Do you want to increase repeat purchases? It is significantly more expensive to acquire new clients than it is to keep existing ones. A considerable amount of the revenue comes from repeat consumers. According to studies, repeat customers can account for more than 40% of a company’s income, and raising customer retention by 5% can boost earnings by 25% to 95%.
Customers must be encouraged to renew their supply on such a regular basis for brands that sell replenishable products like household items, pet food, cosmetic basics, baby products, and other items that are consumed regularly over time. Need to make Invoice for services rendered strongly as much as possible. This type of recurrent purchase can help increase return on investment (ROI) and assure long-term growth.
What Exactly Is a Repeat Purchase?
Purchases made by a returning customer are known as repeat purchases. These customers are well-versed in your brand and are frequently motivated by a need for convenience. Why change something that is working?
The purchasing journey of recurring customers differs from those of first-time buyers because of these characteristics.
So, how can you persuade your customers to buy a second, third, or fourth time? Here are seven tactics for boosting your average repeat buy rate.
- Maintain engagement with post-purchase messaging that is tailored to your specific needs.
Several brands may have made the error of halting targeted messaging once the purchase has been completed. Personalized post-purchase interaction can leave a long-term positive impression on your clients and help them remember your brand when they need to repurchase.
Keep customers engaged, for example, by providing them with valuable information as well as relevant tips to help them get the most from their new purchase, including a video of hair as well as make-up instructional videos for customers who have purchased beauty products or a blog about parenting recommendations for customers who purchased baby products.
You may utilize a marketing automation tool to send this content to your customers in real-time via email, in-app messaging, push notifications, and other methods.
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- Initiate real-time action
At various stages of the purchasing experience, customers show specific purposes and behavior. When it comes to replenishable goods, time is everything. A consumer might, for example, refill his pet food once a month or replace his toothbrushes every three months.
You may segment your consumers based on these habits and send relevant notifications when it’s time to refill using real-time marketing automation. This type of automation additionally makes it simple to re-engage customers who placed things in their cart but did not complete the transaction. To encourage conversions, you could send them additional trigger messages with a reminder, but only to those who have finished checkout in the last 24 hours.
- Make transactional emails more effective.
Transactional emails – purchase, shipping updates, as well as confirmation emails – got nearly 100% open rates, according to a recent Experian research. The key metrics were also discovered to be significantly greater than those of bulk mailers.
Brands can use this form of an email to cross-sell by including relevant product recommendations. An order verification for breakfast cereals, for example, could be a nice opportunity to suggest a popular hot chocolate to pair with the cereals.
- Increase wallet share based on outside interests
Repeat clients usually know exactly whatever they want to you and spend very little time looking at other things on your website. This behavior helps you to figure out what they’re interested in on our site, but it ignores their activity and interests on other websites. For example, a customer might prefer you for groceries yet shop for baby things elsewhere. This is where AI comes in, merging and analyzing first- & third-party data to identify the customer’s interests beyond your own channels. When this client returns to your site, you could be more aggressive in proposing baby things to her, increasing her market share.
- Make a second purchase more appealing.
If used effectively, discounts, promotions, & coupons can be very beneficial. These bonuses are a good method to get first-time purchasers to come back for the second purchase. You can also use AI to identify consumers who haven’t bought in a while but are likely to buy again if offered incentives and afterward re-engage them with appropriate offers to encourage repeat purchases.
Offering such bonuses too frequently, on the other hand, may reduce income and harm brand perception. So, before you send out coupons, make absolutely sure you have such a sound promotion marketing plan in place.
It’s normal for advertising to focus upon customer acquisition throughout the early phases of your brand’s development. However, once you’ve secured your initial consumers, consider gradually moving your efforts to encourage recurring purchases.
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