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24 Sep 2019

Day 24 Repeat Purchases & Lifetime Customer Value Matter

It’s Not Just About That Initial Sale – Repeat Purchases & Lifetime Customer Value Matter

 

To have a sustainable business, it’s important to have repeat purchases. If everyone only bought one item from you, that business would not make enough money and you’d have to keep marketing to reach a wider and wider audience. The best way to make more money is to encourage repeat purchases – either by offering a product that is consumable or by offering a wide variety of products or services for the same customer to solve other problems that they have when it comes to producing an event.

 

It’s Not Just About That Initial Sale – Repeat Purchases & Lifetime Customer Value Matter #EventPreneur #KnowYourNumbers #customervalue Click To Tweet

 

To encourage repeat purchases and increase the value of your customer, try these ideas:

Create a Membership or Subscription Service – One sure fire way to increase your income and develop continuity income is to set up a membership or subscription service of some kind that your audience needs. This can happen via an app, or it can be the delivery of the product or service. Just about everything is on subscription these days, from flowers to coffee.

Create Loyalty Discounts – With every purchase someone makes, send them an immediate thank you note including a discount code for the purchase of their next product. Then recommend a few products that are related to what they bought. They may not have any idea as to the extent of your product line, so let them know.

Offer a Payment Plan – If your products are pricey, you can offer a payment plan. Even if they’re not, you can enter PayPal’s credit program and let your customers pay by credit. This is a great way to encourage more purchases, but it is a risky way to do it.

Abandoned Cart Retargeting – You can use Google and Facebook ads to retarget customers who abandon their carts. This is a great way to bring back people who were interested in your products enough to put them in their cart.

Increase Your Targeted Emails – Using your autoresponder send your list members more targeted emails asking for the sale. Remember, they signed up for your email. If they don’t like what you send, they will unsubscribe. But if people aren’t going to buy something from you, there is little reason for them to be on your list.

Increase Social Proof & Engagement – Today, everything is about engagement. That’s the reason social media is so popular. It’s no longer enough to sit behind your computer and send emails and write blog posts, now you need to respond to your audience in real time when you can. The best place to do that is with social media.

Send Special Offers to Customers – When someone is already your customer, you want to segment them and create autoresponders and offers that are just for them. You want them to feel special and become loyal fans because of the types of products and services you offer to them.

Survey Them – When you get a customer, they should immediately be delivered an autoresponder series that will nurture them, engage them, and make them feel more satisfied with their purchases while also recommending more purchases. But, you want to add to each series a survey to ask them how satisfied they are with their product.

 

Remember, a customer you already have is worth much more than one you haven’t got yet. Spend a little extra time on nurturing the customers you have. Treat them like VIPs, and you can increase their lifetime value exponentially if you’re just listening to them.

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