While the thirst for repeat customers is nothing new, it has been amplified during the past year as market forces inspire many businesses to increasingly seek ‘good revenue’ over hypergrowth. Amid reduced retail spending due to rising inflation and cost of living pressures, there has been a subtle shift away from relentlessly pursuing new customers at considerable expense in favour of increasing the basket size of more profitable repeat customers. The latter also tends to be more reliable, which is crucial at a time when bad debts and flight risks need to be minimised.
In a bid to help businesses that are lowering their forecasts on the back of economic uncertainty, this article is designed to shine a light on the benefits of repeat customers and how to nurture them.
Repeat customers are a valuable resource for several reasons including:
In addition to the above benefits, repeat customers are a vital resource for several reasons including:
There are a variety of strategies and technologies businesses can invest in to nurture repeat customers including:
As should now be clear, far too many businesses fail to maximise revenue within their existing customer base because they spend too much time trying to win new ones. The good news is change is within reach, especially for organisations that team with a CX provider that has the people, technology and expertise to help them grow and nurture repeat customers. There has rarely been a more important time to work smarter and this is one strategy that fits the bill.
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