In a previous Insight Paul McKibbin of SPS North West discussed the first of four ways that you can grow your business
– increasing the number of customers you have. Now for the second method - increasing
the number of times customers come back to buy from you.
1. Chasing new customers versus encouraging repeat business
Most companies are obsessed with getting new customers. Once they get them, they ignore them! It can cost up to 6 times more to win a new customer than it does to have an existing customer purchase again. Why? Every additional sale after that doesn’t involve any extra acquisition cost. So, encourage repeat business all the time.
Most companies are obsessed with getting new customers. Once they get them, they ignore them! It can cost up to 6 times more to win a new customer than it does to have an existing customer purchase again. Why? Every additional sale after that doesn’t involve any extra acquisition cost. So, encourage repeat business all the time.
2. Know your best customers and treat them well
Classify your customer base into tiers according to how profitable they are and select the best communication and marketing approach appropriate for each group.
3. Provide awesome service
Creating a team commitment to service can impress your customers enough to keep them returning and referring others. Great service, like good telephone and selling techniques, can actually be systemised so all the team knows what they are expected to do for a customer. Don’t stop at saying you give great service – train the team so they deliver it consistently and effectively.
4. Nurture your customers
Nurture your relationships with your customers - it is a cost effective way to make customers feel valued and motivated to keep purchasing from you. The more you stay in touch with them the more likely they are to remember you. Consider implementing a ‘Keep in Touch’ programme or a loyalty scheme.
5. Use customer comment
Asking for feedback lets customers know that you are truly interested in them – something other businesses may not do. And the feedback you get can be extremely valuable for your strategic planning. The customer has made the effort to give it to you, so don’t waste it. Use the information to continually improve the way you do business, and let customers know that their suggestions are being used.
SPS can help you to increase the size of your customer base.
To learn more about how we can help you to do this and build up the value of
your firm, or to look at some of the other services we offer, contact SPS now for a FREE discussion by calling our office in the North West on
0161 903 8291