Understanding Customer Journey and the Repeat Purchase
Acquiring customers is only half the battle in the war to increase your market share and drive sales. The other half (and many would say, more important half) is retaining as many of those customers as possible.
There have been multiple studies conducted over the past few years that show that it can be significantly more expensive (up to seven times more) to acquire new customers than it is to retain your existing ones.
Moreover, it is significantly easier to sell more products to a customer that has already purchased from you, than it is to get a brand new customer to purchase their first product with you. This is known as repeat purchasing and, for many companies, it is their life blood.
Knowing how to incite repeat purchases along your customer journey can make all the difference in your longevity within your given market or niche.
Understanding Customer Journey and the Repeat Purchase
Traditionally, most sales and marketing strategies were built around the ‘sales funnel’ marketing concept. This essentially entails taking all of your existing leads and then funnelling them through a traditional marketing system, and hoping that you still have plenty of willing buyers at the end of it.
However, with the advent of ‘one on one’ marketing, this outdated approach is being replaced by the ‘customer journey’ model. In a nutshell, the customer journey begins at the moment of acquisition. The customer experience is paramount, through each and every step of the purchasing process. This includes introducing the products and their relevant benefits, but it’s the building of the customer relationship that is paramount.
Repeat purchases form a big part of the customer journey. Most companies, especially those within the iGaming sector, recognise the importance of creating opportunities where repeat purchasing becomes extremely desirable for the customer. There are a number of essential elements needed to ensure customer repeat purchasing. This includes post-purchase interactions and follow-ups, regular interaction regarding new purchasing options. Interaction and feedback regarding the customer purchasing experience, satisfaction with their purchase. All of which helps to create strong relationships and brand loyalty.
To find out more, contact our Head of Business Development, Andrew Foster, at andrew.foster@enteractive.se.
