Every business requires to increase its customer base. However, grabbing business from the returning customers is far easier than acquiring it from the new ones. The expert entrepreneurs call this practice, the easiest and most probable source of making profits. Research suggests that acquiring new customers is far more expensive and time consuming than retaining the current ones. Retailers are known spending thousands of dollars each year on their efforts to increase sales from their returning customers. There are many different ways of increasing sales from returning customers, which may include loyalty programs, personalized discounts, and privileged memberships among several other ways. Here are some tips to enhance sales from your returning customers:
Customer Lifetime Value is greater than Transactional Value
Many business owners commit the mistake of preferring transactional value over a customer’s lifetime value. By doing this, the entrepreneurs become successful in generating handsome sales leads instantly, but they fail to retain their customers for the longer run. Winning loyal customers for a lifetime should be the focus of a company instead of just getting instant profit. Therefore, you should always make CLV your priority instead of transactional value.
Respond readily and accurately to all Customer Queries
Remember, returning customers are your most valuable assets. If you do not make them feel special and privileged, you will not be able to retain them. Responding readily and accurately to your customers and resolving all their issues immediately would help you generate more sales and profits from them. You also require your live chat operators to respond to all your customers’ queries promptly and when it comes to returning customers, their issues should be resolved on priority basis.
Offer Incentives for Customer Referrals
According to marketing and business development experts, customer referrals have the ability to drive long term profit streams. In order to get benefit from referrals, you should offer special incentives. This will not only encourage your customers to promote your business via word of mouth marketing but would also make them feel proud of being your customers.
Keep in touch with Your Customers
Treating customers with courtesy and attention is not the height of customer service. In fact, staying in touch with them even after they make purchases from you is what you need to do, to ensure that excellent quality after-sales service has been delivered. If you have integrated live chat support on your e-commerce website, you should proactively approach all your visitors. However, you can ask your marketing department to send out emails, place phone calls and use all other means of communication to greet customers and inform them about new promotions or discounts.
Returning customers are priceless and deserve the best. If you can treat them with 100% dedication and professionalism, you will be able to add significantly more income to your business over time.