6 Steps to Repeat Business and Greater Profitability
Regardless of the size of your business, repeat business means higher profitability.
Getting existing customers to buy more products and services from you and to buy more frequently not only establishes a loyal base, repeat business provides a steady flow of revenue. While it costs more to market and sell to potential new customers, you do have to plan to persuade customers to come back again and again. Here are six steps to gain control of repeat business:
- Build a database and stay in touch – Collect names, emails, phone numbers and physical address to grow a customer database you can market to often and regularly. Invite your customers to connect with your business through social media, so you can communicate with them where they spend their time.
- Create offers – Reward your current customers and invite them to return. Consider offering discounts on next purchase and referral rewards. The more offers you make, the better results you’ll achieve. Plan a consistent schedule of offers.
- Deliver – Repeat business comes from happy customers. Provide stellar customer experience from beginning to end of your customers’ interaction with your business, products, and services.
- Ongoing product development – Continue to add products, services and events to keep customers engaged. People are drawn to the shiny, new thing. You don’t have to everything different: just do something different that will surprise and delight customers.
- Create a “Buy Forever” Program – Keep customers coming back regularly through subscriptions and membership programs. It’s convenient for them and no work for you to get their repeat business.
- Focus on the 80/20 Rule – Have a way to level up your customers so they become the 20% of your customer base that yields 80% of your profits. If you only have one price point, there’s no way for them to go up and invest more in what they already love.
If you would like to learn more about how this might apply to your business, let’s talk:
