We all know the value of repeat business with a large base of loyal customers. But, let me give you another point of view. With all the small businesses I have coached and trained, I have seen a huge correlation between the levels of repeat business, that’s your loyal customers and, the levels of profit.
So, three things to do this week to encourage loyal customers;
- Firstly, what percentage of your business is repeat business. Compared to new customers? Only when you know the number of loyal customers, then you can you grow them.
- Break your past customers down using the 80:20 rule – who are the 20% of your clients who bring you approximately 80% of your profits/revenues? It won’t be exact, but it will be close.
- What are three simple things you could do today to get more repeat business and gain more loyal customers? How will you ask your customers to come back more often? And, at higher values and with their increased loyalty?
Follow a strategic approach to your Sales & Marketing to work on improving the loyalty of your customers – using the Lifecycle Marketing strategy. See this post: The Ultimate Guide To Lifecycle Marketing.
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