14 May Eliminate the Post-Purchase Panic
When thinking about marketing, people often focus heavily on new customers. How can we reach more people? Where are new buyers hanging out online? Who should I target? While these are all worthwhile questions, people often overlook the most important question. What happened to my previous buyers? People who have already purchased from you need support too. The selling cycle doesn’t end after the deal closes. If you want to grow your business and generate more revenue, you need to have a plan of action after the deal is done. Let’s take a look at why this is important and what you can do post-purchase to grow your business.
What is post-purchase?
Post-purchase is anything that happens after money is exchanged for your goods or services. A robust post-purchase strategy covers everything from follow-up communications, content offers, and review opportunities to name a few. If you want a breakdown of these strategies, you’re in luck. Just head over here to read our suggestions.
The Post-purchase Panic
You’ve likely had this feeling before. That buyer’s remorse sets in after a big purchase and you start questioning your decision-making abilities. We’ve all been there. But what you might not know is how big of an issue this is for all consumers. A study found that almost 50% of buyers experience some level of buyers remorse post-purchase.
To quell this unnerving feeling, buyers need post-purchase rationalization and tools to confirm their purchase decision was the right one. Post-purchase communication helps to ease your buyers’ minds and keeps you in a favorable emotional place with the buyer. Confirmation emails, congratulations on your new product email and valuable content related to the purchase are all great strategies for turning buyers’ remorse to an excited and fulfilled customer.
Return Customers Are Cheaper than New Customers
Take a good hard look at the money you’re spending on your marketing. Are you targeting new customers and ignoring your previous clients. In a report by Invesp, they found that 44% of companies have a greater focus on customer acquisition vs. 18% that focus on retention. If that’s you, you should listen up.
- It costs 5 times as much to attract new customers than to keep an existing one.
- The probability of selling to an existing customer is 60-70% while the probability of selling to a new prospect is 5-20%.
Now, we’re not saying to throw out your client acquisition strategy, but if you aren’t communicating post-purchase, you’re missing out on a huge opportunity. Fire up the email marketing campaigns and provide useful information and updates to keep those customers involved.
Segment and time your communications
Right after a purchase is made is not the best time to solicit more sales from a customer. There is a time and place for everything and asking for more money up front adds to buyers remorse and makes people feel like a dollar sign, not a person in your eyes. The follow-up communication directly after a sale should be a sales receipt, confirmation, or congratulations. From there, think about segmenting your audience and crafting post-purchase tailored emails to fit the needs, interests, and desires of your audience. As your relationship and communication with your audience goes on, you have more opportunity to show your value, interact with customers, ask for feedback, or let them know about new products or services.
Post-purchase communication is critical to building your business. If you need some help getting started, we’re happy to talk to you about your process and what we can do to boost your post-purchase strategy.
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