A lot of marketing is solely focused on gaining new customers. It’s easy to see why this is the case because you want to constantly expand your horizons, increasing your brand recognition and growing your audience. Even so, you should never underestimate the impact that repeat customers can have on your sales. It is estimated that on average 43% of your revenue will be made from repeat purchases. That is already hefty amount of orders you can bring in from the people who have already purchased from you but studies have also shown that companies that have mastered the art of holding the attention of customers can get over 75% of its revenue from repeat clients. Happy customers are always willing to spend more, you just need to handle them correctly to maximize your sales. That is why we are going to discuss a few different methods to recapture the attention of your clients that businesses already use that you may want to try out.
Customers are always happier to spend money on a product if they know they will get something else with it. That is why companies and consumers alike both love rewards offered for staying loyal. How you do this is up to you. A lot of businesses offer customers free products or services for spending so much with the company. Whether you get a certain amount of points for every purchase or every purchase gets you 1 point and 10 net you the free product, this method always works as 26% of customers will keep coming back to you in order to get the reward you provide.
Another aspect of loyalty rewards is that customers how take advantage of your offer are less likely to go to one of your competitors to get the same service as they will want the benefits of purchasing from you. So not only are you getting the benefit of repeat custom, you are ensuring that your customers stay with you and you don’t lose the business to someone else. On average, 77% of women and 74% of men are likely to shop with a company that offer loyalty rewards. Not only that but 13% of customers would change providers of a service if the new company offered a reward system.
One thing that can really grab your customers’ attention is offering a discount or special offer. The client has already purchased with you so they know how you work, they know your quality and they are happy with your brand. This means that all they need is a little extra to persuade to buy from you again. People are always searching to save a little money which is shown by the fact that 93% of customers use a coupon code to save money throughout the year at least once. It can also convince customers to buy now instead of buying later because if you put a deadline for when the discount is active or how many people can use one discount code, they will want to act fast and make a purchase while they can.
Discounts can be a very powerful tool as customers love the fact that they are getting something below the price specified. Knowing you have saved money makes you happier to separate with your money. One of the most powerful words that can influence your clients is the word “free”. Getting a certain amount off something can be very effective but getting something for free is even better! Whether that is getting delivery or some other charge completely free, the word jumps off the screen and excites the deal-seeker in us all and convinces customers who may be on the fence about purchasing again. Studies have shown that products that have free delivery will make customers 4 to 5 times more likely to purchase the item.
Nothing provides the instant feedback and community that social media allows. Proper talk and discussion can be made and you can interact with your clients in ways that are impossible with other types of media. Plus, the majority of your followers will be previous customers who want to keep up to date with your company news and most recent offers. This is why you can use your social media channels to market to your existing consumers and try to appeal to their desires and needs. For example, letting them know of new products that are available, current discounts and discontinuations.
That isn’t the only use of social media, however. As mentioned, customers like the sense of community and interaction with a business (it is still social media after all). Some of the most successful and popular company-run social media accounts are ones that play off the community expectations, invoke discussion and interact with their customers regularly. This all helps with retaining customers and getting them to come back for more as it keeps your brand in the eyes of your customers so they are always up to date and reminded of you. Fun is highly sought after today as on average 55.75% of young people consider it an important factor to them staying loyal to a certain brand. It creates a positive impression of your brand and subtly persuades them to buy more.
Direct mail is a marketing technique that has somewhat dwindled with the advent of new digital advertising but its effectiveness should not be ignored. Although emails are easier to send, they are more likely to be ignored with most inboxes having an open rate of 20% whereas most people sort still sort through their physical mail, with 98% of people checking their mail every day. Sending a letter to someone can be very effective. Once they have received it their interest will pique as they will be curious to see why they are receiving it. The reason may just be that you want them to purchase again but if you say they are one of your favorite customers or they have won a prize draw, it makes them feel more special and appreciated thus more likely to repay the favor and purchase again. What helps with this is that letters have become more special nowadays as they are less frequent. This adds to the special factor.
You can make a direct mail even more special by including a promotional gift for the client. As mentioned before, customers love getting stuff for free and receiving a gift that is functional and useful that is printed with your company logo for no cost is something that will make a client very happy. What is also great about it is that it will act as a form of marketing for a long time to come and not just for the immediate future as the client uses it and sees it. For example, sending some printed tote bags to your customers not only is a useful tool they can use but is also marketing with your company printed on the top. Studies have shown 83% of people like it when they receive a branded piece of merchandise and that 85% of customers do business with the company after receiving a promotional product! A great way to grab the attention of your clients again.
Don’t forget that the customers you already have are a great revenue opportunity. They are already familiar with your company’s process and how you work and are happy with the products and services you provide. When done right, they can be a massive form of income so make sure you do it right. We hope you take onboard what we have said and try them out for yourselves. Have you already tried some of these out or something else entirely? Let us know how they worked for you in the comments below.