How You Can Encourage Repeat Sales from Existing Customers
While it is certainly important to continue growing and improving your customer acquisition strategy, it is also equally important to dedicate the same attention in keeping the customers you already have. That’s because in addition to being 6 to 7 times more expensive to attract a new customer than it is to retain an existing one, the probability of selling to an existing customer is up to 14 times higher than the probability of selling to a new customer [1]. As a result, retention strategies are often much more successful in helping you build sales and long-term customers than simply acquisition alone.
Here are 5 ways you can create an effective retention marketing strategy:
Focus on Service. In order to retain customers, you need to have excellent customer service. Make sure that your team knows how to handle problems promptly or follow-up with customers after their first purchase.
Send Frequent Communications. Keep your business at the top of your customer’s mind by informing them of upcoming sales or recently launched products. You can accomplish this through email marketing, which is a highly-effective marketing tactic.
Interact on Social Media. Being present on social media takes more than simply posting messages or status updates. To retain customers, you need to frequently and actively encourage engagement and communication.
Turn Complaints into Opportunities. Most businesses have encountered an unsatisfied customer at one point or another. Don’t let this be a missed opportunities. Make the effort to resolve the problem fully and encourage them to engage in future services.
Create a Reward System. An effective way to retain customers is to offer a reward system that encourages and thanks your customers for choosing to purchase from you.
By continuing to monitor and measure the results from these efforts, you will be able to create an effective customer retention strategy specific to your business.
With 20+ plus years of experience in assisting businesses establish and significantly grow in new markets, ReachOut Business Solutions is committed to offering effective strategies and solutions for your business needs. Contact us today to start building customer loyalty in your company today.
[1] According to ThinkJar and Marketing Metrics: The Definitive Guide to Measuring Marketing Performance
