Transcription
If you don't focus on turning clients into repeat customers, you'll be forced to constantly attract new ones. You attract, attract, attract, and they come in, then leave. Eventually, you'll find that no one is coming in anymore, or that the cost of acquiring each new customer is rising significantly. You'll be losing money, losing margin. Overall, in your business, you'll earn less and less.
When you don't think about how to convert a client into a repeat customer, you're essentially investing money to ensure your competitors have regular clients. You attract a person, convince them, sell to them, and provide good service. They leave feeling great, thinking, "Wow, that was awesome! All my problems are solved." Then they move on, and you think, "If they need something, they'll come back to me." But when they need something, they forget about you. They might change accounts, move to another country, and suddenly, they're looking for someone else. You've essentially created a customer for your competitors.
Fortunately, there are eight tools that can help convert clients into repeat customers. The most important starting point is number one: understanding your product line, your assortment, and your product itself. If there's no reason for someone to return, for example, if you sell wedding dresses, sure, someone might come back if they get divorced, but that's not about regularity or consistency.
If you sell wedding dresses, you might need to add everyday clothing or evening wear so that a customer who liked your service has a reason to return and buy something else. This applies to services as well. If you offer a one-time service, like divorce proceedings, who knows when that person will come back?
It's crucial to build a product line that gives customers something to return for.
The second tool that must be implemented is customer base segmentation. You cannot treat your entire customer base as a single group. If you have 10,000 regular customers, you can't just think about how to sell to all of them at once. Some came earlier, some later; some buy regularly, while others buy sporadically. It's important to segment this base to work with each segment individually.
Avoid mass calls or mass emails about everything. Eventually, you'll tire people out. Segmentation allows you to make tailored offers that feel personal because you have correctly segmented each part of your customer base.
The third tool essential for forming a loyal customer base is a method of communication. This could be email newsletters, chat-bot messages, phone calls to your customer base, or retargeting customers who haven't responded. You need to determine what is cheaper for you. If retargeting is cheaper than calls, start with that. If calls are cheaper, begin with those, and then retarget those who didn't respond.
It's not just about sending out mass emails and waiting for feedback. You need to analyze the feedback and think about how to reach them differently. Use your arsenal of tools.
We've covered three serious tools: you need the right product, segmentation, and a way to reach out. When contacting each segment, don't just call to chat or ask if they want to buy something else. Approach them with a specific offer. For example, "You purchased on this date, and we have a wonderful offer that complements your previous purchase or helps you save money."
We need to present this advantageous, appropriate offer so that the customer can decide if it's interesting or not. It's also important to note their feedback to understand what they think about the offer and whether it fits their needs.
The fourth tool is a loyalty program. This could be a bonus program, cashback, or gifts. It's not just about cashback; it should be structured to create a beneficial offer. For instance, instead of just giving a discount, think about how to make it appealing for the customer.
You might say, "Come buy these boots today, and I'll give you 10,000 bonus points." This way, you're not just giving a discount; you're offering bonuses they can use on future purchases.
The fifth tool is personalized offers. If you're in a market with millions of customers, it might be a pseudo-personalized offer, like addressing someone by name. However, if you work in B2B or with complex clients, you can create a truly personalized offer based on their needs and your understanding of their business.
The sixth tool, often overlooked, is gathering customer feedback. This means not just relying on online reviews or star ratings. It involves a dedicated specialist reaching out to specific customer segments to gather insights on their choices and hesitations.
The seventh tool is having a presence on all social media platforms. Your product should be visible everywhere, even if you think a platform isn't relevant to you. People check social media daily, and if you're not there, they won't see you.
Finally, the eighth tool is customer comfort. If a customer feels uncomfortable, they will never become a repeat customer. Comfort encompasses everything: how you communicate on the phone, wait times, response speed, and the convenience of your website.
You need to continuously gather feedback on the comfort and ease of interaction with your business to ensure customers don't drift away.
By forming a loyal customer base, you can earn more with less investment. And to help you earn even more, subscribe to this channel. Turn on notifications so you don't miss any videos.
That's all for now. See you in the next video! Goodbye!