4 Tips of How Market Research Helps in Retaining Customers

Why do commercial entities run after market research? Do they have a million dollar trick to win you the jackpot or a magical wand? Indeed, it’s formidable truth that YES researching the market enriches you by knowledge. Undoubtedly, generating fat revenues holds the center stage. But the story at the backstage is different. It points to customers who contribute to their big fat earning. Without them, you can’t imagine how to heap profit. So, here are a few suggestions outlining the business gimmicks to retain customers. Check out below: 

Hook customers for fat transaction: A marketer always calls the marketing weapons for upselling and cross-selling. The former convinces new as well as old buyers for spending on sale. On the other hand, the latter convinces old buyers only. These selling tricks have become not so-impressive in today’s scenario.

Coaxing customers is tougher and hooking them for fat transaction makes it the toughest battle. You can derive ideas of ‘how to engage customers’ from Domino’s Pizza (a leading junk food dealer worldwide). It comes out with weekly offers, like buy 1, get 1 free pizza. However, a large pizza (of buffalo, chicken) at $15.99 in USA is not a dirt cheap deal. But still, people for sure won’t break the bank to grab 2 pizzas at the cost of 1. All in all, you should set your eyes on persuading your customers for investing frequently in your product/ service. And attractive offers will never let your down.  Suppose if your customer makes 20 consistent transactions a year and lets you save $ 5 per service/product, your revenue will be (20X$ 5) $100. And if you apply the similar trick to another 5 customers then it will get 20X5=100 transactions a year. It will be equal to (100X$5) $500. What if your customers’ count will exceed 100 or 1000? Calculating the profit with this momentum will make you a millionaire very soon.   

Cut short the divvy of spending: Online shops are no less than seducers. If I am shopping through Amazon today, the next time heavy discount on eBay or alibaba can tempt me to be its customer. It apparently shows how disloyal today’s customers are. So, you ought to concentrate on how to gain first rank in their preference. This gimmick can stop their division of spending on other ones.   

Their attrition can be paused. Once you get registered to (say) Flipkart, its agile customer support or CRM (Customer Relationship Management) software creates your database. And the shopping site calls it from the backend to send you a new super saviour combo or discount as its sensational offer.

 Do you think brick-n-mortar hoods can’t do so? Your thoughts need repair here. You can create a database of your customers. A request for their email can easily do it for you. Sync it with your geo-location tracker in the mobile phone. As your client or customer enters the nearby location, you will get his/her traces. Then, just drop message to offer 50% discount offer or gift on dealing that day. This gimmick can do the trick. However, all will not but many will become your regular customers.                               

Each customer is precious: Apprehending customers’ behaviour can be a true guide to retain them. Remember! Each customer or client is precious. You ought to treat them like a gem. Attend and manage each one with thorough attention. It is fact that none behaves in a similar manner. One can be regular but another can be seasonal buyer. Identify the seasonal buyers since they mark their presence lesser.

For example, a person, who hits Reliance Digital for buying an iPhone, may not visit quite often there afterwards. But premeditating trick of sparking curiosity through lucrative offers can bring him back to your store.

Segregate the list of your customers into three, i.e. seasonal, frequent and loyal ones. Take an example of an astrologer. He funnels his clients into four categories for inviting to his workshop; ones who have been around frequently; ones who were formerly attended but not yet; ones who live just a few minutes away from the workshop venue. Now, he sets up his pitching speech differently to all categories. Frequent visitors are the loyal ones. So, he prefers to invite them to enroll for the upcoming astrology course from his institution. The second category is like alumni meet. He offers them free Vastu services for home and children besides giving demos over Feng Shui and Reiki. And the third ones will represent potential clients. He spells bound them with his dig deep knowledge of alternative science like Vastu, Astrology, Live Astrology, Reiki and Tarot cards reading etc..

Bring back old customers: Recovery of the lost customers can be not-so-tough. Just fight back and recall them. Get the list of the old buyers ready. Choose your targeting tool from online campaign, email marketing, search engine marketing and newsletter. These are a few in-trend marketing tricks. Pitch them with ‘Apology Note’ if they had bitter experience of your services.  Drop newsletter that should contain points of attraction and the newness in your services. Irresistible offers should pop up at the banner if you have a website of your own. Invite them for free and exclusive services of yours. Make them feel that they are the biggest asset and valuable for you.