5 Aug 2019, 12:40 — 7 min read
My previous article on online sales was all about targeting the right customers, attracting their attention and closing in great sales deal. Now imagine this: You have tapped into a niche customer segment, your customers are going crazy over your world-class products and you have made phenomenal sales over the past few months. What now? What do you think should be the next step in order to maintain the upward moving sales graph? You may say acquiring newer customers. While this is true to some extent and the idea of securing new customers may seem interesting, but what pays off in the longer run is investing some of your time, energy and money in retaining the already available goldmine you have - your existing customers!
The golden word is ‘remarketing’ and believe me when I say that it’s not a rocket science. Let’s get started!
In this article you will learn:
Why are already existing customers better than new customers?
Mostly when a business wants to increase its revenue, the first place it plans to invest is in new customers. This definitely helps with creating a profitable business but spending on customer retention is what leads to a long term success of a business. Let’s understand why.
Remarketing is targeting a particular set of customers who have viewed something on your e-commerce website and showed some interest.
1. Already existing customers are easier to sell to
Customers, who have already purchased products and services from you, know you better than newer customers who would take some time to understand and trust your business. And especially when you are running on a shoe-string budget or you don’t have the time to invest in anything new, selling your products to repeat customers is the best utilisation of your resources.
2. Already existing customers promote your business
Repeat customers are the best way to market your products. A happy satisfied customer will automatically spread a word or two about your products and recommend them to their friends and family. Can you imagine the amount of customers you can get only through referrals?
3. Already existing customers tend to try out your other products
When customers have tried and tested a single range of your products they are more likely to try out your other products too. This is due to the trust and faith that other products would turn out to be equally satisfactory like the rest of the products earlier purchased by them. A report on ‘The value of online customer loyalty and how you can capture it’ by Bain & Company, shows that nearly 63% of online grocery shoppers prefer purchasing toiletries and Over the Counter (OTC) medications from their trusted online grocer.
4. Already existing customers bring in more money
Repeat customers tend to spend more as their relationship with your business grows older. For instance, if a customer bought only one to two apparels from your e-store the first time, it is likely that the next time they purchase, the number would go up. This clearly brings in more money which is beneficial for your business.
Needless to say, the stepping stones of every business are its customers and the only way to scale it is by focusing on customer retention.
Remarketing: Definition and how to do it
Almost all of us by now must have seen ads of various e-commerce websites, that you previously visited, appear on current websites you are browsing. Those tiny ads that crop up, luring us back to the e-store to purchase a product we didn’t buy earlier or must have left in the cart is a clever technique called remarketing.
In technical terms, remarketing is targeting a particular set of customers who have viewed something on your e-commerce website and showed some interest. Remarketing is a great way to re-engage those customers to purchase that product from your e-store. Remarketing ads are, thus, highly specific to each customer. If you are remarketing via Google, all you need to do is add a Google remarketing code to your e-commerce website which then tracks the customers using cookies and makes a list of remarketing audience.
There are different ways to remarket your products to your target audience:
Your repeat customers are an invaluable source of profit and using the above intelligent remarketing strategies; you can win them over and retain them for a long long time to come.
Image source: shutterstock.com
To explore business opportunities, link with me by clicking on the 'Connect' button on my eBiz Card.
Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views, official policy or position of GlobalLinker.
Posted byGlobalLinker Staff
We are a team of experienced industry professionals committed to sharing our knowledge and skills with small & medium enterprises.
29 Apr 2021, 14:00
21 Apr 2021, 13:28