As per the definition by Investopedia, repeat sales signify those purchases that are made by customers to replace the items or services previously bought by them. They are the example of sheer brand loyalty that occurs time and again repeatedly through the delightful experience a customer has. When a customer finds out that a particular product suits his needs, he will keep on buying it until a better alternative comes forth. The repeat sales is also known as repurchase or replacement sale.
Diving deep into the concept of repeat purchase
Repeat purchase depends on how many of the existing customers make another transaction. For a seller, it may not mean the same in case the customer buys the same product from a competitor. In this case, the consumer is loyal to the brand but not to the seller. A repeat customer for both the brand and the seller make the phenomenon of ''halo effect' in business.
A fundamental principle for the seller for making more repeat sales is to be friendly with the customers and take good care through competent after-sales services. The competition is cut-throat and all adopt this tactic. What you can do as a seller for maximum customer retention is to train your sales personnel and marketing representatives to tend to the customer needs so that every communication impresses them at the level where they feel confident and determined to repeat their purchases with you.
A loyal customer base does enhance the profit arc of the company. This helps the brand to make a strategy that will enable them to take the risk for growth. Repeat sales is not always a team effort; in the majority of the time, it is all about how the employed personnel is pitching the business USPs to the customers so that the latter makes a decision in favor of the brand.
Many business houses spend a good chunk of time behind strategizing for enhanced new product purchase and repeat purchase. This focus is mainly for acquiring new customers and keep them hooked to the brand until the time a loyal base is formed. The expenses behind these endeavors are no doubt too much; but when the result is extracted in line with the business goal, the brand experiences growth as desired. For experienced companies, this strategy works well for the existing customers too. Sao, when the business needs to surpass its existing level of revenue earning, they have to enhance their speed to cater to the needs of the existing customers.
Why is concentrating on pulling back repeat customers important?
- Existing customers make more purchase decision
- The investment made to acquire new customers is always higher than pulling in the interest of existing ones
- Existing customers can enhance your business reach
- Customer retention results in substantial business build-up. As per a statistic figure, a 5% increase in the retention can raise the profit by an average of 75%.
Dive deep into the concept of using CRM for repeat sales
Where does a CRM software stand when it is about enhancing the rates of sales repetition? Standing at this juncture of the evolving business management, we all know the basic functions of a CRM and how modern technology is further making its features work behind making customer experiences delightful. Without also much ado, presenting 6 ways in which a CRM helps a business to retain customers for repeated sales:
- CRM keeps the customer on top: Speed adds value to any business function and customer service is no exception. A speedy CRM software highlights the raised issues of customers so that from the business end, they are quickly addressed leaving a positive impression in their minds.
- Breaks project into many: The strategy of inviting in more customers is a massive project which has to be divided among multiple teams. A CRM also acts as a project monitor in this case where the users can get a hold of all the needed customer details to handle everyone with deftness.
- CRM works in a customer-centric way: A CRM system is customizable, suiting to the needs of business’ strategy. Each promo, discounts and any exclusive offers can be easily processed and applied automatically for easy and streamlined calculation. The error-free calculation, analysis and reporting is a win-win level for both business and customer.
- Calculating loyalty reward: Loyalty programs are fantastic ways to maintain a regular customer base, but managing the details of hundreds and thousands is a mammoth task. With a CRM system, every profile is handled correctly with all exclusivities tagged with the customer profile.
- Valuing the new customers: Every new customer is vulnerable and critical to the business; they can shift their interest quickly to an alternative brand. A CRM churns out the best bits of advice as what a company can pitch to them to gain their prolonged trust with it.
- Email marketing campaigns: When integrated with email marketing software, CRM system seamlessly carries out email marketing for lead generation and conversation. You can send them bulk or personalized emails and extract the desired results for your business growth.
Want the same result for your business? Try the best CRM
It is vital for a brand to have a stable customer database so that it can take up any unprecedented challenge in its way. In case you are in search of one such software, look no further than Exactlly CRM. It is a revered name in the industry of business management solutions that extends its unparalleled service across 17 countries to 40,000+ customers.
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