Customer retention is absolutely critical to your success online. That’s because if you can create a lifetime customer, you can create a thriving business. As a person who has built up a business full of loyal and repeat customers, I’m here to tell you the secrets of customer retention, so that both you and your clients can succeed.
How to Achieve Great Customer Retention for Your Online Business
Here’s a straight fact. A study conducted by Bain & Company last year showed that repeat e-commerce buyers spend more money, refer more customers, and buy a broader range of products than one and done shoppers. Other studies have shown figures as high as 34% on average for repeat shoppers buying similar products.
That means once you get them in by fulfilling their need, you can start offering your own products. While your product may not have been something they were looking for, customers are practically guaranteed to buy something again. Create products that fall within the same industry, and they’re sure to purchase again.
The Beauty of a Loyal Customer
After you’ve fulfilled a customer’s needs, you’ve created credibility and rapport. They believe in you — even given you their credit card number. Moreover, hopefully you’ve done your job, and they’ve had a good experience with you. Don’t rip them off, or lie to them, or fail to deliver on a promise.
Instead, take care of them. Give them good customer service. Offer them great value for the dollars they invested in you. After all this, are they going to buy from you again? Absolutely! They qualified themselves to do business with you. It’s easy to sell them again. It shows you the power of backend marketing.
When you treat every prospect visiting your webpage as a potential lifetime customer, you don’t care what they’re buying from you today. You should even be willing to lose a little money on your first sale, because it’s all about the backend. You make all the money on the repeat sale, and it costs nothing to mail to them for the rest of their lives. Remember, even if you even lose money on the front end, you’re going to make that money back by selling them again and again and again.
That’s why you shouldn’t worry about the $20 you’re making today. Instead, think about how that customer may be worth $2,000 over the next two years to you.
Expand Your Business Further
Now think about the ways you can more easily develop multiple streams of income from the internet. You can find a niche — passionate small markets that only take a few weeks to monopolize — and build a website and a business that has small profits. However, these profits combine with others ventures.
The process moves faster, because you can test your efforts quicker and easier. You know exactly if things are going to be successful even before you launch them, because you can test smaller segments in 24 hours. You send emails to 1,000 people, and you know exactly how much money it’s going to make you based on that response. If it responds well, you send the email to the whole list. That’s a launch.
Before, you used to advertise in a magazine and to get results back in 30, 60 days minimum! Now, you can get results in 24 hours.
There’s no genius to it, which is exactly what makes it so great. This is easy, no brainer type of stuff. It’s so easy you can walk away after you’ve set things up and earn an incredible month’s income very, very quickly.
The internet’s open 24 hours a day, seven days a week. You know this already — are you taking full advantage of it?
For Your Freedom,
Do you have any strategies to improve customer retention and build a loyal customer base? Let us know in the comments below! Our community can learn and grow from one another.