3 Ways to Stay In Touch With Existing Customers
Most business owners are obsessed with finding new customers. And that’s a good practice because it helps your business to grow.
However, did you know that acquiring new customers is five times as expensive as keeping an existing customer?
One of the challenges a lot of businesses have is to think of ways to keep in contact with existing customers so that they can continue to sell to them, and to increase revenue.
With this in mind, here are three strategies to help stay in touch with your existing customers.
1) Weekly or Monthly Newsletters
When you think of an email newsletter, it might seem like they are boring or outdated. But the research shows that 86% of people still like to receive news from businesses that they’ve bought from before.
As long as the content you share is relevant, useful and entertaining, then your existing customers will still want to hear from you.
Sending out weekly or monthly updates via email to your customers will help keep you top of mind when they are thinking of buying more of your products or services.
2) Social Media Sharing and Commenting
Simply sharing news and ideas through your social channels is an important part of being in business today. There’s nothing worse than visiting a company’s Facebook page and seeing it hasn’t been updated for 12 months.
Perhaps even more important than this is to make sure that you are liking, commenting on, and sharing the content your customers put out.
This is important because people are much more interested in what you have to say about them, than what you are saying about yourself. Take ten minutes a day and go onto your social media platforms to like, comment on, and share relevant content from your existing customers. You will find doing this consistently will make them engage with you more.
3) Upsells & Loyalty Offers
Whenever you have a new product or service that you are launching to the market, the temptation is to market to new customers.
But if you start with your existing customers, they are much more inclined to buy from you. This is because they already trust you, and know that you can get results.
Simple loyalty programs and upsells to your existing customers can be a very lucrative way to increase revenue for your business.
Customer Acquisition Vs Lifetime Value
For every new customer that you acquire, it is important to know what it’s costing you to make a sale. And for existing customers, it’s important to think about the lifetime value of the sales over many months and years.
In conclusion, whenever you are thinking about growing revenue for your business, your existing customers are the first place to start, and over the long-term, will give you the best return.