The work of a true entrepreneur
It’s attracting a returning customer,
Just give them a reason to come back.
And profits that you will never lack,
If you give it what the regulars prefer.
Research has found that it is 7 to 10 times cheaper to keep a customer than to get a new one. One of the highest costs of doing business is getting a potential customer to buy from you the first time.
The only way to offset that costly expense is to get your customers to buy from you again and again. That’s where your biggest gains are hidden. The more repeat customers you can earn, the more long-term success you’ll enjoy. Repeat customers are the lifeblood of any business you find that stands the test of time.
The business that ignores the principles of attracting repeat customers puts itself under the pressure (and expense) of finding new customers all the time. This is not only stressful and expensive, but it reduces your chances of success in the long run.
What is one of the smartest strategies business owners can do to ensure success? Develop strategies to attract repeat business “before” they invest a penny in your company. Otherwise, refusing to take that first step is like rolling the dice.
Here are some powerful tips to boost your repeat business:
1. Choose a product or service that will encourage repeat business.
Choosing the right product or service will play a big role in determining how much repeat business you’ll get. One of the easiest ways to inspire repeat business is to choose a product or service with those qualities built into it. For example, products that are disposable or used once and thrown away.
You can also offer a maintenance-type service, where you help the consumer keep or maintain what they already have. In a tight economy, people will spend more to preserve or maintain what they have than to buy a new one.
People are more loyal to a service than to a product. For example, you probably go to the same mechanic, hairdresser, beautician, doctor or dentist, etc. You probably use the same gardener or pool man too, right?
2. Offer the Fanatical Extra Mile Service.
In today’s volatile business climate, it seems like everyone is cutting back and down. And the rest are doing just enough to get ahead. In fact, one of the biggest challenges for consumers is making sure they get their money’s worth.
Consumer protection agencies, like the Better Business Bureau, have files full of consumers who didn’t get their money’s worth.
Therefore, one of the best ways to separate yourself from the crowd is to find ways to “overdeliver.” That’s the new normal today, if you want to stand out and inspire repeat business.
Do more for your client than you expect. That’s one of the best ways I know of to encourage them to do business with you again. With more companies doing just enough to get by, it’s a guaranteed way to get remembered.
3. Stay in touch with your customers.
This doesn’t mean bombarding them with sales offers every day. It means sending them free information to improve what they have already bought from you.
Tips to save costs, upcoming seminars or even customer surveys are some examples. But don’t stop there, use your imagination. If you were to buy your product or service, what would you like?
This all adds up to creating a climate that encourages customers to do business with you again. Show that you care, rather than just wanting to sell them something else.
As John Maxwell said, “People don’t care how much you know until they know how much you care.” Sharing “free” information that highlights your customer’s past purchases is a great way to show your interest.
Those who refuse to go down this path are often forced to become “hard sellers” just to survive. It’s not a good look.
The key is to maintain an “ongoing schedule” to do things that build and inspire customer loyalty.
With today’s smart, informed, and often skeptical customers, that takes time, effort, and going the extra mile. Those are the highest pressure steps, quick money sellers will never do.