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How to Boost Profits from Existing Customers

written by Business Beetle

So many businesses are so focused on attracting new customers, that they can often forget to take care of their existing ones, and it’s these customers that have the biggest potential for increasing profit margins. Not only can the potential for increasing profits from existing customers be a much quicker process, but it’s also much cheaper than acquiring new customers too. Read on for some of our best tips that will help you boost your profits from existing customers.

Offer a Loyalty Scheme

If you already have customers that come back to you time and time again to make a purchase, why not think about rewarding those customers with a loyalty scheme. No matter what industry you are in, loyalty schemes can be tailored to your business easily and they are a great way for rewarding your regular customers. Say for instance, you own a local café, you could implement a loyalty scheme which gives customers the opportunity to claim a free cup of tea on their 10th visit. The option is entirely up to you, and no matter what your business, there will be a loyalty scheme opportunity that’s right for you and your customers. Remember, customers will be grateful that a business has taken the time to reward them for their custom, and that in turn can provide some great opportunities for positive reviews and word-of-mouth.

Ask for Customer Feedback

Customer feedback can often be the pinnacle point in which new consumers make their decision to whether or not they will buy from a particular business. So, if you’d like to see more of your customers leaving feedback, just ask them. Sometimes, businesses are afraid to ask for feedback in fear of a customer leaving a negative comment, but in these instances, it’s often how a business deals with a complaint that leaves the lasting impact. Not only that, but customers will appreciate that you have asked them to share their opinion, and they will be even more thrilled if they see you take the time to respond to them too. This is particularly important on social media. Just remember that social media is a two-way conversation between you and your customers so making sure that you are taking the time to interact with them is crucial for getting positive attention from potential consumers.

Email Marketing

Have you been wondering whether email marketing is still a valuable aspect of your marketing strategy? Consumers still value emails from businesses as long as they are valuable to them and their interests. One thing to remember is to not be too spammy – make sure that you’re spending time on your email marketing as you don’t want it to look rushed and as though you want to get your business in the face of every single customer and quick. Your content needs to be valuable to your audience to make sure that the recipients aren’t just clicking delete as soon as it lands in their inbox. Think about offering exclusive discounts as this can be a great way to not only make existing customers feel more valued, but it can also be a great incentive for new customers to sign up too.

Personalisation

Nowadays, consumers don’t just like a personalised experience, they expect it. Not only does giving customers a personalised experience encourage impulse purchases and inevitably increase revenue, but it builds trust and loyalty too. Customers want to see that businesses aren’t just trying to sell them anything and everything, they want to be sold something that they need. One size doesn’t fit all anymore and in today’s competitive market, if consumers aren’t given a personalised and valuable experience, they will move on and find a different business that can offer them the experience they are looking for.

Just remember, seeking out new customers is integral for business growth, but don’t neglect the customers you already have. Implementing these sorts of processes doesn’t need to cost you greatly, just a little extra time and effort which have the potential for excellent long-term results.

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