Michael LeBoeuf has rightly said – “A satisfied customer is the best business strategy of all.”
This satisfied customer eventually becomes the brand ambassador and creates valuable marketing for the brand. Not just this, the repeat sales by a customer contributes to a significant part of the company’s total revenue.
Studies have found that increasing the customer retention rate by just 5 per cent can lift profits by 25 to 95 per cent.
To repeat sales from the existing customers and engage with the existing and potential customers becomes the key to expand the business and improve profits.
From knowing the easiest way to find the customer information and data – to personalised remarketing involving a seamless customer data platform, learn the 5 most actionable strategies to retain customers and repeat sales.
Get customers’ contact info
Customers’ information is the key to engage with the customer’s post-purchase. This, in turn, helps in retaining the customer and boost repeat sales.
Apart from re-engaging the customer, having customers’ data helps in targeting them with the right message, by understanding their buying journey.
But how to get the customers’ data?
If you are a company selling physical products that reach customers through many mediums including retails, then it becomes tough for you to collect the customer data.
But the easiest way and the recent trend has been the single-scan onboarding of customers. Customers scan the QR code on the package once. This scan fetches the customer data as well as onboards the customer. You can understand customer buying behaviour and remarket to them.
Check out NeuroTags app-less way of supercharging the retail packaging that helps the brands in connecting directly to their customers. One scan that gives you a B2C customer data platform, onboards customers for further targeting and provides a platform to retarget the customers.
Customer loyalty program
It is truly rewarding for companies to have a customer loyalty program. The customer loyalty program increases the lifetime value of the customer. Accenture found that 66 per cent of the consumers who belong to loyalty programs increase their buying quantity to maximise rewards through loyalty programs.
Not just this, but each time they return, their basket size grows. Studies have shown that repeat customers can generate more than 40 per cent of the revenue for a business, which contributes to a significant part of the revenue.
You can choose a service that makes the loyalty program seamless. Check how App-less Loyalty Marketing Strategy also automatically reminds consumers to buy again from the acquired reward points.
Re-engaging customers digitally
If just 20 to 30 per cent of your customers come back every month and make a purchase from you, you will do pretty well – According to Alex Schultz, VP of Growth at Facebook.
Re-engaging customers after their purchase increases their chances of making a re-purchase from you. And by now, we already know why repeat sales or customer retention is crucial.
You need the customer data and their buying behaviours for personalized re-engagement with the customer. It is profitable to have complete ownership of the customer data. Once you invest in a customer data platform, you will find it easy to trigger and automate marketing campaigns, analyze data, and make important decisions.
If your potential customer is not even yet aware of you, your efforts in delivering sales pitches and customer reviews will only go in vain. He is only in the first stage of his buying journey in the sales funnel. He first needs to be educated and entertained. You must first build familiarity with each other.
Understanding the customer’s journey stage in the sales funnel helps the brands in rightly targeting them with the right message they need to hear.
Software that has an integrated customer data platform and marketing automation can be an all-at-one-place solution. Invest in an AI-powered solution that can predict customer behaviour and identify churners earlier. Investment in such a solution can reap profits continuously.
Offer customers the opportunity to provide feedback
Customer feedback is especially important for physical-product brands. As the product goes through many points before reaching the customer, it is not easy to collect their feedback.
Positive feedback will boost employee morale and can be used in case studies and success stories. Negative feedback can be used to identify loopholes. Resolving these issues will potentially stop them from going to your competitor brands.
But, how to effectively get customer feedback?
It is well known that customers need a bit of convincing to spend their time on feedback. If you are okay with getting customer feedback anyway, you have many ways. But if you want the feedback in an effective way, then make the feedback process effortless, personalised and even rewarding to the customer.
Check out NeuroTags usage of gamification methods to onboard the customer, and thereafter not just collecting his data but also collecting feedback when needed.
Brands like IBM and Atlassian are leveraging the customer data platforms to improve their ROI and profits. You can have the same advantage as these big online brands.
If you are a physical product brand, then you even have an upper hand. NeuroTags not only creates a direct customer-acquisition channel but also drastically brings down the cost compared to what online brands spend on the same.
NeuroTags takes care of onboarding your users, engaging with them to re-purchase, provides you with all the simple to use tools, external APIs and analytics dashboards that your marketing team would ever ask for.
Contact us for a free consulting session with our experts.