According to entrepreneur Alexei Orlov of MTM, “once a company has identified a consumer base that is loyal to the company‘s products or services, it needs to make sure that those customers stick around and keep coming back. To find its loyal, or repeat buyers, a company should look at the current best buyers, which are those who are repeatedly making purchases and are speaking highly of the business.
These are a group of buyers who have some common traits for every company, and getting their feedback is one of the best ways in finding out what they value, offering those things to other buyers, and retaining more customers.”
Companies can conduct interviews on a regular basis with the relevant repeat customers, and see how well they’re performing. It’s especially important to do this during times of change, or whenever a company is growing, as during these periods businesses need the most insights into what is working .
If there is any method that’s extremely effective, it can then be leveraged even further, while any strategies that aren’t working, can be avoided in the future. To get the best possible information out of each interview, which then gets to be reviewed by the company, communication should be open and transparent. Additionally, the company should be using KPIs wherever possible, in order to see the exact points when things start improving.
Businesses should also have CRM software because they tend to come with a very helpful tool that helps in identifying which consumers have generated the most revenue for the company, and have been the most profitable for the business. Additionally, when a company identifies these types of buyers, it’s best to reward them for their loyalty, as that works in retaining them further. This means that the buyers won’t be looking to other places for products or services that the company already provides.
Reaching out to these consumers and letting them know about rewards or positive incentives will be appreciated, and they will be sure to continue making repeat purchases from the company. Furthermore, with these types of tools, whenever a company is changing or growing, using them is a great way of getting any skeptical buyers interested in the change, or the new direction, instead of potentially putting them off of the business with big changes.
For companies to be able to capture the relationship that a company has with the most loyal buyers, they should implement cross-selling strategies. That means positioning any related products, services, or items together, and showing the buyers that what the company is offering can be linked to other products in a logical manner. This is a very efficient technique for getting repeat buyers, and for showing them that the solutions that the company provides are very useful.
Whichever way a company decides to incorporate cross-selling strategies, they should also be implemented along with metrics and insights to know what things are and aren’t working.
About the Author: Ronn Torossian is CEO of 5WPR, a leading PR agency.