The 7 Key Factors That Influence Customer Buying Frequency
One of the best ways to increase your revenue is to get those customers that you have already paid to acquire to come back and buy more and buy more often.
Here are 7 key factors that will influence your customer’s buying frequency.
Key Factor #1 — High Value Products And Services
Many times business owners try to give the customers what they (the business owner) think is valuable. You must get feedback from your customers in order to decide what they perceive as being valuable. It’s not about you…it’s about them. You must always focus on consistently providing high value from the customer’s perspective. Use the input your customers give you, but you’ll most likely find that perceived value is a combination of customer satisfaction and intelligent pricing.
Key Factor #2 — Unique Offers
Unique and compelling offers are very powerful because the customer begins to feel that you are a market leader. Your customers must view you as always being relevant otherwise you become irrelevant and that’s when you begin to have a huge drop-off in your marketing efforts.
By developing unique and compelling offers, you subconsciously communicate to your customers that you are invested in helping them achieve their desired results and outcomes. The only way to develop unique and compelling offers is by tuning in to your customer’s wants, needs, goals and desires. The process of collecting this information improves your ability to create more effective marketing campaigns.
Key Factor #3 — Make Them Feel Special
Everyone wants to feel cared for and connected to something meaningful. Your customers are no exception to that. You must show them that they matter to you and that they’re more than just a number or dollar sign. Your customers are the focal point of your business; you should let them know that they are special and important to you.
Your goal is to show your customers you care and help them develop a special connection to you and your business that they simply can’t get anywhere else.
Key Factor #4 — Constant Communication
If you don’t communicate with your customers on a regular basis, you are slowly but surely being forgotten. Your ability to increase the purchase frequency of your customers is directly tied to your consistency in communicating with them. If you want your customers to buy from you for as long as you’re in business, you need to communicate with them for as long as you’re in business. But it’s more than just marketing. You’re nurturing your leads in a well-rounded way that doesn’t scream sell, sell, sell.
Key Factor #5 — Pricing Incentives
One of the most powerful, but often abused frequency strategies is discounting and pricing incentives. You don’t always have to discount your prices to incentivize your customers to buy more from you. In fact, if at all possible, you’ll want to do everything in your power to avoid discounting your prices in order to increase frequency.
Try working towards getting the customers to buy bigger quantities or bundles of packages which allow you to train your customers to not expect a discount. Essentially, the formula is to reward your customers for buying more often at higher profit margins. That’s a recipe for success.
Key Factor #6 -Various Longevity Bonuses
You can reward your customers based on how long they’ve been buying from you. It’s good because you’re training your customers to be loyal. This is a great strategy because it promotes and encourages your customers to actively purchase from you. You can surprise your customers with the bonuses or you can let them know upfront what they can receive in exchange for being loyal and active. Using this strategy keeps your focus off of discounting your prices and fees in order to incentivize your customers to purchase more often.
Key Factor #7 — Product Or Service Upgrades
You should always create a clear path for customers to step up your product or service ladder. If you can’t come up with a path, then I guarantee that your customers don’t know the path and you’re losing out on revenues and profits. Your upgrades can be based on features or quantity. Regardless of the upgrade path you choose, it should always include an increase in price to justify the step up.