Repeat customers spend 33% more than new customers. Referrals among repeat customers are 107% greater. It costs six times more to sell something to a prospect than to sell that same thing to an existing customer. Selling to existing customers creates higher profits.
So it makes sense to strengthen your relationship with existing customers. One way to do that is through customer appreciation. Strengthening your relationship can occur each time they interact with your business, through an event, over a day, week, or month.
Here is an example of a company that did it over a month with discounts, events, and samplings. Appreciation programs can be regularly scheduled or can be planned to coincide with changes in the market. This Guest Appreciation Month tied in with a new competitor entering the local market.
List how you appreciate your customers:
The more you appreciate them, the more they come back to your business and refer friends. The more they come back to your business and refer friends, the more your profits grow. Invest in regular appreciation programs from recognizing customers by name in person, reaching out to then by email or phone and events where you an offer food, discounts, samplings, etc.
Gary Heisey – Founder and Brand Strategist with Brand Door