How to market to your existing customers
Many business owners make the mistake of focusing their marketing only on attracting new customers. However, it is crucial to remember that up to 80% of your sales come from your existing customers. This makes it extremely important that you take the time to make sure that you are marketing to your existing customers. It is also important to realize that existing customers can be easier to market to since they already know what your business has to offer them.Keep in mind that your existing customer basis is not just keeping your business going but can also help you expand your business. Here is what you need to know about how to market to your existing customers-
- Show them you are loyal to them-While you certainly want your customers to be loyal to you it is important to understand that loyalty goes both ways. You want to show your appreciation for their business by showing that you are loyal to your customers. You can do this by sending thank-you cards, birthday cards, discounts, and other information that will make them feel special. You may also want to offer them special discounts or even a free product with a special purchase. Just make sure that you let them know that the incentive is for long time customers only.
- Have VIP events-Many businesses choose to market to their existing customers by holding VIP or invitation only events. This lets your existing customers know that they are special and you appreciate their business. The key to making this type of event a successful marketing effort is to make sure that you offering your customers something of value for attending. This can be a preview of a new product, a special demonstration, or a special sale for existing customers only.
- Get customer feedback-Another great way to market to your customers is by asking for their feedback. This has a two-fold advantage in your marketing strategy. First, you can get direct feedback from your customers as to what is and isn't working with your product, service, or any other aspect of your business. This allows you to gain the market research you need to make changes that will keep you current with your market. Secondly, you can make your customers feel special by letting them know that you value their feedback. You can use the time that you interact with them to directly market to them which is to establish a relationship with your customer that has them coming back time after time to buy from you.
- Offer reward cards-Everybody likes to get something when they purchase from a business. One of the most effective marketing tools today is the rewards card. Your customers will like the fact that they get some kind of discount for repeat business. The important consideration here is to make sure that you are offering your customer something of value. No matter how good you think your loyalty card is if your customers are not impressed enough to come back repeatedly it won't be an effective marketing tool.
- Set up a referral program-If you have successfully marketed to your customers and provided them with the highest in customer service they are far more likely to offer referral names for other people they know who may want your product or service. To really make your referral program effective you will need to offer your existing customers an incentive for bringing in new customers. Keep in mind that you will need to require a certain minimum purchase from the new customer in order to make the referral program truly effective for your business.