Do you measure repeat business? Is the trend increasing, decreasing, or about the same? When you know how often, on average, your customers come back, you can implement strategies to increase the frequency.
Often it’s as simple as inviting them to return, yet few businesses go to the “trouble”. Of the 5 Ways, this one usually involves some marketing effort or direct (invested) follow-up. Look for an excuse to throw a party, even for an obscure “holiday”. By injecting an element of FUN, the Team has a good time, the customers enjoy something a little different, and everybody wins. Another simple idea to increase return frequency is with hand-written thank-you notes. Again, so few send them anymore that yours will really stand out. If you are a high volume retail store, this may be difficult to do for all new customers. In this case, set a purchase threshold beyond which a special note is sent.
There are 68 strategies discussed in Instant Cashflow that can help you increase transaction frequency. Start by measuring where you are right now, adopt a strategy that makes sense for your business, and monitor the results at least monthly. Remember: change doesn’t have to be monumental, only incremental. Change one thing today, this week and imagine how your business will look a year from now with 52 changes. Now that’s something to get excited about!