Most businesses center their marketing campaigns on acquiring new customers. However, sometimes it may be best for businesses to focus on their existing clientele. In fact, marketing to existing customers can be much easier than attracting new audiences.
Let’s find out what makes marketing to existing customers easier, increase revenue and how it can be achieved:
Gather and Analyze Customer Data
There cannot be a single reason that attracts customers to a business. Hence, the first tip for marketing to existing customers is finding out what made those customers attracted to the business in the first place. This might also answer why marketing to existing customers might be easy.
Once the data is collected, analyze it to determine the customers’ motivation.
Was it a discount on the initial purchase that brought your business many first-time buyers? Were the sales related to a particular season or holiday? You can also look for patterns that explain what product sold most at what time of the year or if the discount code was applied most to a specific product.
Analyzing existing customers’ data will provide insight into their needs, motivation, and buying habits, which can further help construct strategies that focus on reselling to these customers. For example, a business dealing with skin care products can see a surge in moisturizing products exclusively during the winter season.
Such insight can help the business time its marketing strategies according to the customers’ needs and motivation.
There are many ways to follow up with existing customers. The most common, popular, and effective method is email marketing. Almost all businesses require the customers’ email addresses when they make a purchase online, making the execution of this tip easily possible.
Businesses dealing with luxury or long-term use products can also utilize the help of customer care representatives. These representatives can directly call and ask customers about their experience with the product.
You can also follow up with existing customers through social media marketing. Social media posts, such as stories, polls, opinions, and questions on all primary social media platforms, can help follow up with existing customers. Following up with customers on social media can be especially beneficial as it enables customers to communicate their concerns more openly.
Businesses can directly reach out to customers who have not been happy with their products or services and offer compensation, replacement, refund, or replacement on future purchases. This further helps in retaining existing customers and marketing to them more personally.
Host Exclusive Events or Giveaways
This tip is a tried and tested way of marketing to existing customers. It can be carried out at physical stores or on social media. In-store methods can involve exclusive discounts, sneak-peak and pre-ordering for a new product, a free trial for a new product, or distribution of free samples. Purchasing like-minded audience can be pricey so first look to your personal list for customer acquisition.
On social media, the methods can include exclusive giveaways and discounts. Businesses can also ask customers to post with their products to avail exclusive discounts.
Get Them Involved in R&D
Existing customers can be the best source of feedback for any business. Listening to the feedback from existing customers can significantly help a business refine its existing products and services or develop new ones. Use your current customer base as a stepping stone to kick start to playing more of a role in your marketing.
Businesses can follow up with customers and offer exclusive discounts and trials for their benefit. It will make the customers feel valued by the business and help gain their loyalty. These customers can also become sources of word-of-mouth marketing for the business.
Give Special Discounts
Offering special day discounts is another popular method of marketing to existing customers. Customer data collected during the customer purchase can help automate a system that sends exclusive discount codes to customers on their special days.
However, ensure that the discount is tempting. A business will be offering special day discounts to only about one-twelfth of its customers in any given month. Hence, it should be worthwhile and tempting enough for customers to utilize it. Be sure to give great customer service in your efforts. Cross selling with different products may increase customer retention rates with special discounts to encourage sales.
Offer Discount Codes on Special Events
Besides their special days, existing customers can also be tempted to become returning customers through discounts offered on special events. For example, holidays are great occasions to send discount codes to customers. These discount codes can be sent through email or text message marketing.
Offering discounts on occasions and events helps stretch out the discount offers throughout the year. Besides acquiring gifts at a discounted price, it also allows customers to utilize the discount as per their repurchasing needs. For example, businesses offering products and services in skin care and personal care can greatly benefit from this tip.
Implement a Loyalty Program to Existing Customers
A loyalty program is a convenient method to ensure that customers return after their first purchase. This marketing method to existing customers only requires developing and implementing loyalty program policies.
The policies for the program can involve requiring customers to make an account on the business website. The business can offer certain points to customers on spending a particular amount. For example, customers can earn 1 point for every $5 or $10 spent on the business website. Make this customer journey an easy process for them.
The business can then track purchases made through a customer’s account to add points. To tempt customers to earn more points and spend more money, the business can offer discounts or products in exchange for points. For example, customers can utilize 20 points to avail of a free mini product or spend 50 points for $50.
In short, loyalty programs are great for marketing to existing customers and ensuring that they become regular customers. Marketing messages should be consistent across the board for satisfied customers.
Finally, building a community of existing customers can be significantly helpful. Retail giants, such as Target, Costco, and Trader Joe’s, are examples of brands bringing their customers together and forming communities. These customers can review different products for each other or provide insight on how different products can be improved. Their increased sales from customers relationships show their efforts are worthwhile.
Above all, the loyal community of any business can significantly help attract new customers.
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