How to Convert First-Time Purchasers to Subscribers?
It might seem like a difficult task to get your first customers but what's more difficult is to convert your first-time purchasers into retaining customers. In this article, we'll provide tips that will help you convert first-time purchasers to subscribers.
It's undeniable that recruiting new consumers and first-time buyers can be critical to the success of your business. It's perhaps just as vital to turning those first-time purchases into repeat customers.
Customers that are loyal to a company are essential to its success. This holds true for both small businesses and large corporations. The more the repeat customer rate returns to your firm, the higher their "Customer Lifetime Value" will be. Customer lifetime value (CLV) is a metric that evaluates how much money a company can expect to make from a customer over the course of their relationship. As you may expect, increasing customer retention raises this value.
Here are some more reasons why repeat customers and customer retention are so important to a business's success:
- Keeping an existing customer is far less expensive than finding a new one.
- Customers who return spend more money.
- The expense of marketing is lower.
- Customers who were pleased spread the news to their friends resulting in gaining new customers.
How do we develop customer loyalty now that we've looked at why it's so important to your brand?
The following are some of the top tips for ensuring that when first-time customers or new customers discover you and your business, they will return for more and become loyal customers:
Provide a Customized Shopping Experience
Your largest competitive differentiation is the service you provide to your customers. It's no longer enough to be efficient; now it's all about addressing specific requirements, and hyper-personalization is the new big thing to turn buyers into repeat customers. New customers will buy from brands that cater to their growing demand for customization, thus, it is important to have satisfied customers. Hyper-personalization can include anything from addressing a customer by their first name to recommending new products and services based on their previous interactions with your company. Amazon is an example of this in eCommerce.
To better understand your needs as a client, the online retail behemoth uses predictive analytics and combines historical and real-time data. Hyper-personalization can include anything from addressing a customer by their first name to recommending new products and services based on their previous interactions with your company. You no longer need to invest in AI-powered software to accomplish this. Instead, start small by utilizing lead generation forms to acquire contact information for your email marketing campaigns. You can also target adverts to specific users by segmenting your user base based on their purchase and browsing habits and gaining customer loyalty. It's no secret that happy customers spread and you're business will gain a customer base.
Addressing customer feedback
You must have a good structure in place to listen to what your consumers have to say now that you're actively driving repeat purchases in your firm. Taking a proactive approach to gather client feedback means that you are never too far removed from what the community expects of you, even if their expectations change over time. As you go out collecting feedback, relying on a full-fledged voice of the customer program might be a good option. This allows you to keep track of and respond to client feedback based on their experiences with your products and services. Here are a few examples of how to begin gathering feedback:
- Short/long-form surveys (conventional or online pop-ups)
- Listening in on social media
- Email-based contact forms
- Customer interviews for research
- Tests of usability (to find how your products and services are used by your customers)
- Website analytics are used to track on-site activities.
You can also use the information gleaned from your customer service team. Are they getting a lot of the same questions? Similar reasons for requesting a refund? Use this data to better understand what your customers desire and to fine-tune your online store's many components. The second, and far more crucial, step is to act on the information gathered. Stop living in denial and, once you've gathered all of the data, contact and follow up with your consumers. This demonstrates that you are attentive to their complaints and are concerned about improving their situation.
Create a customer loyalty program
Customers can be rewarded through a loyalty program, which is a tried and tested strategy for encouraging repeat visits. The idea behind this approach was simple: after every two or three transactions, clients would receive a memento of appreciation or any exclusive discounts. It has evolved into a more systematic marketing plan over time and it actually helps in turning buyers into repeat customers. Customers are still encouraged to buy from the same store or utilize the same company's services on a regular basis, but with more particular incentives or rewards. For example, a coffee shop might only use a simple punch card to reward a consumer with a free cup after a few purchases.
Keeping an existing customer is nearly ten times more efficient than finding a new one. It also helps you increase your revenue in a variety of ways because repeat customers spend more in comparison to new customers. Increased repeat purchases will be the most obvious driver, with the top 20% of consumers accounting for roughly 70% of your revenue. Loyalty programs have long been popular for encouraging repeat purchases, but with a little encouragement, they can also increase transaction size over time. However, there is a slew of other advantages. For example, if your program rewards customers who refer other purchases in their community, you'll have additional customers — it's as easy as that. Additionally, recurring purchases will add value. You may also incentivize genuine customer reviews and testimonials to boost your social proof. You can also incentivize purchases above a specific threshold to increase sales volume, and make the prize payable in a few weeks on the following purchase.
Invest in real-time assistance
Your clients expect zero wait time thanks to widespread digitization and automation. Up to 80% of online customers want businesses to respond to their questions in real-time. Any delay on your part demonstrates that you are unconcerned about their difficulties. If you want to provide them with a positive client experience, you must make yourself readily available.
Live chat is the most tried and true method of providing real-time assistance. You can gain a better understanding of their issues by seeing where they are in the process. The nicest aspect is that they're significantly more approachable and conversational than email assistance. Furthermore, your agents can operate remotely using live chat software, making it easier for your staff to provide round-the-clock service for your first-time buyers as well as existing customers from wherever they are.
Now that you know how to convert first-time purchasers into subscribers, it's time to put your new skills into action! Start by making it easy for customers to subscribe on your website and in your marketing materials. Then, offer an incentive like a discount or freebie to sweeten the deal. Finally, be sure to follow up with new subscribers to keep them engaged and coming back for more. With these tips in mind, you'll be well on your way to increasing your subscriber base and growing your business.