How to Market a Product to Your Existing Customers?
Business owners always think about new customers while making marketing efforts while the existing customers are just as important for their business. According to a survey, the marketers spend only 21% of the marketing budget on the existing customer base. However, these customers are the ones generating most of the revenue for the business. So, it’s time to rethink your marketing strategy and design it for reaching out to your existing clients and convince them to become loyal customers. Here are a few ways to entice your customers to buy from you repeatedly:
Gather Insights
Gather all the information and insights regarding your customers. You need to collect information like:
- What your customers buy?
- When do they buy it?
- How much are they willing to spend?
- Are they interested in offers and discounts?
- Do they pay the full price happily, or are they always waiting for the discounts?
Once you have all the information, get a hold of a customer relationship management (CRM) system that is suitable for your business and use it for your gain. The more information and insights you have, it would be easier for you to reach your customers through personalization.
Stay Connected to your Customers
Are your marketing efforts directed towards prospective customers only? Well, you need to make efforts to stay on the minds of your existing customers as well to make them return to you for more purchases. Close communication is the key to that. Send them newsletters, personalized emails, alerts regarding discounts and product launches to keep them in the loop and interested.
Make your Clientele feel Valued.
Think about hosting events just for the sake of your clientele. Invite them to an in-store sale or an annual banquet to make them feel valued. When they receive an invite from you, they will instantly feel special and loyal towards your brand. You can gift away small hampers and offers to them during the event to make them your repeat customers with special treatments and sign-up offers.
Keep your Clientele Involved in Product Development
Involving your customers in the process of developing new products can be the best strategy to win them over. Invite them to share their input and help you design your new products according to their needs. Survey can be beneficial in this regard. Allow them to test the products and share their feedback before the launch, which will be a win-win for both of you. They will feel connected to the new product and will most probably buy it once you launch it.
Loyalty Programs
Loyalty programs are great for every business. The tiered approach is the best when it comes to a loyalty program. It involves giving away a small reward on a small purchase while they are promoted to higher levels where they can get bigger rewards by spending more. However, make sure your reward system is simple enough, or the customer may get driven off by the complexity of your fine print.
So, go ahead and make your existing customers feel special by rewarding them and communicating with them regularly, and they would become loyal to you!