The key to success for any product is to keep your customers engaged. Of course, it’s very crucial to acquire new leads and attract the attention of your target market, but if you lose them very quickly, all your previous efforts could be in vain.
Many businesses are fine with new customers every day. But once you know the benefits of keeping in touch with the top customers or regular customers, you’ll know the worth of doing that one extra step in your company’s marketing.
To keep your revenue taxed properly, you must keep in track of the latest updates on GST every now and then, as laws can be amended anytime, especially during the time of a crisis. If your business is based in Maharastra, you can register under GST using the mahagst login online.
You can find your top customers using a lot of different ways. Some of them are from the net profit you got from the purchase they made, the frequency of shopping, or many other aspects. Many businesses often point to these customers easily. They build relationships with them and work to bring in new customers with a similar profile.
What does this mean for your business, and how can you use this knowledge to improve your customer acquisition and retention strategies? So we have put down some points to make the best out of your top customers and why you should prioritize them.
Understanding Your Customers
How you sell your product starts with understanding your demographic. The more data you have about them, the more chances you have of selling your product in a way that they will like it. It is much easier if you give a substantial deal to them for the product which will lure them into buying more.
Understanding new customers is a tedious process, and that’s another reason why it is easier to focus on your top customers. You can look for similar prospects and sell to them similarly.
But make sure you understand the law about data protection. Your privacy policy should cover everything about the data you’ll be collecting from them and how it will be used by you in research and development and how it will not. You can still store their information, but be cautious about everything and make sure you are abiding by all the laws.
CRM
A customer relationship management tool (CRM) keeps track of all your leads as well as current customers. After creating individual contacts, a customizable CRM lets you create paths that show customer progress through:
- The first meeting, to let you know how you contacted them, whether it was through phone call or text or email.
- Follow-ups, to keep yourself updated with the number of times you contacted them and how much progress you have made.
- Demo scheduling because for many of the products, your customers who are new, would want to try it before buying your product and knowing who gets the demo in what order is important information to know.
- Closed sale and continued progress, to remind the deal’s worth and notes about how important they would be as a customer.
With CRM, your sales and marketing team can quickly access all customer emails to see what information has already been exchanged. This helps your sales staff to avoid repeating work and leaving the customer feeling harassed.
CRM also helps you keep an email record of anything that has been said between your company and the customer. This helps in ensuring that you’re honouring any deals that you’ve made and that the customer is living up to their end as well.
Enhancing the Customer Experience
Looking after your customers helps build customer loyalty. What’s in your hand is more worth than what you can see. Make sure you treat every customer with the red carpet treatment. Finding new customers is as important as holding on to old customers.
Technology can help you improve the service you offer. Hire a web designer to make your website look better and work faster. Put yourself in the place of the customer and see how your virtual presence is. Also, ensure that staff is given adequate customer service training – as they can make or break your reputation with customers.
Marketing More Effectively
Advertising and other promotions can be more effective if they are targeted. You can also sell more effectively with great marketing. Follow the first point perfectly; understand your demographic to market your product specifically for the right niche.
For example, at this time of lockdown, you can easily sell household products. You can upsell luxurious products to your customers. Update them with products that they might like to buy. You can even give discounts to people who badly need those products.
Rewarding Your Top Customers
Customers like to get pampered. If you are loyal to your customer, the possibility of them promoting your business without spending any money is very high. From one customer who is treated very well, it creates a chain of hundreds of potential customers for your business. They feel much appreciated when they feel right about your company.
Many businesses were a part of a study, and it was seen that more than 60% of them have confessed that most of their revenue is created by customers whose frequency of visits is high. Reward your customers with discounts on repeat purchases. This way, they will feel encouraged to revisit your business.
Lifetime Value of the Customer
The lifetime value of a customer is another factor that you can estimate which will show the value of a customer as a number, visually than just in boring old text.
This can be difficult to track for businesses with more sporadic returning customers because you have to know the lifetime of the customer, at what point they leave, the frequency, and other variables.
It is worth forecasting with the data you have because this can help you better understand your cost per acquisition and how much you can afford to spend on both acquisition campaigns and retention/engagement marketing.
Keeping track of repeat customers is the essential analysis you have to do in your business as it costs you very little but profits you even more than advertising for new customers.
