So you’ve gained that coveted customer, and they’re spending money with you. Now it’s time to not only keep that customer, but increase their spending habits. This is one of the best ways to grow your overall revenue because studies have shown that it costs on average 5x more to gain a new customer rather than keep an existing one. Below we’ve listed 5 strategies that you can implement to help increase spending frequency.
A customer loyalty program is a great way to increase your customer loyalty frequency because of the incentive that is typically created in doing so. Say you rewarded points for particular amount of dollars spent, that would help incentive customers to push their spending in order to maximize their return.
Event based campaigns
Event based campaigns help increase spending frequency due to the promise of entertainment. If you have a reason for customers to return to your business for reasons other than your usual products and services, it helps create a reason outside of their usual routine to come. Local coffee shops use this strategy well in terms of events such as poetry readings and live music nights.
Transparent communication helps increase your spending frequency because it allows you to do two things. One it allows you to communicate what current products and discounts you have available without consumers having to search deeply for them. Two it allows your customers to express to you what products and services they’re interested in being able to purchase. If you’re able to tailor your catalog this way you’ll be able to increase sales.
Ratings & Reviews
Customer feedback, often delivered through ratings & reviews and popularized by websites such as Yelp, have become a huge tool in terms of consumers deciding where to spend their money. If you’re a business who consistently offers a great product and service, then it will show on your profiles. You’ll also be able to use these reviews directly on your website and other promotional items for your business. However be wary, because enough bad reviews can easily sink your business in the end.
Consumers love to feel appreciated as a customer. Personalized coupons is a great way to go about this as it helps you tailor offers towards specific groups within your customer base. SailPlay’s automated marketing software helps you accomplish this as you have the ability to tag consumers based on qualitative data, and then send them automated custom messages based off specific actions that are taken. This feature is great because it helps you streamline the process of a normally time consuming task freeing you up to accomplish other things.