Are you paying attention to your existing customers? If not, you may want to reconsider your priorities: According to a new report, more than half of the annual revenue for 61 percent of small business owners comes from repeat buyers.
The report found that 80 percent of business owners invest more time, effort and resources into customer retention than acquisition. This shift in focus points to the increasingly influential role repeat customers play in business success. Small business directory and online community Manta produced the report with business research and consulting firm BIA/Kelsey.
One way to earn repeat business is by creating a customer loyalty program.
“Our joint research shows that customer loyalty programs are starting to gain traction in the small business community,” said Jed Williams, vice president of strategic consulting at BIA/Kelsey. “Our analysis [found that more than] half of small businesses will launch customer loyalty programs by the end of 2014 to help their businesses become more competitive.”