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“Analysts note that 25% to 40% of the total revenues of some very stable businesses come from returning customers. Steady customers help businesses weather lean economic times because businesses with 40% repeat customers generated nearly 50% more revenue than similar businesses with fewer repeat customers,” – Mark Uzunian
Modern customers tend to be finicky creatures that are constantly being buffeted by multiple waves of physical and electronic marketing campaigns that promise all manner of products and services. Consequently, brands and businesses must create and offer a distinct value proposition that encourages customers to make a second purchase when shopping for commercial offerings. This purchase is essentially a confirmation of the customer’s interest in a brand or product and conveys the signal that said customer is positively inclined towards a particular commercial offering. We must note that modern brands must make it worthwhile for a customer so that he or she chooses to be a repeat customer for a brand or a business. Repeat customers are great for a brand because a business can turn such customers into business advocates and brand ambassadors. In addition, repeat customers can be counted on to boost sales in scenarios wherein bearish trends pre-dominate a certain market.
Entrepreneurs and enterprises must value the second purchase because typically this action indicates that a customer has gained confidence in a business enterprise. The second purchase (and subsequent purchases) tends to be higher in value than the initial transaction. In addition, the number of pieces of merchandise tends to multiply when customers repeat their purchasing experiences at a certain business. For instance, a traditional retail business should work to expand its number of repeat customers because this offers the business a steady flow of revenue and helps the business to clear its inventory faster. Repeat customers are also more likely to share their experiences with a brand or product and therefore, invite additional customers to offer their custom to a certain business. In light of the above, we may state that the second purchase indicates a multitude of business-friendly transactions.
Repeat customers can be counted upon to try new merchandise and new product offerings launched in a market. Businesses can easily mark such customers because these individuals are more likely to invest their time and dollars in patronising a certain business enterprise. For instance, a jewellery business should track instances of second purchase and mark the customer for future offerings, discounts, and preferential treatment. This helps to create a situation wherein, the customer benefits on subsequent shopping sessions while the business gains an additional steady customer that is least inclined to defect to the market competition.
We must note that the second purchase is essentially very significant because it signals the fact that the customer has developed a certain brand association with a particular product or service. This is important from a business point of view because a brand association helps the business to expand its customer base. It also helps to confirm the validity of the marketing campaigns undertaken by the said business. In addition, the second purchase enables the business operator to be sanguine regarding the intent of a certain customer and create a certain customer profile. These activities can spur the business owner to target said customer with special discounts or preferential access to new goods and services.
Brands and businesses should try to convert first time purchasers into repeat customers by exerting some marketing focus on the said purchasers – a great of expanding the sales effort to create significant positive results for the business. For instance, an e-commerce business can direct special marketing materials to the mailboxes of new customers in an attempt to secure the second purchase. This approach should be considered a basic tactic to expand the customer base and to pique customer interest in a business operation. The attempt to convert new customers should be appended to a parallel effort that seeks to boost customer engagement through multiple devices, such as group discounts, free shipping, and certain freebies. The whole effort should be orchestrated to achieve a second purchase because it confirms a commercial relationship between a buyer and a seller. Further, the e-commerce operator can work to remind lapsed first time customers by seeking customer feedback through emails, text messages, or through online consumer forums.
Growing numbers of transactions from repeat customers help to boost the profit margins of a business enterprise. This fact should be acknowledged squarely and therefore, businesses may choose to roll out red carpet treatment for repeat customers. In addition, brands and businesses can also choose to create a special relationship with repeat customers because this can deepen the business relationship and ensure that the customer will not consider offerings from competing businesses. Further, the size of commercial transactions tends to grow with time and this provides businesses with a huge incentive to invest in customer relationships.
Some observers note that brands and businesses should earmark a certain portion of their marketing budgets to woo steady customers – a strategy, which helps customers to feel special and hence, must be executed subtly. Gifts, free shipping offers, invites to dealer conferences, coupon discounts, personalised attention, newsletters, and email campaigns should be directed at the returning customers in a concerted bid to hold their attention (and their custom). These devices should also be deployed in an attempt to boost customer confidence in the business enterprise, which will ensure a long commercial relationship. In addition, the said devices can help to boost a brand reputation and strengthen commercial relationships.
New products and services can be marketed to repeat customers through email or text messages. This approach can help to create multiple iterations of the second purchase because customers feel privileged when they receive bespoke marketing communication. For instance, an online business can create a marketing campaign designed to target customers that transact in high volumes. This campaign should be an on-going effort and must focus on creating positive value for the customer. The campaign should also bear elements that are designed to spur customer action. For instance, email-driven campaigns can feature a countdown clock that indicates the validity of a sale period. Alternatively, a date-stamped email can encourage customer action within a specified number of days to avail a flat discount on certain products. A combination of such actions can help business enterprises to boost customer engagement and achieve positive business outcomes.
In the preceding paragraphs, we have outlined some of the facts that confer outsize importance on the second purchase. Repeat customers represent a steady stream of revenue and can help to build or expand the scope of a business enterprise. Therefore, brands and businesses should value these customers and must create special treatment regimens for the same. The returning customer also poses special significance because businesses do not need to devote additional marketing resources to capture these customers. In addition, steady customers can be relied upon to bring additional customers in the form of friends, cousins, family, and colleagues to a business enterprise, which naturally amplifies the scope of business and must be welcomed by commercial operators. In light of the above, we may state that brands and businesses should assign special significance to returning customers given the multiple benefits conferred by these customers.
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