“The purpose of a business is to create a customer.”
- Peter Drucker, Austrian-American management consultant, educator and author
We live in a world where businesses strive hard to outdo each other and win customers. Enduring business success is what most firms seek but very few achieve. Unfortunately, a lot of businesses have shut shop after 4 to 5 years of ordinary existence. These unsuccessful businesses never had the opportunity to break through and make their presence felt in a world dominated by cutthroat competition.
So what separates the successful companies from the unsuccessful ones? The answer is simple – recurring revenues!
Recurring revenue is a concept organizations seek to achieve on a regular basis. This helps them engage in the intricacies of business more confidently without worrying too much about profits.
Recurring revenue is possible only if a business has a steady flow of customers. Unfortunately, it’s not easy to get recurring customers. A lot of organizations deal with one-time customers who never return again. It’s time to convert them into trustworthy customers. It’s time to tweak the business strategies deployed by your organization and gain more acceptance with a widespread customer base.
Here are some tips to ensure your competitors don’t march ahead of you in the future. These tips are simple and may appear easy to implement. We recommend you implement them the right way to gain long-term benefits. Brainstorm with your team before embarking on a future course of action.
- Offer exceptional products or services
One of the main reasons why a customer returns to a seller is to make use of the exceptional products or services on offer. Does your business offer goods that can rival those offered by competitors? If your answer is no, then it will take a while before one-time customers turn into lifelong ones.
You will have to sit with the team and iron out any deficiencies in your offerings. This will help you take a more balanced and positive approach towards ensuring customers remain with you for the long term.
- Introduce customer loyalty programs
Make it a habit to reward loyal customers for their association with your brand. Launch a customer loyalty program and ensure that a lot of your customers sign up. Offer them discounts on their next purchase or after they have reached a pre-determined dollar value in purchases.
The way your loyalty program performs will rely solely on how it is run. You will need to spend significant time and efforts to understand your customers and whether the loyalty program caters to their varying tastes.
- Send timely updates about exciting offers
You will have access to the customer’s email IDs after they sign up for the loyalty program. Send updates about offers in a timely fashion to ensure customers are aware of new deals. This also encourages them to visit your store or office more often!
Perform research to understand the kind of deals people love to receive. This will ensure that you are on the right path to ensuring people take complete advantage of the offers you provide.
- Take complaints seriously!
A complaint is an opportunity to convert an angry customer into a happy friend. How does your team handle complaints? Do they go into defensive mode? Or do they take a genuine effort to provide a logical solution?
Remember this – customers appreciate businesses that go the extra mile to keep them happy. You should ensure that customers don’t feel neglected. Keeping them happy is the need of the hour!
- Surprise customers whenever you can
It’s important to make customers feel positive about your business. Achieve this with useful gifts that they can put to use immediately at home or at the workplace. Choose impressive giveaways such as pens, totes, or mugs to keep customers hooked to your brand!
You could also send cookies, provide personalized service, or send “Thank you” notes. Another way to surprise them is by sending messages on birthdays and anniversaries. A pleasant surprise will make a customer feel good about your brand, granting them a positive experience to remember your brand by.
- Highlight your business on social media
It’s important to make your presence felt on the Internet. The best way to do this is by creating social media pages. Create attractive and interactive posts that help you interact with followers on a daily basis, ensuring that your brand remains on their minds for a long time.
A social media campaign needs an effective content calendar to ensure that posts are successful. Make sure you have a talented resource who is capable of creating posts that resonate with followers. Use these posts to strike a meaningful chord with them. Your goal should be to highlight your brand as an industry leader who cares deeply about what the customer wants.
What kind of strategy have you adopted to gain customers for life? Has it helped you? Share your experiences in the comment box below!