Work on your relationships with existing customers
The easiest revenue is usually right under your nose and while attracting new customers is important, there are more opportunities to boost sales with current customers. Did you know it will cost you about five times
more to acquire a new customer than retain a current customer? But how do you identify if they need any other products from you? Start by analysing the buying patterns of different customer groups, what they are buying and ask yourself if there are any other complementary items you can cross or upsell. It’s important that you never assume your customers are fully aware of everything you sell, because they probably aren’t. A friendly email or prompt that makes it easy for customers to discover recommended products will do wonders.
Treat your best customers to a promotion
It’s important to remind your best customers that you value their custom, so give them money off selected items or upgrade their products to show them you want to continue having a good relationship with them. Beware of offering points for perks – not only is it too generic, it tells customers they have to work hard for their rewards. Instead the promotions you offer need to be transparent, open and easy for customers to obtain. Perks shouldn’t be limited to points or cash, why not give your best customers early access to sale items or allow them to pre-order products before you list them?
Encourage customers to reciprocate the love
How do you get current customers to sell you to prospective customers? Although customer advocates are at the heart of any successful and growing business because they help send you referral leads for free, you need to incentivise and reward them every time they recommend you to anyone by implementing a long-term referral program. Also, don’t feel afraid to ask your best customers for testimonials and online reviews that will boost your credibility in the market. Giving them a little nudge every time they purchase will help shape how your business is perceived by the outside world.
Keep talking to the market so you continue to meet needs
When was the last time you actually put some time aside to talk to your most loyal customers to find out what you could be doing better to meet their needs? Just by talking to them, you could gain a lot of insight into what they like about you and what they think you could be doing better. Giving customers a say in what you sell is incredibly powerful, but listen to common feedback and suggestions, not just what one individual says. If you’re also willing to share your knowledge it will improve customers’ lives and give you standout as an expert against competitors who just sell products.
Be understanding with disappointed customers
Don’t make the mistake of getting fixated on whether a customer’s issue is your fault or theirs. Start by letting the customer air their frustrations, apologise for what’s happened, explain that you understand why they feel disappointed and that you promise to find a fast solution that they’re happy with. If you can go all out to rectify a customer’s poor experience with you, they are more likely to be forgiving.