QUESTION – how do I maximise repeat business and referral rates? THOUGHT – reinforce emotional decisions A recent study found that 52% of businesses identify repeat business as the major driver of profitability. In the same study, only 45% of businesses considered new customers to be the primary driver of profitability. As noted in earlier […]

QUESTION – how do I maximise repeat business and referral rates? THOUGHT – reinforce emotional decisions A recent study found that 52% of businesses identify repeat business as the major driver of profitability. In the same study, only 45% of businesses considered new customers to be the primary driver of profitability. As noted in earlier THOUGHTS in this series, repeat business and referrals are not just an important source of revenue but represent an even greater driver of profitability. This is particularly significant in light of the potential for lower cost of customer acquisition and higher average spend. A proven strategy for encouraging repeat business and referral involves thanking customers for each and every purchase and reinforcing their purchase decision. While a ‘thank you’ at the point of purchase is important, it is often not enough. With significant purchases it is prudent for a senior member of your team to…