how to make more repeat sales

HOW TOMAKE MORE

REPEAT SALES

Copyright @ 2014, Ron Ryan & Associates

A Video Presentation From Ron Ryan & Associates


Customer Touch-Points

Online Sales Process

Sales Center

or Retail Store

Fulfillment & Service

Repeat Purchase


Repeat Purchase Cycle

Online Process

Sales Center

Or Store

Fulfillment

& ServiceRepeat

Purchase



Online Process

Sales Center

Or Store

Fulfillment

& ServiceRepeat

Purchase

Most People Call,Drive or Log on to Make A Repeat Purchase. But NotAlways From You.


Acquisition Costs Your Results Will

Vary By:IndustryDistribution ChannelCustomer SegmentSeason

New Cus-tomer Sales

Repeat Sales

5

1

Average US CustomerAcquisition Cost

Avg Acqusition Cost

Source: http://www.brandxpress.net/2005/10/brand-loyalty-vs-repeated-purchases/

http://www.brandxpress.net/2005/10/brand-loyalty-vs-repeated-purchases/



Online Process

Sales Center

Or Store

Fulfillment

& ServiceRepeat

Purchase



Online Process

Sales Center

Or Store

Fulfillment

& ServiceRepeat

Purchase

Automatic Sales that bypass your sales department and go automatically to fulfillment are most profitable sales of all.


There is nothing new about the ‘Subscription Model’

If you subscribe to a newspaper with home delivery, you understand the “Subscription” model.


Examples of businesses improved by subscription model:

Business Example Vertical (Likely) Victim

Netflix Movie Rental Blockbuster Video

Diapers.com Baby Products Local Retail Grocery Store

Dollarshaveclub.com Men’s Grooming & Toiletries

Local Retail Drug And Grocery Store

Lensdiscounters.com Vision Care Local Retail Vision Care

Petflow.com, mydogbowl.com

Pet Food Local Retail Pet Food

For an excellent summary on key attributes of successful subscription businesses see: http://blog.kissmetrics.com/excel-at-subscription-economy/

http://blog.kissmetrics.com/excel-at-subscription-economy/


Repeat Purchase Process


Sales Center

or Retail Store


Repeat Purchase




Sales Center

or Retail Store


Repeat Purchase

CommonProblemAreas:




Sales Center

or Retail Store


Repeat Purchase

• No Customer-Level Tracking of Purchases, Preferences or Needs• No Easy or Automatic Means of Repeat Purchase• Incomplete or Inadequate Reseller Follow-up• Wrong Channel Follow-up• Inability to Adapt Offer To Changing Customer Needs• Lack of support for repeat purchase process within company culture.

CommonProblemAreas:


No Customer-Level Tracking of Purchases, Preferences or Needs Developing a

CRM System:Less about

software; More about

thinking about data your company has; and

What your clients need.


No Customer-Level Tracking of Purchases, Preferences or Needs Most

companies have more customer data than they think.


No Customer-Level Tracking of Purchases, Preferences or Needs Email address,

purchases, and purchase timing can be combined in creative ways for follow-up campaigns.


No Easy or Automatic Means of Repeat Purchase Do you offer an automatic purchase option?

At point of sale?At first repeat or renewal purchase?


No Easy or Automatic Means of Repeat Purchase

Example of Point of Sale Execution – Water Filter on Amazon.com


No Easy or Automatic Means of Repeat Purchase Does your billing system currently accommodate

add-ons, upgrades, downgrades, renewals, and suspensions?


Inadequate Repeat Sales Follow-up

Can your company follow-up with customers after they have made a purchase?


Email Address Capture Is Critical To Follow-up

Two Point of Sales Examples:Email receipts or Use email for to

give access to special offers


Inadequate Repeat Sales Follow-up Do you offer loyalty programs?


Inadequate Repeat Sales Follow-up Do you share part of your acquisition cost

with repeat customers?


Wrong Channel Follow-up Most people like to

buy and receive follow-up communications in the channel they purchased from.

http://www.varolii.com/Resources/casestudies/FS_Insurance_Retention_CS.aspx





Wrong Channel Follow-up But moving

customers to automatic purchases always makes economic sense.






Wrong Channel Follow-up Multi-channel follow-

up solutions can be particularly effective.


Varolli Multi-Channel Communications Technology


Multi-Channel Retention Improvement Project

• 10 Percent Improvement in Customer Retention;

• 84 Percent Reduction in CSR Costs;

• Millions of Dollars to the Carrier’s Bottom Line.

For insurance example see: http://www.varolii.com/Resources/casestudies/FS_Insurance_Retention_CS.aspx





Inability to Adapt Offer To Changing Customer Needs• Most businesses get it wrong the first time.

Source: Hartford, Tim, Adapt: Success Always Start With Failure, Ferrar, Strauss, Giroux. New York. (2011).


Inability to Adapt Offer To Changing Customer Needs• Building feedback loops helps to evolve your

company’s offer.



Inability to Adapt Offer To Changing Customer Needs• Organizations can only adapt by allowing employees to

test, modify and improve the offer.



Lack of Support for Repeat Purchase Process Early growth in

young companies is about new clients.


Lack of Support for Repeat Purchase Process Shareholders, and

executives reward initiatives that drive this growth.


Lack of Support for Repeat Purchase Process

Investment in client retention and repeat purchases lags due to lack of internal support.


Lack of Support for Repeat Purchase Process And yet repeat

purchases are the most profitable…


Summary – 5 Important Steps for Growing Repeat Sales

1. Explore your customer data and develop it – you have more than you think.

2. Explore ways of making your first sale a repeat sale. Do this at the point of sale.

3. Find ways of bringing existing customers back in contact with you through targeted emails and calls. Use a multi-channel approach if you can.

4. Be sure to give enough autonomy to allow employees to experiment and adapt your offer to customers needs.

5. Do not allow your company’s cultural biases against repeat sales choke your initiatives.



Online Process

Sales Center

Or Store

Fulfillment

& ServiceRepeat

Purchase

how to make more repeat sales

Business

ron ryan associatesmost

repeat purchase process

customer needs lack

baby products local

vision care local retail

mostprofitable sales

excellent summary

email address