Studies have shown that the cost of keeping an existing customer is around 10% of the cost of acquiring a new one.
It’s much easier to sell something to an existing customer than it is to sell to a brand-new one, as you have begun to build up trust.
Regardless of the size, and usually nature, of your business attracting loyal, returning customers is the key to growth and expansion.
Many businesses put together a retention strategy to increase customer profitability and to understand how they can prolong relationships, therefore keeping account costs down.
There are several associated benefits to fostering a lasting relationship with customers, including the fact that long-term customers are more likely to introduce your business to others via word-of-mouth recommendation.
They are also more likely to purchase other products from you.
Businesses maintaining good customer relations and keeping people loyal and satisfied, usually create a happy workforce, with increased job satisfaction as there are less problems. However, to achieve this you need to understand your customers’ needs, which brings us back to the importance of data to provide information rather than pure guesswork.
Economically it makes sense to know as much as you can about your new and returning customers. Having access to customer data is vital to ensure that resources are not wasted, promotions and marketing efforts are successful and that customers are coming back to repeat purchases.
So, you need as much customer data as possible. The data from Revolution, which is provided free to NetPay merchants, is therefore an amazing bonus for your business.
Begin by logging into Revolution, where you will see a dashboard with all your transaction information.
Trends and patterns help you understand what motivates customers to buy, and the best approach to take in your marketing activities. They can also be used to help build customer awareness of your products and services.
Information can be useful for identifying customer trends or insights (e.g. more sales during lunch hours, or an increase in sales of a particular item over the summer period) and therefore helps you in business planning and marketing activities, when deciding things like employing additional staff during busy hours or renting an additional terminal during peak months.
Log into Revolution to locate the reporting feature and take a look at the reports provided – you will be amazed at how much information is available to help you, and all at no additional cost to your business.
If you have any questions about Revolution or need helping setting up your free account please contact our customer support team, on 0333 311 0200 (option 2) they will be happy to help you