Repeat customers are the goal of every business. Acquiring a new customer can cost up to six times as much as retaining an existing customer. However, the big payoff can come in the amount that repeat customers spend. Recent studies indicate that a second-time buyer spends up to three times as much as a first-time buyer, and customers making three or more purchases spend as much as five times as much as a new customer. When you consider the revenue that loyal shoppers may generate by mentioning your company or brand in their social media posts, it is easy to see that turning customers into repeat buyers is a valuable strategy. What is not as easy to see, however, is how to accomplish this task. The following suggestions can help you achieve
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Marketing technology has advanced to the point that it is now possible to target customers at a very granular level. Once a customer has made his or her first purchase, you can use your retargeting strategies to convert them into lifetime …show more content…
Cyber Monday is typically the biggest shopping day that online retailers see all year. Expand on that idea by offering regular "sale days" on a weekly or monthly basis. You could use the same concept to promote specific days on which new products will be introduced. Customers will know that they can visit on specific days to find great deals or new products.
• Customize your offerings. If you know a customer 's birthday, send an electronic card that includes a special offer that is only valid on that date. If you know his shirt size and style preference, notify him when you receive a new shipment of shirts that meet the proper criteria. If you know that the customer has young children at home, send a back-to-school offer. Mine your data to send personalized, relevant offers.
• Consider using a subscription or membership plan. For a monthly fee, customers can have access to special benefits. They might receive an automatic upgrade to free Priority Mail shipping on all purchases, for example, or access to members-only sales. You could offer rewards points that can be used on future purchases, or you could offer content that only members can
Marketing technology has advanced to the point that it is now possible to target customers at a very granular level. Once a customer has made his or her first purchase, you can use your retargeting strategies to convert them into lifetime …show more content…
Cyber Monday is typically the biggest shopping day that online retailers see all year. Expand on that idea by offering regular "sale days" on a weekly or monthly basis. You could use the same concept to promote specific days on which new products will be introduced. Customers will know that they can visit on specific days to find great deals or new products.
• Customize your offerings. If you know a customer 's birthday, send an electronic card that includes a special offer that is only valid on that date. If you know his shirt size and style preference, notify him when you receive a new shipment of shirts that meet the proper criteria. If you know that the customer has young children at home, send a back-to-school offer. Mine your data to send personalized, relevant offers.
• Consider using a subscription or membership plan. For a monthly fee, customers can have access to special benefits. They might receive an automatic upgrade to free Priority Mail shipping on all purchases, for example, or access to members-only sales. You could offer rewards points that can be used on future purchases, or you could offer content that only members can