A recent study by The Gartner Group found that at least 20% of customers are loyal to one single company. In total, these customers are responsible for 55-70% of the total annual sales for their beloved business. This is a significant contribution, which makes leveraging loyal customers one of the smartest approaches you can do when you’re seeking to gain more sales.
Every B2B company needs as many sales as possible and, instead of finding and entertaining new customers, it is better to invest time into your existing, loyal customers. It is cost-effective to inspire existing customers to make more purchases.
They are already used to making repeat purchases, they do not buy from anyone else and the best part of a loyal customer is that they will make extra efforts to buy from their trusted brand.
So, here 5 ways to improve your customer retention rate and leverage loyal customers to more sales.
1. Develop A Good Retention Strategy
Before motivating your existing customers for more sales, it is really necessary to keep them feeling safe and engaged. The loss of one common customer can bring a slight downfall in your sales graph, but losing one loyal customer has a much larger impact. That is the difference in potential between a common and a loyal customer.
So, in order to bring a consistent increase in your sales, the most important thing is to retain your existing loyal customers. The way you do this is through an effective retention strategy.
2. Connect With Your Customers
Connecting with your customers is an essential part of the growth and development of all online businesses. Companies today can stay engaged with customers through social networks like Facebook, Twitter, or Instagram, or online chat features.
In order to engage with customers, make it your policy that no customer engagement is ignored. This way you will be able to manage the customer engagement process and, once successful, you can plan to motivate your retained customers for more sales with fast and effective responses.
3. Use Content Marketing To Educate And Motivate
People mostly make purchases of goods and services of which they have some pre-existing information. An efficient content marketing strategy is the best method for motivating your existing customers to keep buying from your business. Through content marketing you can attract them, inspire them, make them understand the benefits of your product, and how the goods you are selling will enhance their lives.
4. The Phone Can Be Your Friend
You shouldn’t be afraid of picking up your phone; your phone isn’t your enemy, it’s your friend and can help you to leverage more sales from your loyal customers.
Start making courtesy and catch-up calls to your existing customers. As loyal customers they will be ready to welcome an informative call from you, their trusted brand – it’s a reminder that they are valued, and when they feel valued they are more valuable to you.
5. Give Special Perks To High-Value Customers
Like your employees, your loyal customers need a special experience too. They are an important part of your organization and contribute heavily towards the success of your business.
Giving your loyal customers special perks will not only make them happy but can also encourage them to buy more of your products. One way you could do this is by setting up a VIP status for them, rewarding them with special discounts or inviting them to particular events, etc.
There’s a reason people are called valued customers: it’s because they’re a valuable asset to your business, one that can bring more sales now, tomorrow, and way into the future for your business. So, get out there and start applying my 5 tips today to make the most of your loyal customers.