If there were a title that made you say ‘duh’ this would be it. But I have a hunch you aren’t focusing enough on repeat buyers.
What makes people want to come back and buy more?
- Product Experience
- Customer Support Experience
- REMINDERS To Come Back (The one people forget about)
Should you market to these people? Hell yes! Repeat buyers are your fastest path to cash flow to help you continue investing in growth. The biggest struggle brands have with growth is a lack of repeat buyers.
Why would someone not come back to buy?
First and foremost, if your product sucks and is poor quality, you’ll never get people to come back and buy more.
The second leading cause is they just didn’t think about it! Everyone is busy, and most people are easily swayed to buy from competitors.
So investing in growth through your current customers is key for YOUR business growth...
Here’s what you should be doing to increase your customer’s lifetime value…
Yeah, email is old school but it’s still SUPER valuable. Not much explaining here, just do it.
MARKET TO YOUR CUSTOMERS
This is the one that’s hard for some business owners to do. Why spend money to reach people who’ve already bought from you?
The answer is two fold. First, email open rate on the high end is around 20%, which means 80% of people who bought from you aren’t seeing or opening your emails. Since people typically value convenience above products they love, there’s a strong chance they’ll buy somewhere else. You need to remind people to come back and buy from you! Remind them why your product is awesome, and why they bought in the first place. Show them you have other things (cross sell that ish) and show them you care.
Second, we all know your Instagram posts are being seen by less than 3% of your followers. So there’s no effing way all of your customers are seeing your new release announcement on Instagram from a few posts.
If that doesn’t convince you to invest in ads targeted to past buyers, you’re a lost cause. Goodbye.
CARE ABOUT YOUR CUSTOMERS
It’s estimated by 2020 (just one year away, WTF) people will value customer service over price and brand name when making purchase decisions. If you treat your customers well, they will come back. Period. Not to mention, they'll send more people your way.
The biggest takeaway here is to market to your customers to keep them coming back. Invest in getting new products, and other products in front of them to increase their lifetime value. Set up strategic retargeting ads 30 days after they purchase, promote posts when you do a sale or new release and serve them to your past buyers/retargeting audiences, and stay in front of them often. The hardest part is getting a customer, the easiest part is getting them to buy more.