Have you ever stopped to think about how you can improve your business? What technique do you use – acquiring new customers or repeat business?
While the acquisition of new customers is important, it is hard to win them back if they go away. On the other hand, keeping existing shoppers is great but it is not easy to build a loyal relationship that lasts. Nevertheless, many retailers believe that repeat business is better for profitable growth. Is it?
The battle between these two tricky powers is on hot seat as people are always seeking effective ways for making commerce survive against strong competitors. Not sure what to choose? Allow us to clear up your mind.
The Power of Customer Acquisition
The fastest way to grow your business is to acquire more and more customers. Old customers can’t be enough. Seeking new ones is always beneficial because you don’t know how long your customers will stay. If you have short-term revenue goals in mind, customer acquisition is one of the most effective ways to reach out.
But then again, it is not easy to persuade buyers to purchase your products or services. This might involve costs for promotion and any other factors for bringing out new shoppers.
Strategies to Win New Customers
To win new customers is a challenge but to know a few effective ways to scale up the business is vital in various channels.
Here are some of the proven strategies you can use:
- Give free stuffs.
- Offer discounts.
- Establish an online presence with SEO.
- Develop a referral strategy.
- Educate prospects with the click of a button.
- Provide personalization.
- Mobilize your business.
- Persuade with quality contents.
The Power of Repeat Business
Your old customers are gold. Make sure you’re doing the right things to prevent them from leaving. Every business encourages repeat business as getting even a single customer takes days, weeks or even months depending on the industry you’re typically in.
Imposing buys are normal. But sometimes even the first purchase is the hardest thing to get. This is why working with the old ones really works. With it, people are getting sales with nearly no marketing and advertising expenses. It can even help with Woocommerce inventory management and serves to be the fastest way to grow e-commerce businesses.
Strategies to Encourage Repeat Business
Doing the right techniques are a great place to start so you can keep old customers coming back over and over again. Competition is extremely heavy. But this doesn’t mean you can’t get forward.
Here are some of the most effective tricks to use:
- Use Point of Sale systems.
- Make loyalty programs.
- Get customers’ contact details.
- Send emails and/or business cards in every order.
- Offer gift cards/rewards program.
- Consider giving out free samples.
- Make follow-ups, promo updates and sale notifications.
- Add automatic re-order program.
- Integrate login shopping cart.
- Maintain CRM system.
The Bottom Line
What they don’t tell you about repeat business and new customers? It’s the fact that you don’t need to choose. You need them both.
Acquiring new customers over and over again can kill you. Try to keep a huge percentage of buyers to hold onto your business for long. Focusing on those old loyal ones isn’t also enough. Because except change, nothing in this world is permanent.
If there were no changes, what would your ideal business outcome look like?