data – The information you’ve collected on your current customers and clients has extraordinary value. Those customers already know you, have confidence in you, and will respond to your marketing efforts with a much higher frequency than random visitors to your website. If you’re already using CRM software, mining that data is easy. If not, you should be.
- Stay in touch with relevant offers – Remind your existing customer base of new products and services. Call yourself to their attention from time to time. Don’t overdo email and other contacts, but let existing customers know you’re keeping them in mind and give them your latest news. Imbed links in emails to guide them to specific web pages of interest or to social media efforts. Give them a reason to visit you again.
- Offer incentives for repeat business – Show your current customers that you appreciate their loyalty. Offer special discounts from time to time. If you use a shopping cart system, send customers a discount code they can use. If you have a brick and mortar location, send them a discount coupon. Send seasonal special offers to your customer base well ahead of time and ask them to visit you for their needs.
- Share important information – If you already have a blog, share blog posts via email with current customers. Information is valuable to everyone, and odds are that most of your existing customers aren’t regularly visiting the blog. If you don’t blog, create brief informational emails to alert customers of news, promotions, sales and any other information that will be genuinely useful. A CRM application makes this easy.
- Get specific for best results – The more you know about a customer’s history, the better able you’ll be to attract them back for more. Refer to previous purchases or services and suggest related products or services. Remind existing customers about upcoming needs they may have that relate to your business. The more relevant and specific your message is, the more likely you’ll capture their repeat business.
Regular Contact with Your Customer Base Is a Sure-Fire Revenue Enhancer
As important as attracting new business is for growth, it’s much easier to convince existing customers and clients to do business with you again. By focusing some of your marketing time and budget on your current customers, you’ll see a higher response rate and better profitability. Don’t overlook this treasure trove of business opportunity.