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Repeat sales are the cornerstone of a successful online business. Since a happy, satisfied customer makes for a loyal customer, it is better to focus on getting your existing customers to make repeat purchases rather channeling all your efforts to acquiring new clients.
Of course, this is not to say that you should not go after new clients. Not at all; however, you should NEVER neglect existing clients and if you just started your home-based business, focusing on current clients will be more cost-effective than running after new ones.
Repeat Sales - Focusing on Customers You Have Now...
First of all, the marketing investment required for attracting new customers to make purchases is higher than what is needed to retain current ones.
Furthermore, current customers does not mean they cannot bring in new ones. If your product or service is good and you have a good after-sales relationship with them, your loyal customers will tell other people about you. That's word-of-mouth advertising for you!
Another reason why customers who make repeat sales should be a focus is because once you have built a strong customer base, the purchases they make will continue to sustain your business for years to come. Repeat sales from customers serve as long-term income generators, providing steady profits over a longer period of time instead of a massive inflow at the beginning (only to have it dwindle towards the middle and end of your business life cycle).
Another reason why repeat sales should be your focus is that a returning customer is more likely to purchase your full range of goods or services. New customers are often just lured by a sale or by special promotions that you provide for a short duration and as such will only purchase one or two items.
Lastly, if you focus on repeat sales, you are encouraging customer loyalty. And as we all know, devoted customers are less likely to be lured by the competition. Indeed, once current consumers know that they are getting value from your company, and then they will not find it necessary to go with other companies offering similar products or services.
So the next time you are tempted to channel all your energy, creative thinking and money on new clients... don't. Focus these resources on getting repeat sales instead and see long-term benefits.
Action Steps to Getting Repeat Sales
- Create a list of your customer base and try to divide this according to specific demographics (e.g., gender, age, purchase made, etc.)
- Now that you have divided your customer base, think of the best way to encourage repeat sales e.g., a freebie or a future discount.
Important Points to Getting Repeat Sales
- Focusing on repeat sales is more cost-effective than running after new ones.
- Repeat sales consequently builds on customer loyalty.
- Repeat sales sustains a business more effectively in the long run.
Related Articles
Why You Must Establish a Good After-Sales Relationship with Your Customers
Four Simple Steps For Building Customer Loyalty for your Small Business
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