Repeat Customers, the real proof of right acquisition and success of engagement

Repeat Customers, the real proof of right acquisition and success of engagement 

- Kapil Gupta

Today’s First Post read as follows - “Eager buyers – joined by at least one robot – flocked to Apple stores from Sydney to New York and San Francisco, itching to get their hands on new models boasting an improved camera and a screen feature Apple calls ‘3D Touch’, which performs different functions depending on how hard a user presses….”

 What amazes me every time Apple announces an event and releases a new model, the following and curiosity it brings along is unmatchable and enviable.

 All studies show that those who buy Apple products, keep on buying them and show few signs of stopping.. I am one of them who stretched first time to buy that expensive iPhone, then went on to buy an iPad, then Apple TV and now a MacBook.. I am not sure if it was Apple or myself who created reasons to buy multiple products and services from them, but what's important to note is that they have successfully made me a repeat customer.

 Now what does it take for any orgnaisation to be like Apple Inc. and create reasons for their customers to come back more regularly and believe you me, it is more than delivering value. In today’s world, acquiring millions of customers is not enough (not that it is easy), especially for service industry players like telcom, banking, since the real value that the organisations will be able to create will be from repeat usage / purchase from same customers and referrals therefrom. There are many such success stories – look at Wells Fargo in banking space, which has been able to achieve cross sell ratio of almost 10 (may be more by now). Amazon, Starbucks, Netflix are some other companies that have achieved similar success in creating repeat users / purchasers.

 The big question is HOW?

 I believe, this all starts with whom you acquire and how. Basically, I mean offering genuine benefits to right set of customers, so they can see you really care about their experience becomes the foundation. Getting a client onboard is all about how you present yourself and your product or service. If you show them you’ve kept their needs in mind through development, and you lay out what your product / service can do for them, it’s a whole lot easier to score their loyalty.

 Second bit is how early do you engage and how since not every customer likes the same channel or same offer or reward. Sooner you start engaging, better it is – first 25 days are most critical, I believe to make that post purchase experience feel good. Also, it is critical to be personal while being professional.

 Third bit is to keep consumer needs ahead of what you think they need. Ask them often, through consumer tests or regular feedbacks, what they would like to use, buy or see and make the most popular additions or changes. The result will be a more intuitive and helpful product, while also maintaining a loyal user base.

Disclaimer : The above views are my own and not of my employer's.