The job of a true entrepreneur
Is to attract a return customer,
Just give them a reason to come back
And profits you'll never lack,
If you'll give what repeat customers prefer.
Research has discovered it's 7 to 10 times cheaper to keep a customer than it is to get a new one. One of the most expensive costs of doing business is getting a prospect to buy from you the first time.
The only way to make up for that costly expense is getting your customers to buy from you again … and again. That's where your biggest profits hide. The more repeat customers you can win the more long-term success you'll enjoy. Repeat customers are the lifeblood if any business you find who stands the test of time.
The business that ignores the principles of attracting repeat customers puts themselves under pressure (and the expense) – of finding new customers all the time. This is not only stressful and expensive, it reduces your chance of long-term success.
What's one of the most intelligent strategies business owners can do to assure themselves of success? Develop strategies for attracting repeat business "before" they invest a penny in their venture. Otherwise refusing to take that first step is like a roll of the dice.
Here's a few powerful tips to boosting your repeat business:
1. Choose a Product or Service That Encourages Repeat Business.
Choosing the right product or service will play a major role in determining how much repeat business you'll get. One of the easiest ways to inspire repeat business is choosing a product or service with those built in qualities. For example, products that are disposable or used once and thrown away.
You can also offer a maintenance type service, where you help the consumer preserve or maintain what they already have. In a tight economy people will spend more to preserve or maintain what they have than they will to buy a new one.
People are more loyal to a service than they are to a product. For example, you probably go to the same mechanic, barber, beautician, doctor or dentist, etc. You probably use the same gardener or pool man too, right?
2. Give Fanatical Extra Mile Service.
In today's volatile business climate, it seems like everyone is cutting back and downsizing. And the rest is doing just enough to get by. In fact, one of the biggest challenges for consumers is making sure they're getting there moneys worth.
Consumer protection agencies, like the Better Business Bureau have files stuffed with consumers who did not get their moneys worth.
So, one of the best ways to separate yourself from the crowd is to find ways to "over deliver". That's today's new normal, if you want to stand out and inspire repeat business.
Doing more for your customer than they expect. That's one of the best ways I know to encourage them to do business with you again. With more businesses doing just enough to get by, it's a guaranteed way to make you remembered.
3. Stay in Contact With Your Customers.
This does mean bombarding them with sales offers everyday. It means sending them free information to enhance what they've already purchased from you.
Cost saving tips, upcoming seminars or even customer surveys are a few examples. But don't stop there, use your imagination. If bought your product or service, what would you like?
All of this adds up to creating a climate that encourages customers to do business with you again. It shows you care – as opposed to just wanting to sell them something else.
As John Maxwell said, "People don't care how much you know until they know how much you care." Sharing "free" information that enhances your customer's previous purchases from you is an excellent way to show you care.
Those who refuse to follow this path are often forced to turn into "pushy salespeople" just to survive. Not a good look.
The key is maintaining an "ongoing program" to do things that build and inspire customer loyalty.
With today's savvy, informed and often skeptical customers, that takes time, effort and going the extra mile. Those are the steps most high-pressure, quick buck marketers will never do.