A secret of marketing is increase your customer retention.
???¦?Rescuing people from the results of their own foolishness is really what customers service is all about. Customers rarely obey the rules. They expect you to rescue them whenever they do something stupid. Will you be a ???¦?rescuer,???¦? known far and wide for customer service, or will you steadfastly insist that your customers follow the proper procedures????¦?
???¦?Roy H. Williams
Develop ways to keep your current customers longer! Explore cross-sell and up sell opportunities. Learn how to craft offers over just selling products???¦?there is much more money in it!
When you focus your marketing on customer retention you will discover a few interesting things. 1. You will see that your oldest customers are your most profitable. 2. You will discover that it is cheaper to market to your current customers than to get new customers. And 3. You will discover how you can leverage your current customers base to grow your business.
Following tips will help you focus on your customer???¦??s needs resulting in stronger relationships with your customers.
Cross-selling is the art of assessing the intended use of a product and, where appropriate, suggesting an additional product or products that complement the product being purchased. Help your customers find the best fit. That is why they come to you.
Up-selling is providing additional information about a product that enhances the use of the initial item being purchased. It should be something that makes the use of the product safer, easier, faster, more convenient, or even more productive.
Down-selling is a counter to up-sells. If you offer, as an up-sell, a magazine subscription for 3 years at $40 (3 years for the price of 2) and the customer decides this is too much or two long, down-sell a 2 year subscription say for $25 ($15 off second year). If your customer accepts the up-sell offer you increase sales by 50%, but if she doesn???¦??t accept the up-sell offer and does accept the down-sell offer you still increase sales by 25%. Carefully monitor, manage and tweak your offers. Any increase in average order value (AOV) is cash in hand???¦?? not bad for a little time spend in training.
Additional ways to focus on customer retention are:
1 Develop a loyalty program. A program that rewards a customer for doing business with you.
2. Develop a referral program. A referral program gets your customers to advertise for you???¦?? this is the cheapest marketing you can do.
3. Create an educational program. An educational program can consist of many different items. Customers look to brands to educate them. This is becoming more and more important everyday. Your customers lead busy lives and don???¦??t have enough time to do the necessary research to make an educated buying decision. This is where this strategy comes in.
By developing educational materials and informational bursts you can lead your customers to an educated buying decision.
The greatest strength of this strategy is that the more educating you do the more time your customer spends with you and your products. Their time investment with your brand substantially increases their probability of buying from you.
When you incorporate educational strategies into your marketing plan you add more reasons for your customers to buy from you and you make them more loyal.
Educational strategies could include:
4. Create Top 10 programs to engage and interest your customers. A top 10 program would work great in every department of your store. People love lists and when you can give people what they love you have built in a infinity for your business. Try this, you will be surprised at how successful it is.