On average, acquiring a new customer costs five times more than closing an existing one. This means you should continue marketing once they’ve made a purchase.
Identify your opportunities for repeat purchasing, upselling, and cross-selling. Because your existing customers have already made a purchase, they know, like, and trust you.
If you’ve provided a good experience, you’ve given them a reason to do business with you again should the need arise. Even if the need doesn’t arise (in cases where it’s a one-and-done purchase with no upsell opportunities), you should still delight your customers. Word of mouth is a powerful (and free) promotional tool.
Word of Mouth
You’ve probably told a friend about a favourite restaurant or emailed a new hire about your top marketing tools. These casual chats make word-of-mouth marketing a potent opportunity for your business.
2022 Sideqik data says that 7 out of 10 consumers trust influencers’ opinions as much as their face-to-face friends. 66% say that influencers have more impact on their buying choices than the people they see in person.
Have you considered implementing influencer marketing in your business strategy?
Earning customer referrals is one of the most powerful ways to acquire new customers. While you can’t force your current clients to refer others to you, you can encourage this behaviour in a few ways.
Creating a referral program is a surefire way to bring in new business through your customers. Offering incentives — credit, physical gifts, or monetary rewards — is usually the best way to motivate a customer to share about your company (and compensate them in return). If you consider a customer referral valuable for your business, you must provide something equally valuable as a trade.
If you want to learn more about how to get referrals click here