According to Bain & Company, 60-80% of customers who feel satisfied with a company nevertheless do not go back to the company that initially satisfied them. Why? Because they can’t quite remember the details. The name of the store, for example, slips their mind. Forbes argues that it’s “the art of remaining connected” that is of immense importance in modern marketing.
This infographic by the data analytics platform SumAll reveals why return customers are a tremendous source of revenue. Their study found that businesses in which 40% of customers are repeat visitors generated nearly 50% more revenue than similar businesses with only 10% returning visitors.
What if there was a way to build connectivity right into the fabric of your business’s day-to-day operations? It turns out that there is, and here are the three steps to getting there.
Step 1: Insert a CRM at the cash register
What you need is a way to effortlessly capture customer information. That’s why tools like Instore were born in the first place—to bring the magic and analytics of cloud computing into everyday applications. With a mobile point-of-sale system on hand, as the cashier swipes or inserts a credit card, the software itself draws out the necessary details and instantly builds—or adds to—a customer record. Offer to email a receipt to your customers (possibly with a discount as an enticement) or offer ongoing rewards—and you’ll be able to more easily obtain their email addresses. Multiply this by the hundreds of transactions your business may be making, and you have a customer list that is effortlessly growing, without your staff having to do much at all.
Step 2: Identify your better customers
This means that you can now dive into the analytics hiding within that list. You can measure who is visiting, what they are buying and when—allowing you to spot the customers who are noticeably benefiting your business as well as all manner of trends along the way. The only way you could have previously done this was by being hyper-present in the store everyday, it happened when Mom or Pop was standing at the cashier, able to recognize every single soul by their face. The personalization of the service can be just as good, if not better, today with modern software solutions.
Step 3: Stay in touch
This is your golden moment. Now you can reach back out to that customer and remind them that you exist—and why you exist. You can send incredibly effective email messages, not just a bland, spam-like one-fits-all message. You can be thoughtful, precise and customer-centric and able to delight your audience by remembering them and offering them deals and discounts they will find useful.
Remember that the whole point of this exercise is to benefit the customer, by giving them offers that are customized exactly for them and will draw them back for more of what they liked in the first place. This is the very act of connection.
And the good news? This doesn’t take any time at all, just the right tools. A mobile POS gives you the ability for this to happen seamlessly, silently, contained within the simple act of passing over a credit card or requesting a receipt. It gives you an incredible asset, a perfectly updated and precise customer list, that is growing organically everyday.
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