According to research, a modest bump of 5% improvement in retention can result in anywhere from a 25% – to 95% increase in profits. In these uncertain times, those stats are not to be taken lightly.
KBCM Technology Group’s 2020 SaaS Survey Results indicate that the cost to acquire one dollar of new customer Annual Recurring Revenue (ARR) is $1.60., while the cost to expand an existing customer is only 69 cents. Gainsight has been preaching this point for some time—customer acquisition isn’t enough for your company to stay ahead of the competition. To successfully drive real growth for your business, you must focus on preserving and expanding the customers you already have.
- 1 What Is The Meaning Of Repeat Customers?
- 2 So can we increase repeat customers in our lash business?
- 3 Repeat customers are vital for your lash business
What Is The Meaning Of Repeat Customers?
Repeat customers are those who return to your business, again and again, to make more purchases from you. Typically, a repeat customer has made at least two purchases from your company.
Returning customers are also known as recurring or loyal customers because they are loyal to your brand and are likely to make many more purchases from you in the future. Repeat clients also turn out to be the best advocates of your brand and bring repeat business.
So can we increase repeat customers in our lash business?
According to Alex Schultz, VP of Growth at Facebook, you’ll be successful if 20 to 30 percent of your customers come back and buy from you every month.
In addition, repeat customers are more likely to return. A recent Shopify study showed that customers who return a second time are 45 percent more likely to buy again, and that likelihood increases to 56 percent if they return a fourth time.
So how can you inspire your customers to make a second, third, and fourth purchase?
Here are seven strategies you can use to increase your average repeat purchase rate.
Extensive product training
Every customer only feels empowered and confident in the product when they understand all the features and benefits of the product. Therefore, without timely customer training and education, your customers are likely to be lost and confused about how to get the most out of your products.
If you focus on providing comprehensive and quality training to your customers, your customers will be highly satisfied with your brand and stay with you longer.
Here are some ways you can educate your customers:
Create the best possible first impression through a comprehensive process of introducing all of your products and services.
Use all kinds of communication channels like blogs, social media, live one-on-one chats, video sessions，and chatbots to make them available to your customers for any obstacles during their customer journey.
Offer high-quality video tutorials and demonstrations to help your customers become familiar with your product.
Start conversations and engage frequently with your customers to let them know that you are always available to educate them on their branding journey.
Remember Client Preferences And Needs
If you can memorize the customer’s preferences and needs, and make suggestive sales based on this, it will go a long way to impress your customers! For example, if your client mentions that they are going to a wedding reception in the future, you can send them a personalized note 2 weeks in advance or even earlier, and then remind them to use your product as a perfect fit. They will thank you very much, proving that someone remembered what they said, which they will usually always remember, and will think of you the first time they want to serve in the future!
The customer experience improves when you understand customer preferences and needs. You can customize the recommendations based on their unique style and lashes. They don’t have to re-explain what they want on every repeat visit. Your service will be what they are looking for every time.
Listen to the voice of clients
Often when customers are angry, they prefer someone to listen to their ideas and solve their problems rather than argue with them. Think about it this way, if you’re an unhappy customer, you don’t want people to argue with you, you want them to solve the problem. Don’t try to prove your customers wrong, you may be right, but you may also lose your customers.
Listen carefully to your clients and don’t interrupt them. Keep calm and try to solve their problems.
Create A Customer Loyalty Program
A successful customer loyalty program can help retain your customers and turn them into repeat customers. In fact, customers who are part of your loyalty program are 47% more likely to make another purchase from you than other customers.
The main reason is that loyalty programs have the power to make your customers feel valued, empowered, and more connected to your brand. Such connections give your customers the right motivation to get them to buy more from your lash business.
Here’s how to increase customer returns with a loyalty program.
Offer great rewards: Offer valuable rewards in your loyalty program to encourage your customers to choose your loyalty program and then make more purchases to win more rewards. Give the new lashes product for free when customers order many products. Such a situation becomes an ideal win-win situation for you and your customers.
Give Customers an Advantage: Try to give your customers the advantage of earning points while running a loyalty program. That way, your customers think they only need to make a few more purchases to win a prize, which motivates them to buy more.
Provide welcome points for new customers: By providing welcome points, you create value for your customers from the start, and this helps you attract more repeat customers to your business.
Make it interesting and creative: the more fun the loyalty program, the higher your customer retention rate. Therefore, try to make your loyalty program more enjoyable through gamification and creativity.
Offer Discounts And Incentives To Repeat Customers
Who doesn’t love discounts and offers? Everyone does it! Therefore, you should start using offers and discounts to retain your customers.
If your margins are low, offering a discount may not be the best option for your business. However, offering new customers a discount after their first purchase can be very profitable for your business.
Keep your repeat customers happy by using a variety of ways to offer discounts and incentives.
Provide onboarding offers: Offers like free shipping or some exclusive discount codes for your customers that give them a good experience with your brand.
Offers after first purchase: You have the opportunity to convert new customers into repeat customers by offering discount codes and special offers after their first purchase. This will encourage them to make more purchases than your brand.
Keep experimenting: Every company and its customers are different. Therefore, experiment with different offers and find out what works best for your business and gives you the most significant increase in customer retention rates.
However, offering such benefits too often can reduce sales and have a negative impact on brand perception. So make sure you have a solid marketing strategy in place before throwing out coupons.
Use High-Quality Product
High-quality eyelash glue: Choosing high-quality glue ensures that the eyelashes will stick perfectly and not fall off easily. If you use inferior glue, you’d ruin your reputation and lose your customers. Chose the best glue to help secure the eyelash extensions perfectly and prevent them from falling off the natural lash. The customers keep choosing your services because they know that your eyelash application guarantees their long-term needs.
Whenever you complete an appointment, welcome feedback from your customers so you can get new ideas on how to improve the customer experience. Accept and keep improving to increase your repeat customers.
You can get feedback in the following ways:
1. Promote your image on review sites like Google.
2. Write a comment on your website or social media account (if you have one).
3. Survey via email.
4. After completing the appointment, tell them that you will be in touch with them anytime for feedback.
For savvy entrepreneurs, negative feedback is just as valuable as positive feedback, giving you the opportunity to improve and refine your business.
If you’re willing to acknowledge the feedback and state that you’re taking steps to improve it, the client may give you another chance. How you handle negative reviews is an important part of the customer experience – it enables you to gain a loyal customer, which in turn increases your repeat business.
Repeat customers are vital for your lash business
In a word, we can say that repeat customers are significantly more profitable for any business. By directing the majority of your resources towards customer retention strategies, you can skyrocket your business revenue and profits.
In the early growth stages of your lash business, it is natural for marketing to focus on customer acquisition. However, once you start securing those first customers, think of shifting your efforts gradually into encouraging repeat purchases. Just do it!