Businesses are always coming up with new ways to market their products to gain new customers. One important thing companies should not forget is to market to their pre-existing consumers.
Acquiring new customers is important, but retaining them builds growth. The likelihood of selling to a current client is 60 – 70%, while the likelihood of selling to another prospect is 5-20%.
As noted above it is much easier to sell new products to existing customers, and much more inexpensive than trying to gain new ones. Here are several tips for marketing to existing clients.
Utilize customer accounts:
Accounts can make purchases easier by saving payment information, have pre-filled shipping information, and allowing people the ability to access past orders. Though creating an account might feel like too much of a commitment for some, give them the option anyway at the end of their purchase.
Some products we like to use…
1. Quickbooks Business
– General Billing / Tracking Expenses
– More in-depth CRM system (mostly known as drip campaigns or traffic funnels)
Start a loyalty program:
Reward customers for their loyalty by offering them rewards after their purchases. Start a tiered system where clients can work their way up from smaller awards to bigger ones. This can, in turn, increase the conversation around the brand by word of mouth.
Types of Loyalty Programs
Cashback programs enable clients to gain cash over from earlier buys and reclaim them after a specific measure of time or set sum. The discount is regularly a level of the aggregate buys inside a timeframe. This is normally done in some type of blessing endorsement with a specific end goal to bring clients once more into the store, however can likewise be as money.
A markdown program offers a specific percentage off or dollar sum off of a buy. This can apply to a particular item or a whole buy.
3. Punch Cards:
Everybody knows these projects – purchase 10 and get the eleventh one free. Numerous organizations still utilize the paper punch card process for this program.
For this program, points are utilized as money with the end goal for clients to monitor their prizes. Clients more often than not gain focuses in view of the sum they go through with the organization.
Gather data on your customers:
What do they buy? How much are they spending? Do discounts motivate them? Do they pay full price or only buy discounted products? Studying these customer habits can help you create your personalized outreach to them. The more data collected, the more efficient your outreach will be.
Celebrate special days:
Birthdays, anniversaries, or the first time you and your client did business. These are all natural times to reach out to existing customers. Send them a relevant card or email and include a gift or offer that is substantial enough to be significant.
Get existing consumers involved in developing new products and services:
As you prepare to launch a new product or service, invite existing customers to provide their input during the development stages. Host focus groups, conduct surveys and allow them to test products. They will feel personally connected to the product and will be more inclined to purchase it when it launches.
A Few Ideas…
1. Create a Beta Program / Software:
Offer a promotion or it for free in exchange for genuine feedback from the program. This way you are still serving the customer however you are being transparent on making sure it is still in its initial design and testing phases.
2. Get previous customers to fill out a survey in exchange for a coupon:
Similar to the first idea however it assists in getting average thoughts on what you are doing right and what you are doing wrong with the new services available.
3. Offer incentives in order to get opinions on video:
Find ways to interview your clients and use that as promotional and research purposes. This way you are able to get outside feedback a number of topics involving your business.
Connect on social media:
People who like or follow your company on social media are following for a reason. They love what your company has to offer and want to keep up with the release of new information on products and promotions. It’s important to make sure to connect with these loyal customers and brand ambassadors to drive them back to your company often.
Right place, right product, right time emails:
If you offer a product that is perishable, consumable, or degrades and needs to be refreshed over time, sending well-timed emails can help bring back customers. Remind customers and explain to them the benefits of a new product.
** 2. Characterize Your Offer Dates
When you see constrained time offers, you additionally regularly observe “Act Now” or “While Supplies Last.”
Sadly, these invitations to take action aren’t as solid as different choices. Without a stated time on the offer, your gathering of people may think – or trust – your offer will even now be accessible tomorrow or one week from now when they return.
The issue is that the general purpose of constrained time offers is to inspire individuals to act quick. You don’t need your group of onlookers surrendering your offer; some won’t ever make it back to exploit it.
Rather, attract thoughtfulness regarding the offer’s due date with duplicate this way:
Closures Friday at Midnight
A day ago
Surprise and delight customers:
Sending a small gift to your best customers serves as a great way to remind them to come back while adding the element of surprise. This plays into the law of reciprocity, responding to a positive action with another positive action. Gifts can be digital gift certificates or even handwritten thank you notes, showing your customers that you appreciate them so much that you went the extra mile to tell them. Word of mouth can increase by using this tactic, too.
Make consumers feel special:
Consider hosting special events just for existing customers. This can range from after-hours sales to an end of the year banquet depending on the type of business. Receiving an invitation to a special event will make customers feel valued. Continue giving them that treasured feeling by offering them a chance to try something new that new customers don’t have access to.
Complaints are gifts:
A high percentage of dissatisfied customers do not voice their complaints for various reasons. Though they won’t talk to you about their grievances, they will tell plenty of others. Develop a system for unearthing complaints. Customers who do complain are giving you the gift of continued communication. They are providing you with another opportunity to return them to a state of satisfaction. You have the chance to show what you’re made of, and the manner in which you respond can either make or break that customer loyalty.
How to Handle Complaints:
- Make sure you do not ignore them entirely. Filter between the ones trying to push your business down for no reason versus the person that actually has a question or concern. Ignore the “trolls” and handle the actual complaints.
- Get to know the managers in your group/organization well. Find out their roles and what they would be of best use. That way, when a pertinent question comes along, you will know exactly who to direct them to.
- Don’t be afraid to ask questions. Find a way to get to the root of the problem. Often times many customers may not communicate well under emotional stress. Your job is to make sure you understand the problem and find a reasonable solution.
- Record all complaints and questions. When you have a thorough list throughout some weeks or even months, you can great an FAQ or a form of that through a communication medium so that there are more ways than one to address the most common complaints and questions.
- Meet with the directors. With a report of all of the complaints, including the most common, sit down with the decision makers and address more effective ways to resolve the issues before more customers or clients come forth with the same issue.
What are some other useful customer retention strategies?