It’s widely understood that retaining customers is even more important to the bottom line than attracting new customers. Data shows that 80% of a business’s future income will come from 20% of it’s existing customer base. In other words, merchants should focus heavily on building existing relationships, and creating opportunities for customers to spend more with each visit.
There are a lot of ways merchants can encourage greater spending. Here are a few.
Encourage add-on purchases
There are a lot of techniques that business’s use to encourage purchases, ranging from color coding to scientific layout design. These can be very helpful when organizing merchandise, but just as important is staff behavior and interactions. Anyone working a register or on the floor of a business should be familiar with all products and services offered. Training to help staffers on the frontline of customer interactions can help them anticipate the needs of those they assist, pointing them towards new ways to engage with a business, and spend more money.
Establish a rewards program
The last decade has seen substantial growth in loyalty programs across industries. Customers are more likely to return to businesses that reward them for repeat purchases. Rewards programs are integrated smoothly into the Clover platform via Clover Rewards, found in the Clover App Market. An important feature of Clover Rewards is the option to have customers earn points based on dollars spent rather than simply the number of visits in a standard punchcard. This is a great way to motivate customers to spend more at each visit, and provide perks for them in return.
Run targeted specials
Also available in the Clover App Market is a new offering, Promos. This app allows merchants to reach out to various segments of their customer base—first time customers, occasional customers, or regulars—and create custom promotions designed to entice them back for more. Parameters for these specials are entirely at the discretion of the merchants, making for a broad spectrum of options to drive sales through repeat business.
Anyway you look at it, merchants must retain customers and grow their business to find success in a crowded marketplace. As always, Clover is here to help. Visit the App Market for a variety of business solutions for every industry.[image: cheese counter and checkout by Upupa4me on flickr]
Clover is sold by leading U.S. banks including Bank of America, BBVA, Citi, PNC, SunTrust and Wells Fargo. You’ll also find Clover at our trusted partners including CardConnect, Restaurant Depot, and Sam’s Club. For more information, visit us at clover.com.