Repeat Business – #11 of the 101 Marketing Ideas

Repeat Business

Repeat Business – #11 of the 101 Marketing Ideas

Transcription of the Repeat BusinessVideo:

KERSTEN KLOSS: Hi, and welcome. I’m Kersten Kloss, and this is BizDev Weekly, the business development show. I’m here with marketing expert Chris Hamilton from Today we’re going to talk about the importance of repeat business. Chris, why don’t you elaborate on this?

CHRIS HAMILTON: Thanks for having me, Kersten. The vast majority of businesses I’ve talked to underestimate the value of repeat business. It is, hands down, one of the easiest ways to get more sales, and so few companies actually leverage this power.

And it is so simple. Let me use a retail environment as an example. As soon as a customer makes a purchase, you should ask if you can add them to your e-mail and mailing list so you can send them exclusive offers. Once you start communicating regularly, these buyers will remember you when they’re ready to make another purchase. This creates repeat customers and leads to more sales. Repeat customers are a tremendous way to get more business.

Many companies sell more than just one product. The next advantage is that repeat clients can be encouraged to buy something different from you. I have a client here in town who does plumbing, heating, ventilation and air conditioning. We now market to his clients about all of these services. We take his plumbing clients and try to sell them a furnace inspection. We take his furnace clients and try to sell them a thirty-point plumbing inspection. The key here is that they already know you. They’ve already done business with you, so the barrier to doing business with them again is much lower. Kersten, do you have any thoughts on this?

KERSTEN KLOSS: I’ve heard that repeat business is about six to eight times more effective at generating further sales. Is that correct?

CHRIS HAMILTON: I’ve heard the same sort of statistic, Kersten. What it comes down to is it’s probably six times less costly and six times easier to maintain a current client than it is to find a new client. You spend all this time, effort, and money trying to get these clients. Why not make the effort to keep them for life?

Selling to repeat clients adds exponential growth to your business, because your repeat clients will tell all their friends about you. You will be top of mind when someone has a problem that you can solve. These clients become your unsung heroes and promote your business for you.

KERSTEN KLOSS: They become advocates of your product and tell others about it. They’re supporting their purchase because they just spent good money.

CHRIS HAMILTON: That’s right. And one last thing, Kersten. I’ve seen a stat that 66 percent of all sales come through word of mouth, yet only 18 percent of companies have a referral program. The upside is there for you, particularly because your competitors probably aren’t doing this. Why not leverage it to your advantage?

KERSTEN KLOSS: It’s called low-hanging fruit. Chris, that’s great information. Thanks for joining us today.

CHRIS HAMILTON: Thanks for having me, Kersten.

KERSTEN KLOSS: And thank you for supporting us here at BizDev Weekly. Stay tuned for our next business development show. Cheers.

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