Which of these is better?
- Five New Customers
- One Repeat Customer
Seems pretty simple, right? Most business owners would want to pick the five new customers, because that’s five purchases and more revenue.
But studies have shown that one repeat customer is actually equal in value to five new customers in the United States. If you’re in the UK, they’re worth nine.
So when it comes to improving your revenue, you need to focus on building customer retention.
Let’s look at how mobile payment systems can help you do that.
Reason #1: Faster Payments = Happier Customers
Consumers these days value speed.
They want the shopping experience to be as painless as possible, and sitting around waiting for payments to go through or quarters to drop into your machines is tedious.
In fact, one of the top reasons why customers look for mobile payments is that they’re faster than the alternative.
This directly impacts your customer experience, which is important. It’s estimated that by 2020, customer experience is going to be the leading factor in customer loyalty.
And slow payments means unhappy customers and less retention.
So if you want loyal customers, faster mobile payments are the way to go. It’s an easy fix, and will quickly yield results.
Reason #2: Easy Loyalty Integration
When a customer comes into your store, they’re looking for ways that you’re better or worse than your competition. They want to know what you have to offer that they can’t get anywhere else.
One of the best ways to succeed in this area is to offer a loyalty program that couples with a quick and secure mobile payment systems.
A study recently found that when consumers shop, they’re looking for those exact things:
So do your best to keep customers around by offering a loyalty program that works with your mobile payment system.
Reason #3: Better Customer Data
When customers pay with cash or card, you don’t get much information from them. They come to your store, pay for your service, and then leave.
But with mobile payment systems, it’s much easier to capture meaningful customer data. You can discover shopping habits, see how much each customer spends, and have a better idea of what brings them back.
This allows for better personalization with your marketing efforts, which is a proven way to help drive customer loyalty.
By capturing customer data and sending personalized offers, you can craft a brand image that resonates with your customers and brings them back into your store again and again.
Customer retention isn’t just something you can blow off. If you want to grow your business (and who doesn’t?), focusing on retention can help you improve easier than anything else.
Mobile payment systems can help you achieve that goal.
They’re faster, which means a better customer experience and happier customers.
They’re easy to use with loyalty programs, which provides more incentive for customers to return.
And they make it easy to capture useful customer data and personalize your marketing efforts.
A mobile payment system is simply the smart choice for customer retention.