Business and brand owners often get caught up in their chase for new customers that they often forget their existing customers for driving their sales exponentially. Your business needs repeat buyers more than you know.
Existing data from research has shown that repeat buyers bring about up to a 50% increase in revenue for many small and medium-sized businesses.
Also, the acquisition of new customers is 5 times more expensive, even though loyal and repeated customers have worth up to 10 times more than what they purchased the first time.
Despite all this, repeated buyers are not very easy to score. And with increasing competition, it is becoming more difficult than ever.
Hence, in this article, we will detail how you can turn your customers into repeated buyers to keep your business floating.
Promote Popular/Great Products
The competition between businesses is always cutthroat and your competitors are always ready to bring about 20 other products or services that would attract your customers.
To deal with this, you have to come up with the best way to prevent losing your customers, and that is by ensuring that all your products (or services) of the best quality possible, and at the best prices, are promoted and offered to your customers.
Compelling Brand Identity
Along with your business, the brand identity and value are at stake as well. You need to create a compelling brand identity so that you can attract customers who will continue to come back to your products or services just for the experience, rather than for those products or services.
Even though there might not be any differences between the products of Gucci and H&M, they are still regarded very differently from each other due to their brand value that customers are aware of.
Customer Service – the Primary Determinant
Businesses often forget that the quality of their customer service is much more important than the quality of products or services. Customers will gravitate towards your brand if they feel like their experiences are valued by the brand.
One of the ways brands can improve their customer service is by introducing several communication channels through which customers can reach out to them.
Comcast Xfinity, which is one of the largest telecommunication companies in the US, has several communication channels open for customers through which they can contact the Xfinity customer service such as Facebook, Twitter, Reddit, etc. Hence, users who are subscribed to Xfinity contact can use their Facebook or Twitter accounts to communicate with the Xfinity customer service for any queries.
Smooth Purchasing Process
Since everything is shifting online, a churn rate is to be expected due to website lagging or limited payment options during the customer’s online purchasing journey throughout.
Hence, as a business owner, if you want to prevent your customers from moving to your competitor, you need to design the website to be faster with as few clicks as possible between the product and checking out.
Discount and Loyalty Rewards
Human behavior has this natural and constant tilt towards gratification and rewards. Business owners can use this to their advantage by creating programs through which consumers can receive special discounts and privileges as a result of multiple purchases.
Some retailers have membership cards that allow customers to enjoy certain benefits and discounts after making a certain number of purchases.
Believe it or not, packaging also appeals to the customers. they have certain attention to detail about products and their packaging. Such aesthetic appeals can boost brand recall, and eventually brand loyalty.
This is just an inevitable aspect of products or services. More often than not, customers purchase items and end up returning them right away, if it’s not fit for their purpose. If brands want to increase customer retention, they should have a return policy that let the customers know what they are signing up for with your products or services.
Keep in Touch
Having a personal touch in their contact with the customers can let them know that the brands value them and their feedback. Customers who are reluctant to contact your customer service department are more likely to report on your products or service if you reach out to them directly, allowing you to improve where necessary.
Repeated buyers have the most impact on the retail of any brand or business, that’s for sure. And these brands or businesses need to take on approaches to keep them hooked to their products or services.