No matter how you slice it, catering your business to appeal to repeat customers just makes sense. Though one-offs or “one-night stands” can be fine and infuse some necessary capital into your business during a slow period, ultimately, it’s more costly and less efficient for you to chase after new customers day in and day out.
Despite those cons, it’s quite common for many businesses to wrongly focus their attention on the acquisition. This is often at the expense of their current customer base. Doesn’t it make more sense to ramp up how you serve existing clients? We think so!
Not only are repeat customers are extremely valuable, but it’s also easier to keep a customer’s interest than it is to capture it in the first place. Remember, successful business ownership is all about working smarter, not harder.
Benefits of Repeat Customers and How to Keep ‘Em!
There are multiple benefits to focusing attention on your repeat clientele. Below are our top 6.
1. You Spend Less Moola
It’s hard work chasing after new customers. It’s also expensive because you have to overcome barriers, so they trust you enough to work with you. By contrast, once a customer has done business with you once, they generally trust you with their business again.
2. You Make Easier Moola
Since current customers trust you enough to do business with you again, it’s much easier to sell other products and services to them as well. This increases the customer’s value exponentially because now they buy more of your products or services, with minimal extra effort on your part.
3. You Build Your Brand
Focusing on current customers pays dividends in more ways than just cash value. By serving the needs of your current clients well, you also sow into your brand equity and slowly begin to grow a small army of loyal brand ambassadors. What do brand ambassadors do? They sing your praises to all of their friends and fam! That’s the magic of word-of-mouth.
4. They Rarely Blink at Price Changes
Obviously, this doesn’t mean you can price your products or services way above market value, but it does mean that you can charge what you’re worth, and if they trust you, they will continue to buy from you even when your prices rise. Many people would prefer to pay a bit extra to buy from brands they trust rather than save a buck on brands they don’t know.
5. Repeat Customers Excel at Feedback
Feedback is necessary for growth, and repeat customers will literally tell you how you can keep them coming back for more if you take the time to ask. The caveat is you actually have to ask and be interested in the answer. Even businesses that receive poor feedback can change their game when they resolve the customer’s issue to their satisfaction.
6. Repeat Customers are More Open and Forgiving
The great thing about repeat customers is many of them will actually appreciate it when you market to them and make them aware of new offers and deals. They are also much more forgiving of their favorite brands when you put a foot in it, as long as it doesn’t happen too often.
Thankfully, retaining current customers isn’t all that difficult if you make them a priority. It really boils down to delivering hella good customer service and support.
That includes offering things like:
- Round-the-clock access, using live chat and/or chatbots, plus call availability during business hours.
- Extensive web resources with training and demos to streamline your client onboarding process and create a killer first impression.
- Frequent connection to current clients so they know they are valued and that you’re there to help in any way you can as they get to know your brand.
- Awesome customer loyalty programs and rewards that help your customers feel seen, heard and valued.
Really, the sky is the limit in coming up with creative ways to make your customers feel as though you truly appreciate their business. Customers that feel appreciated generally keep coming back for more.
And if you struggle in this area or it’s not the “hat” you like to wear, there’s a real benefit to investing in help and consulting with pros that know what they are doing. After all, nothing kills repeat business like a terrible first impression. Wanting to make a stellar first impression on customers? We can help! Let’s grab a virtual coffee.
See Also:
Legacy Brands vs. Digitally Native Brands: What They Can Learn from Each Other
