It's not that easy to make your customers buy – but during the holidays, that's easier to do.
According to the Harvard Business School, you can achieve an increase of 25 to 95% by increasing your customer retention rate by 5%. Given the high cost of acquiring new customers, coupled with the fact that past customers spend up to 67% more than new customers, customer retention is more critical than ever.
With the holidays among the highest revenue days in the entire year, the need to have your past customers buy from you is even greater.
Here are four strategies to keep them coming back:
One of the most effective ways of getting your past customers to buy from you during the holidays is to use timely reminders. By keeping track of the lucrative holidays such as Cyber Monday, Black Friday, Thanksgiving and Christmas and sending timely reminders to your past clients, you can experience a significant bump in revenue.
Since you may have taken note of customer tastes and preferences, you can send highly targeted emails with discounts and offers on products, which are likely to convert highly. Conversion will also be boosted by the fact that the customers are usually looking for specials during the holidays, and are thus ready to spend.
Even the most loyal of your clientele may not be aware of your entire inventory, which may lead them to buy from other sellers. To prevent this, you need to constantly remind or update your clients of goods and services you may have added or ones they have bought in the past.
If their prior experience was good, they are more likely to buy from you again when you send them that reminder during the holidays.
The best example of this is the display hook system at the local general store, where the store attendant puts out all new inventory on hooks near the counter.
The process of reactivating clients is often destroyed through email marketing that either uses clichéd copy or is not geared for driving traffic to your business.
To ensure your past customer buy from you and not from your competitors, you need to make your emails interactive and easy to navigate. Make sure that links to your website, surveys, and purchase buttons are easily accessible.
Write shorter and more personalized emails. People rarely have time to read long sales letters from pushy salespersons. If you can set yourself apart by getting them to click to your website as soon as possible, you can get the advantage of being first to the market.
People love to be a part of programs or VIPs. The best strategy to increase spending during the holidays by past clients is by making your most valuable clients gold members or upgrading them to plans that have offers and discounts.
Utilize social proof by creating differentiated levels of loyalty programs, which will drive repeat clients. For instance, if you can have a Gold Program and a Silver Program below it, you can get persons in Silver buying more from your business to get into the more prestigious Gold Program. Such clients will highly unlikely go and buy from the competition since they have already invested in your business.