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EP 6: Developing Repeat Customers and Brand Advocates
In this week's episode, Dominique focuses on The Customer Life Cycle
Customer life cycle is the process of building a relationship with a brand or a company with the intent to keep the customers coming back. It’s meant to be repeated.
A good way to be discovered by customers is to warm them up with freebies and offers to simply get them into the door. Eventually they will turn into paying customers.
25-40% of the total revenue of a stable business comes from their repeat customers. It costs more to get a new client than it is to sell to the repeat clients.
Five Pillars of the Customer Life Cycle:
- Reach – contact with the customer.
- Acquisition – have customer attention. The hope to convert customer.
- Conversion – where they become a paying customer.
- Retention – keeping the customer. Build and maintain customer relationship. You can increase your profits to 25%-125% by making customer retention a priority in your business.
- Loyalty – have customer entered into the life cycle where they become a brand advocate and they continue to buy over and over.
80% of your sales will come from 20% of your customers. That 20% is your retention, the people who continuously buy from you.
A lot of people take the customer experience for granted.
How are you separating yourself from the competition? Try following up with your customer. Feedback is extremely important.
There so many ways that you can get creative in your business to be able to provide rewards or follow up with your customers to provide that satisfaction to them. The good thing about customer experience is not everyone requires a wild, luxurious experience. There are some customers that may be content with the basics. The best thing you can do is not try to assume or guest and just provide a good experience.
It is very useful for business owners to understand the selling and the psychology around the buyer meaning the customer and the phases they go though.
Everybody is looking for something different.
Your goal as you move through your business and find success and continue to make money should be to enter your customers into a life cycle. You want to acquire customers that will be lifelong loyal customers to you.
Find out more about how to work with Dominique:
https://dominiquestaylor.as.me/schedule.php
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By Dominique TaylorIn this week's episode, Dominique focuses on The Customer Life Cycle
Customer life cycle is the process of building a relationship with a brand or a company with the intent to keep the customers coming back. It’s meant to be repeated.
A good way to be discovered by customers is to warm them up with freebies and offers to simply get them into the door. Eventually they will turn into paying customers.
25-40% of the total revenue of a stable business comes from their repeat customers. It costs more to get a new client than it is to sell to the repeat clients.
Five Pillars of the Customer Life Cycle:
- Reach – contact with the customer.
- Acquisition – have customer attention. The hope to convert customer.
- Conversion – where they become a paying customer.
- Retention – keeping the customer. Build and maintain customer relationship. You can increase your profits to 25%-125% by making customer retention a priority in your business.
- Loyalty – have customer entered into the life cycle where they become a brand advocate and they continue to buy over and over.
80% of your sales will come from 20% of your customers. That 20% is your retention, the people who continuously buy from you.
A lot of people take the customer experience for granted.
How are you separating yourself from the competition? Try following up with your customer. Feedback is extremely important.
There so many ways that you can get creative in your business to be able to provide rewards or follow up with your customers to provide that satisfaction to them. The good thing about customer experience is not everyone requires a wild, luxurious experience. There are some customers that may be content with the basics. The best thing you can do is not try to assume or guest and just provide a good experience.
It is very useful for business owners to understand the selling and the psychology around the buyer meaning the customer and the phases they go though.
Everybody is looking for something different.
Your goal as you move through your business and find success and continue to make money should be to enter your customers into a life cycle. You want to acquire customers that will be lifelong loyal customers to you.
Find out more about how to work with Dominique:
https://dominiquestaylor.as.me/schedule.php