It’s a well-known fact: acquiring a new customer costs 7-10 times more than selling to an existing one. While new customer acquisition is essential, focusing solely on it is a costly strategy.
So, how do you cultivate repeat business and boost your bottom line without breaking the bank? Here are my top 3 tips:
- Proactively Engage & Invite: Don’t be afraid to ask! Too often, I hear business owners say they are afraid to ask their customers to come back, because they don’t want to feel pushy. But always remember, you exist to offer them value. Get them on your email list and invite them to your social media to encourage repeat purchases.
- Comprehensive Product/Service Education: Nothing is worse than having one of your best customers buy something you sell from one of your competitors. This often happens due to a lack of awareness. After a positive customer experience, highlight your full range of offerings. Ensure they know the breadth of solutions you provide.
- Consistent, Value-Driven Communication: If you don’t communicate with your customers regularly, you are not top of mind and you will not be their go-to when it comes time to buy. They’ll forget about you. Combine consistent outreach with strategic engagement (points 1 & 2) to nurture lasting relationships.
Remember, increasing your average customer transaction frequency significantly lowers acquisition costs, leading to more profit.
If you’d like to brainstorm ways you can get more repeat business for your specific industry, schedule a call and we’ll come up with some ideas.
Author: Mark McNulty, Business Coach in Louisville, KY