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Why it’s Easier to Sell to Existing Customers
There is nothing more important in business than your customers. These are the people you rely on to purchase your product in order to keep your business running and turn over a profit. A lot of emphasis is usually placed on getting more brand new customers to increase your prospects of a larger audience, with the hope that you will reap more rewards from doing so. However, it is often a poor mistake to make. The best customers are the ones that already exist. Why? They will keep buying. The existing customer base is often undervalued by businesses, with attractive deals and once-in-a-lifetime offers saved for new customers without a look-in for the existing ones. It turns out that these businesses are usually the ones that miss out. There are several reasons why.
The foot is in the door
Once your customer has engaged, your foot is quite literally in the door. They will find it difficult to close without feeling that they have hurt you in doing so. The only thing they can do is to move the door further open. The concept is very much overlooked; once your customer has bought a product, they feel an obligation to buy more. This is down to many factors, such as consistency, loyalty and the need for a rapport. Furthermore, those who buy a product initially will be more willing to spend further money on supplementary products that might be attractive on top. Once you have gained the customer, the hardest part is truly over.
People stick to what they know
Have you ever eaten a meal in a restaurant that you chose because you knew you would like it? Humans hate uncertainty. We are too anxious to venture into the unknown, particularly when there is money to part with. Once you have done the hard part of gaining the customer’s trust with your first product, they are sure to internalise the fact that your produce is of good quality. In order to avoid the uncertainty that they once faced when they first bought a product from you again, they will avoid buying elsewhere. They know what to expect from you, and therefore they know there is no need to face uncertainty.
Keep rewarding small things, get big responses
Rewarding your customers is no difficult task. Any form of incentive is usually well accepted by your customer; they want to feel valued and they want to gain from their relationship with you. Any gifts just for a certain time period of loyalty, or a reward for buying a certain amount of products works out nicely for the customer, and for you. The customer gets their reward that will make them feel happy to have done business with you, whilst you reap the benefits of having another customer who is sure to return and spend more money. The beauty of this concept is that you do not need to go wild. Rewarding the small things can be just as effective as the big things. You need to focus on what you are able to give away, and whether it is worth the return.
People love promises – but keep them
Promise somebody something, and they will automatically trust you, providing there is no reason for them not to. Making a small promise is a great start. If you buy three products, you will be given a fourth free; WE PROMISE. Those magical words will entice the buyer and allow them to feel safe in placing their trust in you. Once you have fulfilled the promise, the customer is satisfied and will likely place their trust in you again. These customers will trust you more, and therefore spend more than a new customer.
If you treat your existing customers well enough, they will sing praises. There is no need to spend so much effort trying to gain new customers when your existing customers can do it for you. Provide good customer service, keep your customers happy, and reward them for their loyalty; it is very likely that they will tell their friends and family just how good it is to buy from you. You can gain a person’s trust as much as you want, but they will never trust a company over a friend or relative, so this is a very important way of gaining new customers. This means that it is absolutely adamant to keep your existing customers happy.
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