More than ever before, amid the pandemic and current global economy, every business depends on customers to not only survive but thrive. As cliché as it may be, first impressions fundamentally matter. Turning a first-time customer into a repeat customer can be a huge asset to your business and guide the growth of your brand. Achieving this, however, can often be a mysterious process for business owners.
Through implementing technology to analyze data from a shopper’s very first transaction, businesses can more easily identify customers who will then create the best long-term value for their business. Machine learning technology is vital in helping predict a customer’s future purchasing behavior. Not only does this technology enable businesses to create a “first impression” from initial transactions, but moreover, this data will create patterns of predicting whether these customers will turn to brand loyalists. Let’s breakdown the process:
Profile Big Purchasers
Profiling your big purchasers makes it easier to find new ones. Similar prospects will therefore have similar purchase patterns. This information can help you improve efficiency by keeping a central database of customer sales and details.
With up-to-date data about customers’ preferences, businesses can then tailor their products to improve overall customer service. Better access to data about new customers also makes problem resolution easier and faster. Keeping a record of your customer details can also improve the efficiency of your business by eliminating errors, and thereby, speeding up transactions. Remember to consult the data protection laws that you must adhere to when collecting and storing customer data.
Understanding Customers = Sales
To state the obvious, understanding your customers helps your business sell more products or services. The more you know about your customers – their desires and needs – the easier it will be to identify new opportunities to sell them additional products. This can also help target consumers with relevant offers.
Customer data can help extract authentic business intelligence and gain knowledge of their long-term viability. However, gathering enormous piles of data does not matter if your business does not know how to make use of it. In order to prevent this, it is imperative to invest in data mining tools which will collect customer data from their initial purchases.
Data matters, especially when it comes to the first-time customer. Making this information available to your team at large will in turn make the whole company more productive. By profiling your first-time customers, you can assign your star employees to big purchasers and create a beneficial 1:1 relationship with them.
Technology plays a big role when it comes to information sharing through networking. Using the data collected, employees can recognize big first-time spenders through purchase order history. By integrating your customer information and making it accessible to employees, you also ensure that high spenders are noticed right away.
Remember that any information gleaned from your customers should be kept confidential and protected against misuse or accidental deletion. It is vital that approved employees only have access to this customer data.
Seek New Networks
Repeat customers are fundamental – and so are new customers, who can make all the difference in your business’s growth. Checking the first purchases helps you know the big purchasers and gain insights on what you should improve to attract new ones.
Markets are always changing, so you should regularly review your PR and marketing strategy based on new purchases. Stay up to date on business trends (through social networks and news) and check what first-time purchasers are looking for and adapt accordingly. This should be a continuous exercise as customer preferences might change over time.
Creating a network of satisfied customers can help the likelihood that they recommend your business to their social networks (family and friends). In turn, these customers can become brand ambassadors in a very organic way.
Customer Experience is the Key
Every business wants to attract the attention of big first-time purchasers. At Horatio, we have highly skilled professionals who can turn first-time customers into lifelong brand loyalists. Contact us today, and we will be happy to help you grow your brand. We provide state-of-the-art Customer Experience services and implement a tailored game plan that will help your business stand out from the crowd.
Horatio is a premier provider of white-glove CX services, your clients expect and your business deserves. Our handpicked team of dedicated agents will assess your specific CX needs. Through state-of-the-art technology and up-to-the-minute expertise, our team of customer service experts will provide a framework to ensure you have the customer knowledge to keep your business running like a dream – and let you get down to business.