Increasing Transaction Frequency
Existing clients already know and like you.
Business owners can be too focused on NEW leads,
overlooking the opportunity that existing clients offer.
Forgetting the importance of your current client base is a recipe for disaster…
Not investing into them is a formula for lackluster growth.
Invest into existing clients, get them to spend more often.
All the newest business solutions sell you on how to get new clients. “New clients drive growth” they say. It’s an easy pitch to make, it’s sexy.. Its why business owners today completely neglect their existing customers, those who will stay with you and be the bulk of your future revenue.
“It costs 6 to 7 times more to acquire a new customer than to retain an existing one.”
– Bain & Company
“The probability of selling to an existing customer is 60 to 70%, while the probability of selling to a new one is only 5-20%.”
– Marketing Metrics
Not Increasing Frequency = Missed Revenue
That’s the key. That’s what all Fortune 1000 companies spend their time
(and their millions) developing and implementing. They also:
- Dedicate millions into developing and improving solutions to increase client transaction frequency.
- Know exactly how much each client spends with them, and how often they frequent the business.
- Know how much each transaction amounts to, and how much time generally passes between visits.
You Are Not Fortune 500, or 1000.
But you DO have existing clients.
As long as you’re a service provide or a retail store with products..
You need to focus on getting your current clients to buy more often.
Salesforce spends 49% of their annual revenue in sales and marketing budget on retention… and have 24% revenue growth year after year.
Johnson & Johnson spends just over 27% annually on retention programs… and consistently has over 2.5% growth year after year.
Cater to Clients’ Needs. Nurture Loyalty.
Over your business relationship, loyal customers
are worth up to 10x as much as their first purchase.
Not staying at the top of clients’ mind and communicating…
Clients will stray to competitors to test the waters.
Not educating clients about your products, services…
Clients don’t maximize your products and services.
Not packaging and branding your products correctly…
Purchases are not optimized for their needs.
Increase Customer Lifetime Value.
Neovora’s tested strategies to get clients more involved with your business.
Facebook to stay engaged
Email Marketing to educate
Packing and branding your solutions
Useful and engaging apps
Know why clients defect