Satisfied customers can be a high-performing asset for your business. After all, the cost of acquiring a new customer is pretty steep when compared to keeping existing customers. Given that 80% of your profits are generated by merely 20% of customers, it’s imperative to spend time leveraging the relationship and grow your business.
Walking the extra mile to engage with satisfied customers can help businesses reap great rewards. It makes little sense not to stay invested in such customers after all the effort and resources you’ve spent delivering excellent customer service.
Let’s find some surefire ways to use the positive experiences of your customers to your advantage and take your business to the next level:
1. Referral program
Promoting your business through a referral program for existing customers is a clever hack. It incentivizes your customers to refer your business to their friends and family and enjoy something in return. The rewards can be for both the referrer and the referee, making it a win-win situation for both.
Take, for instance, Tesla’s referral program. The existing customers are encouraged to refer Tesla to others and obtain an invite to visit Tesla’s factory. They also get 10 discount vouchers of USD 1000 to gift to their friends and family.
2. Customer testimonials
Marketing your business is crucial for its growth. Therefore, you need to invest a significant amount of resources in various campaigns with a glimmer of hope that it will strike the right chord and send new customers your way.
Luckily, customer testimonials are a potent tool in your arsenal to send out the right signals. A study revealed that out of 2100 customers, 88 percent rely on online reviews to “determine the quality of a local business. A powerful testimonial from your existing customers works like a seal of approval. It also helps you to enhance your credibility in the market and engage with prospects at an emotional level.
While there are numerous formats of testimonials you can experiment with, getting your customers to record a video testimonial can be a gamechanger. This format gives you a creative license like no other–you can use them to actually showcase how your customers interacted with your product or service instead of simply featuring a couple of lengthy quotes. Video testimonials also come across as more authentic to the prospects and give you a fantastic opportunity to make a strong pitch about the business.
But don’t worry. Your customers don’t have to invest in an elaborate setup to send a video testimonial. With a free online video editor or easy video testimonial maker, they can record their experiences and create one easily. Then, you can add the finishing touches to the testimonial using the video editing tool and make it look more professional.
3. Cross-selling services or products
Cross-selling is a time-tested strategy that many businesses employ to boost their sales.
It is an art and involves you recommending perfectly complementary products or services to your existing customers based on the purchase history. You should aim at offering a packaged deal so that customers feel that their purchase is ‘complete.’
For example, suppose you run an eCommerce store that sells women’s apparel and accessories. In that case, you can employ the cross-selling tactic to recommend the perfect pair of shoes and bags to go with a clothing item that a customer has purchased in the past.
When you walk the extra mile and are proactive in identifying your customer’s unmet needs, it makes them feel valued. As a result, you are likely to make more sales as the customers will want to keep coming back to you.
4. Make customers your brand ambassadors
Not all businesses have advertising budgets to onboard a celebrity to endorse their products or business. In such cases, making satisfied customers, your brand ambassadors is an intelligent strategy that can help you to grow your business.
Brand ambassadors provide an honest endorsement of your brand instead of sounding too salesy or misleading. They can help with increasing brand awareness by recommending your products or services to the target audience.
There are various ways to leverage regular customers as the face of your brand. You can establish a brand ambassador program as part of your marketing campaign to onboard the customers. You can either offer discount coupons or freebies to such customers. You can also provide them a personalized discount code for your online store that they can share with their followers and encourage them to buy.
Ready to improve your marketing plan and grow your business?
Now that you know the successful strategies for taking the business to the next level, it’s time to start putting them into practice. Incorporate these tips as part of your business processes and invests in them wisely to reap the rewards down the line.