THREE WAYS TO LOVE YOUR CUSTOMERS & INCREASE SALES
The e-commerce landscape is ultra-competitive. This makes it hard to gain the attention of customers. For some time, we’ve known that experience is the best way to your customers' hearts. But, when competing in the global market, you must maximize your reach. You must focus your efforts.
The Pareto principle is well known and businesses around the world are doubling down on it as a strategy. Leading businesses focus on their best customers instead of trying to reach the masses. They focus on 20%, who account for 80% of their revenue.
Focus On The Best Customers
This focus on your best customers means developing a deeper relationship with them. The best customers are your most ardent supporters. And their loyalty drives 80% of your bottom-line gross sales. This means that brands should not focus on acquiring all potential customers. Instead, realize there is a happy balance between retaining brand admirers & new devotees and letting go of troublesome customers. You can't make everyone love you.
The question is, how do we wrap our best customers in love? What steps can we take to keep them happy?
3 Steps to Wowing Your Customers and Increasing Your Bottom Line
Develop and deliver highly curated content via brand storytelling. Theatrical storytelling with compelling and personalized content is a must-have in today’s market. The market is noisy. The best way to cut through is to be intentional on the buyer's journey. “Touch” your best customers with content that they care about. Make sure the content is relevant and evokes emotion.
Reward those who show you love. Loyalty programs come with an initial price tag that is nothing to sneeze at. However, the long-term benefits vastly outweigh the short-term costs. In other words, a properly executed loyalty program can return many multiples of its costs.
Use data in new and inventive ways and wow your customers. Data is more readily available than ever. But that can mean it’s harder to interpret, collate, and act upon, especially since many systems are fractured and disconnected. Investments in Data Science skills and technology investments can help. This gives you deeper customer insights and allows you to provide better service.
The 80/20 in Full Effect principle helps businesses identify and cater to their very best customers. Connect with us to learn how to apply this principle to your business and supercharge your sales.