516-800-8000 FriedmanSimon.com
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College Friendships and Career Foundations INSIDE THIS ISSUE 1 2 3 Plant-Powered Profits Turning a Complex Case Into a Win
Summer Chickpea Salad
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Retain, Reward, Repeat
RETENTION REAPS REWARDS TIPS FOR BUILDING BRAND BELIEVERS
REPEAT CUSTOMERS OFFER MORE THAN MONEY. Along with better ensuring regular sales, building a retained customer base enables you to gain feedback on what keeps them returning or may deter them from returning. Do they utilize one product/service while ignoring another? Have you asked them for their thoughts on how to refine your services? Have you adequately addressed any negative feedback? Input from those familiar with your services is often more valuable than attempting to draw in new clientele through a new product or promotion that doesn’t have a proven track record of generating sales. FREQUENT CONSUMERS ARE YOUR TRUE MARKETING PROS. A frequent customer’s free praise for your business is worth more than any marketing budget could ever achieve. In addition to considering adding incentives in your loyalty program for referrals, encourage satisfied returning customers to post positive feedback on their social media about why you’re their preferred provider. In the age of Facebook and Instagram, a photo of a happy customer using your product, accompanied by positive words about their experience, will tell your story more convincingly and effectively than promoting your brand yourself.
If you think gaining new customers is the most critical goal of any business, you’d be wrong. While attracting revenue through new sales is key for continued growth, retaining new customers is equally crucial to building your bottom line. Here are three essential considerations to remember when trying to keep customers coming back. IT’S CHEAPER TO KEEP EXISTING CUSTOMERS THAN TO ATTRACT NEW ONES. An existing customer generates more income for your business than you may realize. In addition to spending money on your product or service, they save your business money since you’ve already done the heavy lifting to get them there and don't need to spend the same amount to get them to return. What you do need is a game plan to ensure their ongoing patronage. Implementing a loyalty program is one way to appeal to potential repeat customers at a minimal cost compared to winning them over the first time. Elements of successful loyalty programs include giving existing customers early access to new products, service offerings, exclusive discounts, special prize drawings, and point systems that award free items for frequent purchases.
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