It is no surprise that acquiring new customers costs more than keeping existing customers. And once you have established repeat customers, it is much easier to sell to repeat customers then sell to a new one.
Your customers’ in-store experience is critical in turning a browser into a buyer, but to turn a buyer into a repeat customer, you will need to go beyond the in-store experience. To build customer loyalty you need to build a loyalty program, and with 75% of U.S. companies agreeing that loyalty programs generate a vital return on investment, it’s becoming increasingly necessary to incorporate a loyalty program into your business.
Here is a step by step guide to turning a buyer into a repeat customer:
1. Gather Customer Information
The first step to growing your repeat customer base is collecting the information needed to get in contact with your customer at the Point of Sale. At the POS be sure to gather your customers’ basic information, including name and email, as well as recording what they purchased. By offering to email a receipt, you can use this avenue to promote your loyalty program and get customers’ signed up.
2. Personalize Your Offerings
Once you have customer information, it is not enough to mass email your customers’ the same promotion. Your customers want to be known. According to a recent report from Accenture, 75% of consumers are more likely to buy from a retailer that recognizes them by name, recommends options based on past purchases, or knows their purchase history.
Start by segmenting your customers. By looking at data, you can understand what each segment buys and how much they’re willing to spend. Target segments with products they would actually want, personalized emails highlighting deals or new items will impress.
3. Incentivize Your Customers
Customers are becoming more and more price savvy. With increased competition, customers can price check with competitors and find deals online. How can you be competitive? Be sure your loyalty program provides a real, tangible incentive to your customers.
Points are a great way to attract customers, create a rewards program that offers points or dollars off towards a goal to incentivize your customers. After you have segmented your customer base, tier your rewards and allow your customers to redeem their reward after they have reached a predetermined level. By offering a tiered system you can incentivize not just return shoppers but those that return to rise through the loyalty tiers, and continue to make larger, more frequent purchases.
Revel Systems offers a loyalty program that integrates with our Point of Sale, making it easier than ever to grow your repeat customers. You get total control of program customization and have a single portal for all of your customer information so that you can stay up-to-date on their activity. Learn more about Revel System’s loyalty program and see what a loyalty program can do for your business.