[MUSIC PLAYING] Acquiring new customers is a must when it comes to growing your business it'll cost you time, effort, and of course, money. It can cost up to five times more to acquire new customers when compared to returning customers. On average, loyal customers end up being worth way more than their first purchase. Seriously, this is why more than half of small and midsize businesses report that 50% of the revenue comes from repeat customers.
Maintaining your relationship with your customers should be a key component of your business. And you can build a long lasting relationship all while keeping costs low. So today I'll share some strategies to become BFFs with your customers right now. Step one, perform an audit. One of the main questions you'll want to answer is, are you actually encouraging your customers to shop with you, again?
If you were your customer, how would you describe your current experience shopping in your own store? What is your customer service like? Would you feel a sense of surprise and delight with your current shipping, packaging, and unboxing experience? Don't let the audit begin and end with your thoughts. Get feedback from your actual customers. Review your analytics data to see the percentage of repeat customers in your business, and create a questionnaire to ask shoppers of different frequencies like the first, third time, fifth time shopper about their experiences.
From the data, decide what activities you can put in place to enhance your overall customer experience. Here are three ideas to get you started. First, to create a digital experience that generates customer loyalty, show your customers more of what they like. If you've ever received a-- you may also like these email after making a purchase online. You're picking up what I'm putting down.
When customers purchase items from a certain collection in a certain style or that solve a very specific problem, serve them related products through ad retargeting campaigns and use segmentation and personalize product recommendations in your email marketing. Next, offer more attractive shipping or delivery options. I don't know about you, but if the process to receive my purchase is super easy, I'll be a customer for life.
Your local customers may appreciate quicker shipping or delivery. The option to pick up or a generally lower rate. Explore programs and deals offered by couriers and even consider including your standard shipping rate in your purchase price. And offering free shipping for your region or nationally. Then beef up your packaging and physical brand materials. Like opening a birthday gift, a great and boxing experience can be satisfying and memorable.
It's also a great place to offer promotional discounts and encourage customers to take pictures of their experience and share. And speaking of customer experience, your number one goal is to keep your customers happy. An excellent way to keep your repeat customers engaged and to strengthen your relationship is by rewarding them for being loyal customers and advocates. Consider using an app like Smile to build a loyalty program that uses points and referrals to help you attract and retain loyal customers.
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