For a business, a loyal customer base is like the beating heart of your success. Repeat customers and loyal clientele have already provided enough evidence that they like doing business with your brand – so learning more about them is your next step to ensure that they’ll continue to come back time and time again.
Nurturing repeat customers is pivotal to maintaining an active relationship in order to ensure recurring business. More often than not, businesses think that in order to grow their bottom line, generating new customers is what really matters; not the case. In a recent study conducted by Kissmetrics, it was found that 81% of repeat customers go back to a business after having a good business experience. And a whopping 99% of customers said they would sever their ties with a business who failed to build trust.
So how can manufacturing businesses and dealerships/vendors nurture repeat customers? Quite simply, by listening to them, providing incentives and benefits to those who display loyalty to your company, and by capturing their attention when it comes time to invest in new equipment.
It’s all about your company mindset – which can also represent one of the largest obstacles businesses need to overcome when trying to nurture existing customers. The secret is looking for opportunities to engage with them, and putting forward a valiant effort to connect with their needs. Companies that were successfully able to connect emotionally with their customers experienced a 46% increase in revenue than those that didn’t – and 75% of customers are more likely to talk about a positive business experience than a negative one. What’s further, is that a moderate increase of 8% in customer satisfaction, results in an increase to profits of about 28%.
Existing customers are special to vendors and dealerships because they become loyal customers over time. When a manufacturing business offers financing and refinancing options to existing customers, the savings they realize over the years will help them to finance again and again as their business continues to grow. Nurturing this relationship of borrowing and refinancing is key to the growth and financial stability of both parties.
There are a number of ways that businesses can remain connected to their repeat customers, such as email blogging, face-to-face meetings, surveys, and even classic sign-up information. What’s important to note is that this information becomes your portal into the world of your repeat buyers.
It’s critical to building more meaningful relationships, marketing your business as a caring companion, and documenting the entire process so your organization can look back and fine-tune its approach in the future. Paying attention to what your customer wants, what they’re saying, and finding out what they think of your organizational processes will allow you to customize your communication efforts, in turn strengthening your potential for successful retention.
Being an equipment vendor or dealership means your business is already in an advantageous position to help nurture existing customers. When clients come walking through the door looking for the newest and best state-of-the-art technology and new equipment, you generate repeat business from these customers by obliging their requests. Offering financing is the cherry on top – a way for them to affordably, and confidently, get into the most efficient and tech-savvy equipment.
A similar opportunity arises for equipment vendors when a lease agreement term nears completion. When the customer comes knocking and seeking new borrowing terms – through a refinancing deal, or in new equipment – you stand to generate repeat business by capturing them at the right time during an important buying decision. Why not then match the usage of your customer’s equipment to affordable monthly payments, therefore minimizing large cash outlays? This alleviates pain points for your customers and helps win their loyalty over the long-term.
Customers and clients love knowing that they’re treated differently than the average person. They feel that trust has been built when they’re privy to exciting new offers, deals, sales, ideas and campaigns before others – so a great way to further develop customer loyalty is to give them what they want; give them a first look at what’s coming, new products, services, deals, etc.
The benefits of offering up advanced knowledge is differentiating your clientele and creating a strong sense of belonging and loyalty. It also does wonders for creating hype and buzz for your business. This type of trust and benefit doesn’t just have to come in the form of free, or discounted products or services – it can come in the form of ebooks, newsletters, customer appreciation videos that become a part of your email marketing campaign, and useful guides. Sharing info is an inexpensive and effective way to engage your existing clientele because of its high value.
It is known that it’s 6-8 times more expensive for a business to acquire a new customer than it is to keep and nurture an existing one. Why? Because people remember how your business made them feel. This means paying close attention to the people who comprise your customer base, not just your bottom line. Another benefit of embracing your existing clientele is realizing that business growth isn’t measured by the number of people who know about you – it’s measured by gauging the people who would willingly do that work for you – by purchasing again, and spreading the good word about the level of customer satisfaction your business has provided.