What’s better than a customer? The same customer coming to visit your store again and again. Repeat customers are a goldmine for retailers and other businesses because they’re far more likely to spend higher amounts of money once they trust your company. They’re also a great source for word of mouth that can help you bring new faces through your doors.
A recent study shows that return customers spend almost double what new customers do, so attracting them can be the difference between struggling and succeeding. While it may take more work to build a network of repeat customers, it’ll pay off in the long run. Here are five ways to attract this massive new revenue stream to your business.
Provide Valuable Products or Services
This one should be easy – if your business isn’t providing something the customer wants or needs, you won’t succeed. Turning one-time customers into repeat customers centers around finding out what they want and providing it. Don’t be afraid to change up your business model if you keep hearing the same thing from your customers about what you should change.
Before opening or making a big investment, try to find out exactly who your likely customer is. If you have competition in the area that’s succeeding, look for what their most popular products or services are. It’s also important to have an accessible array of goods and services, so there’s something for all levels of spenders in your business.
Build a Loyalty Program
What’s the best way to turn a one-time customer into a repeat customer? Give them a reason to come back. This is why loyalty programs are increasingly popular – programs that incentivize your customers to come back in exchange for opportunities or access to new features of the business that they can only get through repeat business.
This is a great way to show appreciation to your loyal customers, and what form it takes will vary per business. Some popular choices include special discounts, early access to sales or new products and services, free offerings after a number of visits or amounts spent, or online-only deals offered through an app or mailing list.
Offer Excellent Customer Service
While your products and services are the keys to long-lasting success, they’re not the only thing that can make or break a business. How you interact with your customers can easily sour someone on a product they like – or give them a positive memory that goes far beyond a purchase and makes them consider you an essential part of your day.
When a customer has a complaint, it can be worth fixing it even it if costs you money to preserve that relationship. This goes even more so when it’s a “high roller” customer with a history of spending a good deal of money at the business. It’s worth investing in CRM software to keep track of your customers and their spending profiles, so you know which customer relationships to prioritize and you have your information in an easy-to-access format.
Share Updates and News
One of the best ways to hold on to repeat customers is to encourage them to keep tabs on you. Add as many of them as you can to your email list and update them on new sales and products. Not only will this encourage them to come back in, but keeping your brand logo and name in their minds regularly will give you a bigger impact.
You’ll want to have a strong social media profile as well because these public pages are the easiest way to stay in people’s minds even if they’re not subscribed to your email list. Twitter, Facebook, and Instagram have an audience of billions, and the odds are good your most loyal customers will be on there regularly.
Use Personal Communication
A personal touch can make a bit difference in making people want to come back, even if they have to travel a little further. Make sure that no matter the form of communication – in-person, email, phone, or online – your customer feels like they’re dealing with someone who values them.
Many companies today cut corners by having text-bots respond to their most common questions and complaints. While this is an acceptable method for larger companies, smaller companies trying to build brand loyalty will benefit from having a real person responding to their customers at all times.
Build Your Brand
Getting people in the door is important, but getting them to come back is even more so. Your company excels when you turn your customers into your biggest boosters. That personal touch will make all the difference.