In social CRM Malaysia, both new and returning customers are present in every eCommerce store.
It should go without saying that your goal is to increase sales. But to do this, you shouldn’t just concentrate on attracting new clients. You must also ensure that your current clients are repurchasing your products.
In general, keeping a current customer is far less expensive than acquiring a new one. The likelihood of selling something to a prospect is only 5–20%, whereas the probability of selling to an established customer is 60–70%. (Information from a study by Marketing Metrics.)
This is why it’s crucial to track your repeat purchase rate and keep an eye on your customer retention.
You might want to consider measures to increase your repeat purchase rate if most of your clients have only made one transaction from your store.
Let’s examine the repeat purchase rate, how to determine it, and how to improve it.
What is your rate of repeat business and why is it significant?
The proportion of your consumers who have made multiple purchases is your repeat buy rate.
The better, the higher the number. 0% would indicate that no customers have made a second purchase from you. If the rate were 100%, every customer would have made multiple purchases.
It’s pretty easy. Over time, you’ll make more money the more frequently your clients purchase from you.
Your repeat purchase percentage is a crucial indicator for gauging the success of your attempts to keep clients and their brand loyalty.
How to determine your rate of repeat purchases
Divide the number of consumers that made several purchases (during a specified period) by the total number of customers to determine your repeat purchase rate (in a given date range).
There isn’t a single definition of a reasonable repeat purchase rate, which is terrible. Your industry and the goods or services you provide will significantly impact you.
If you sell expensive, durable goods, your repeat purchase rate will probably be lower than that of a business that sells inexpensive consumables.
Building closer relationships with your consumers are the key to improving your repeat buy rate, regardless of the things you sell, and any business can gain from doing so.
7 practical methods to boost your rate of repeat business
Here are 7 actions you can take to encourage repeat business from your clients.
1. Segment your audience
Delivering customised material that is pertinent to the recipient’s interests is a certain approach to increase sales while marketing your goods or service. But how can you accomplish it when each client is different?
Customer segmentation is the solution.
Basically, customer segmentation involves grouping your consumers into multiple categories. Each section will be determined by a variety of factors, including age, gender, occupation, geography, interests, past purchases, and more.
Then, you can target the various segments with a customized message that appeals to them directly and takes into account their particular needs and desires.
By offering your customers what they want to see, segmentation gives you the potential to improve the effectiveness of your marketing initiatives and increase sales.
2. Send re-engagement emails
You can send re-engagement emails to clients who haven’t purchased from you in a while. Regaining the clients is the aim of the email (or series of emails). Remind them of the benefits of doing business with you in the first place and demonstrate what they are missing.
The best results come from personalising these emails depending on the customer’s prior purchases. Afterwards, you can display to them suggested products depending on their preferences.
Your re-engagement emails may also want to contain an incentive to increase conversions. This could be a coupon code, free shipping, a gift, or any incentive to entice the buyer.
3. Send customised product suggestions
You can send re-engagement emails to clients who haven’t purchased from you in a while. Regaining the clients is the aim of the email (or series of emails). Remind them of the benefits of doing business with you in the first place and demonstrate what they are missing.
The best results come from personalising these emails depending on the customer’s prior purchases. Afterwards, you can display to them suggested products depending on their preferences.
Your re-engagement emails may also want to contain an incentive to increase conversions. This could be a coupon code, free shipping, a gift, or any incentive to entice the buyer.
4. Demonstrate your reviews
Using consumer feedback to your advantage will increase consumers’ likelihood of repurchasing your goods and services.
Why?
Because evidence of other customers’ love for a brand will increase consumers’ faith in it, a 2019 poll by Bright Local found that while bad reviews turn off 82% of consumers, 91% of consumers are more inclined to patronise a business after reading positive ratings. That is a tiny idea known as social proof.
Social proof, also known as user-generated content, is anything others have said positively about your business.
The most successful technique to include social proof into your marketing activities is definitely through ratings and reviews. Customer testimonials can be shown on your landing sites, added to product pages, or incorporated into email marketing. If you can, include actual photos of satisfied consumers.
5. Send emails about cart abandonment
According to research, nearly 70% of customers add things to their online shopping carts but abandon them without making a purchase.
In other words, seven out of ten customers who put your things in their cart eventually leave without making a purchase. That is a significant loss of prospective earnings.
You don’t have to accept defeat just yet, though. Some of those wandering shoppers can be recovered.
How? via email cart abandonment notifications.
When a customer abandons their cart, an automated email campaign known as an abandoned cart email is launched. One of the best emails you can send is this one.
Check out this post to learn what elements make up a high-converting cart abandonment email.
6. Launch a rewards scheme
The real motivator of brand loyalty is a solid relationship with your customers. However, a healthy connection can never be one-sided.
An incentive-based loyalty programme will demonstrate to your customers how much you value them. The most straightforward strategy to increase your repeat buy percentage is to appreciate your consumers’ patronage and loyalty sincerely.
Customers will be considerably more likely to purchase from you more regularly if you offer points and valuable prizes just for shopping at your store.
7. Boost client satisfaction via surveys
Customer satisfaction can boost loyalty. They are finding out what current consumers think of your business is essential.
If a consumer has a negative experience for any reason, you may address it by listening to them and earning their trust while enhancing your offering. Customers are considerably more likely to stick with your business if you respond to their concerns immediately.
How then do you gauge client happiness and obtain that crucial input? Surveys on customer experience provide the solution. You can find out what your customers enjoy and dislike and where you need to improve by using the appropriate questions. Customer surveys are a fantastic approach to gathering customer testimonials for your social proof marketing efforts.
Over to you
We can’t afford to disregard the post-purchase experience as marketers. This is the thing that can increase customer retention.
It would help if you were prepared to improve your sales and your repeat purchase rate higher than ever by monitoring your customer retention metrics and applying the methods in this piece.
The key is to pay attention to your consumers’ needs and give them real, worthwhile experiences. Your rate of repeat business will go up the more you strive to enhance the complete customer experience.
Request a demo from Wired Plus to begin developing experiences that your clients will adore. We’ll demonstrate the incredible things our marketing platform can accomplish for your company.
This article is posted on Article Ritz.
