It is essential to encourage repeat sales if you wish to survive and thrive in business, especially nowadays. The Pareto principle states that 80% of your profits will come from 20% of your customers. This being the case, anything you can do to encourage repeat sales will help your business flourish.
The Mistake of Always Chasing New Customers
Many businesses spend so much time chasing new customers that they neglect the existing ones, to the point where they get fed up and seek greener pastures. Banks are a prime example of this, always offering better and better deals to attract new customers whilst ignoring those customers that have been with them for years. Make it clear why it is worth trusting you and being loyal to you, will help keep your customers coming back for more.
Nurture Your Email Marketing List
Email marketing has been compared to having an ATM machine in your computer. This is because most successful marketers earn money with every email they send out. Why is this the case? In terms of informational posts, you should offer real value to your target audience. Write great subject lines that will get your emails opened and read. Send consistently good material, and they will look forward to opening your emails.
In terms of promotions, treat your list like royalty. Make clear all the benefits they get from being on your list, such as special discounts, coupons, previews, beta testing of new products, and more. In this way you can build a real relationship with them that will stand the test of time and the temptations of your competitors.
Use the personalization features in the subject line and body of the email. It isn’t foolproof, but they will feel like you know their name.
The Trust Factor
It is always much easier to sell something to one of your existing customers than it is to sell to a brand-new one. The main reason is the trust factor. They have already gone through the mental process of determining whether or not they should trust you enough to buy from you. They have also tried your product/s. If they have not returned them and asked for a refund, this means you represent good value in their mind and they will be more inclined to buy other products from you.
The Loyalty Factor
Trust and loyalty are built up through email marketing, social media marketing, the quality of your products, and your interactions with your target audience – in particular, your paying customers. By treating them well, they will be loyal to you. This loyalty can translate into word-of-mouth marketing for you in the real world and online, such as on social media. They might pass along your content to others, giving you a greater chance to go viral (that is, for the word to spread about your latest products and services).
They might even become enthusiastic brand advocates, buying everything you have on offer because they are so enthusiastic about your products and services and how much better they make their lives.
Making the Most of Your Sales Funnels
Sales funnels are the lifeline of any successful business. The funnel is wide at the top, with lots of people finding out about your product or service, and narrow at the bottom, with fewer and fewer people sticking until the end of the funnel and making a purchase. This is only natural – they are self-selecting and deciding whether or not your product is right for them.
But don’t just stop at one funnel. Put them in a sequence. Make the thank you/confirmation page/email for Product A become the sales letter for Product B, and so on, offering them a range of related goods in your niche. The first sale can often be the gateway to an entire series of purchases, because they are so excited to discover just what they need to solve their problems.