How To Retain More Buyers With A Delightful First Transaction
Guest Post Written by Allan Caeg.
Imagine that moment when your audience turns into a customer. They buy their first shirt, bag, accessory, software, or even service. That moment changed your relationship with them forever. You want to optimize for increasing the number of customers. Everyone does. The problem here is most people don’t take this too seriously. They’re more concerned about quick wins rather than the long game. Let me expound.
Will you sell a product at a loss? If every customer only buys one thing from you, you shouldn’t. But that’s far from how customer relationships work. You didn’t just buy one iPhone from Apple then you’re done with them forever. Let’s talk about the power of the first transaction. You want a first transaction that will begin a customer relationship, which you hope to last for many months or years. If you’re playing the long game, your relationship with a buyer is barely about the initial transaction. Most of their value will come from big purchases down the road.
2. Your First Impression
Going straight to pitching your $2,000 product after shaking hands is not a good strategy. The best sellers are those that have mastered the art of small talk. They become friends with the customers first. They find similarities. They establish a relationship up to the point wherein they are able to determine what the customers’ needs are.
All these eventually transitions to selling. And if you manage to develop trust, you now have a customer that will be loyal to your product. Land Rover truly knows their customers when they created the Land Rover Discovery. They know that people are always looking to explore and discover. People buy the Land Rover Discovery to discover the great outdoors. Exactly what the Land Rover is built to be.
“Customers who previously bought from your are far more likely to buy from your later, than random strangers.”
3. Offer A Tripwire
One way of getting customers’ attention is by offering low-cost products. Low price doesn’t mean low quality though. Value should also come with the low price you are offering. By offering this kind of product, you are making room to upsell to these customers. It can be an upgraded with a better package. Even if you’re offering low cost products, make sure that it delivers that WOW factor. Impress your customers so they will remember you. One way of doing it is by customizing your offer. When you achieve this, your customers will surely come back for more. It is said that people buy products because of the outcome. The “after” state, wherein customers are happy when they bought the product from you.
DigitalMarketer pioneered the concept of a “Tripwire,” which warms the customer up with an irresistible offer. As they shared, a classic Tripwire example is one from Columbia Records. They made an irresistible offer of 13 tapes or records for $1, so they can acquire a list of buyers. The result? They took over the music market.
3. Have Them Coming Back For More
What would your customers need after they purchase your product? This is the question you should ask yourself because those should be your next product offering. Think upsell and upgrade. To seal the deal with your customers, offer discounts or incentives. They already bought your product. Presenting them with something that can be used with it or to it. You’re making the decision to repurchase a lot easier for them because of the added incentives.
Skinny Ties uses this upsell technique on their checkout process; They encourage customers to buy $50 worth of additional items. Customers will then get free shipping. If customers buy more than $100 worth, they get a bonus tie bar.
4. Keep Your Customers In The Loop
Customers who previously bought from you are far more likely to buy from you later, than random strangers. If they are happy with what they bought the first time, they will also be more than happy to purchase a more expensive version next. Always nurture your customers as well as your leads. After the buying process, stay in touch with your customers. Keep that relationship going. Create a weekly or monthly newsletter that you can send out to them. You can ask follow up about how the product they bought is working out for them. Or tell them about any upcoming product that they might be interested in. It’s best if you have a list or database of your customers’ contact details. Remember to personalize any email or newsletter you will send out.
Tag Heuer, being associated with Formula One, emailed their customers about a special watch they created to celebrate the partnership. The email was sent just before the Monaco Grand Prix. Two birds with one stone; reminding everyone about the event and marketing a product related to it. When you ultimately know your customers, you can offer them something they can’t refuse. Don’t stop there. Offer more incentives and keep in touch with them all the time. That’s how you retain customers and keep them loyal to your business.
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