{"id":177540,"date":"2020-09-23T12:09:29","date_gmt":"2020-09-23T12:09:29","guid":{"rendered":"https:\/\/www.revechat.com\/blog\/"},"modified":"2024-12-11T04:22:46","modified_gmt":"2024-12-11T04:22:46","slug":"repeat-customers","status":"publish","type":"post","link":"https:\/\/www.revechat.com\/blog\/repeat-customers\/","title":{"rendered":"7 Proven Ways to Attract and Keep Repeat Customers"},"content":{"rendered":"

Where do you invest most of your business resources and time? Many businesses, unfortunately, spend most of their valuable resources by focusing on acquiring new customers.\u00a0<\/span>While customer acquisition can increase your revenue and brand awareness, the results are not that significant when compared to customer retention.<\/p>\r\n

Repeat customers are significantly more value for your business than new customers because repeat customers are likely to bring in more profits for your business. Studies show that<\/span> almost <\/b>80% of your future profits<\/b> are likely to come from 20% of your repeat customers!<\/b><\/p>\r\n

Hence, it is crucial for businesses to start focusing their efforts more towards retaining existing customers, turning them into loyal customers, and increasing their lifetime business value.<\/span><\/p>\r\n

Before we dive into understanding the profitability of repeat customers, it is important to the definition of a repeat customer.<\/p>\r\n

What is the meaning of repeat customers?<\/span><\/h2>\r\n

Repeat customers are those who return to your business, again and again, to make more purchases from you.<\/b> Typically, a repeat customer has made at least two purchases from your company.<\/span><\/p>\r\n

Returning customers are also known as recurring or loyal customers because they are loyal to your brand and are likely to make many more purchases from you in the future. Repeat clients also turn about to be the best advocates of your brand and bring repeat business.\u00a0<\/span><\/p>\r\n

Why are repeat customers highly profitable for your business?<\/span><\/h2>\r\n

The first rule of any business is to retain customers and build a loyal relationship with them, and thereby avoid customer acquisition costs.\u00a0Not only do repeat customers convert more often, but they also have a higher average order value than first-time buyers. This means that your repeat customers are buying more from your store and more often.<\/p>\r\n

\"Importance<\/p>\r\n

<\/p>\r\n

Nurturing your repeat customers and serving them the right way can massively increase your business profits. Here are a few reasons why:<\/span><\/p>\r\n

Increased probability of next purchase<\/span><\/h3>\r\n

A repeat customer has already made multiple purchases from your brand. Meaning, such customers are already familiar with your brand, they love your services, and have an affinity towards your company.<\/span><\/p>\r\n

Hence, it is easier to sell your products and services to repeat customers than to new customers. With the same amount of resources, you can generate more purchases using repeat customers.<\/span><\/p>\r\n

Repeat customers cost less<\/span><\/h3>\r\n

Acquiring new customers for your business by promoting your products can be much more expensive than selling your products to repeat customers. This is due to obvious reasons like repeat customers are already comfortable with your brand and prefer your products over your competitors.<\/span><\/p>\r\n

Repeat customers have higher lifetime value (LTV)<\/span><\/h3>\r\n

Apart from higher conversion rates, the average order value of repeat customers also tends to be higher as compared to new customers. For every purchase made, a repeat customer is going to spend more money than a new customer, either through upsells or an increased quantity of orders.<\/span><\/p>\r\n

Moreover, the likelihood of a repeat customer making frequent purchases from your brand is more than that of a new customer. Hence, promoting new products to repeat customers takes much fewer efforts compared to new customers.<\/span><\/p>\r\n

Likely to refer to new customers<\/span><\/h3>\r\n

Your repeat customers are loyal to your brand because they have had good experiences with you. Due to this, repeat customers are highly likely to promote your brand through word of mouth or social media. Hence your repeat customers have the added advantage that they refer numerous new customers to your business.<\/span><\/p>\r\n

8 proven ways to attract and keep repeat customers<\/span><\/h2>\r\n

By now you know how valuable and profitable repeat customers can be for your business. Businesses can plan strategies to engage customers in a way that they become repeat customers.<\/span><\/p>\r\n

Let us discuss some innovative ways to retain your new customers and turn them into repeat customers for your business:<\/span><\/p>\r\n

1. Deliver excellent customer service<\/span><\/h2>\r\n

Any business\u2019 primary goal is to attain lifetime loyalty from customers, and this is easily possible by providing a best-in-class premium experience to your customers. And the most viable way to improve your customer experience is through excellent customer service.<\/span><\/p>\r\n

\"Deliver<\/p>\r\n

Source<\/span><\/p>\r\n

Here are some ways to deliver superior customer service.<\/span><\/p>\r\n