Malaysian academics explained that one way to withstand a recession is to plan for business growth. In such planning, it is necessary to pay attention to repeat customers. Repeat customers are consumers who use your services repeatedly. They are also considered loyal customers.
Keeping an eye on returning customer data will help you find buyers who have made repeat purchases from your store. Getting more repeat customers generates additional revenue. When you increase your rate of repeat customers, you don't have to spend a lot of money on customer acquisition. The importance of repeat customers is highlighted by its many benefits.
Customer lifetime value (CLTV) is higher for repeat customers. With every purchase, loyal customers will spend more money than new customers by placing more repeat orders or through increased sales. Why? Many factors come into play here, but trust is one of them.
The more repeat customers trust you, the less they will hesitate to buy from you. That's why promoting a new product to repeat buyers requires less effort than promoting a product to new customers.
Repeat customers not only buy more of your products, but they also have a higher average order value than first-time consumers. The number of previous purchases made and how long customers have used your services directly affect how much repeat customers spend in your business.
As sales increase, repeat customers advertise your business with word of mouth advertising, which is one of the best ways to increase your customer base. The more purchases a customer makes, the more likely they are to refer you to their friends and family. They will be more comfortable making positive referrals whenever they experience excellent customer service.
Another thing that needs to be considered in planning for growth is investment in technology to increase productivity. High productivity in business is important because it results in greater revenue and better customer service. When your staff is productive, they will invest all their efforts in helping your business grow.
Technology can help you increase productivity in your business in a number of ways. For example, you can automate repetitive processes, use scheduling software, and install chatbots to answer customer questions. All of this gives you time to spend on more important things, like brainstorming marketing strategies.
The above material was presented by a presenter from Malaysia in an international webinar held by STEKOM University in collaboration with Universities from Malaysia, PRC and various other parties. The title of the presentation brought by the presenter from Malaysia was "Recession-proof business strategies 2023: Malaysia's Economy Perspective." The presenter's name is Hafizah Abdul Rahim who is a senior lecturer and research fellow at the center of excellence for social innovation and sustainability, faculty of business and communication at Universiti Malaysia Perlis.
This international webinar activity is part of the implementation of STEKOM University's commitment to increase various international activities. This was done in order to realize the vision to become an international-class university. Various international activities carried out by STEKOM University continue from year to year. There are international activities that are sustainable and there are also some international activities that are not sustainable. All types of international activities are accommodated and regulated by the International department of STEKOM University.
Keeping an eye on returning customer data will help you find buyers who have made repeat purchases from your store. Getting more repeat customers generates additional revenue. When you increase your rate of repeat customers, you don't have to spend a lot of money on customer acquisition. The importance of repeat customers is highlighted by its many benefits.
Customer lifetime value (CLTV) is higher for repeat customers. With every purchase, loyal customers will spend more money than new customers by placing more repeat orders or through increased sales. Why? Many factors come into play here, but trust is one of them.
The more repeat customers trust you, the less they will hesitate to buy from you. That's why promoting a new product to repeat buyers requires less effort than promoting a product to new customers.
Repeat customers not only buy more of your products, but they also have a higher average order value than first-time consumers. The number of previous purchases made and how long customers have used your services directly affect how much repeat customers spend in your business.
As sales increase, repeat customers advertise your business with word of mouth advertising, which is one of the best ways to increase your customer base. The more purchases a customer makes, the more likely they are to refer you to their friends and family. They will be more comfortable making positive referrals whenever they experience excellent customer service.
Another thing that needs to be considered in planning for growth is investment in technology to increase productivity. High productivity in business is important because it results in greater revenue and better customer service. When your staff is productive, they will invest all their efforts in helping your business grow.
Technology can help you increase productivity in your business in a number of ways. For example, you can automate repetitive processes, use scheduling software, and install chatbots to answer customer questions. All of this gives you time to spend on more important things, like brainstorming marketing strategies.
The above material was presented by a presenter from Malaysia in an international webinar held by STEKOM University in collaboration with Universities from Malaysia, PRC and various other parties. The title of the presentation brought by the presenter from Malaysia was "Recession-proof business strategies 2023: Malaysia's Economy Perspective." The presenter's name is Hafizah Abdul Rahim who is a senior lecturer and research fellow at the center of excellence for social innovation and sustainability, faculty of business and communication at Universiti Malaysia Perlis.
This international webinar activity is part of the implementation of STEKOM University's commitment to increase various international activities. This was done in order to realize the vision to become an international-class university. Various international activities carried out by STEKOM University continue from year to year. There are international activities that are sustainable and there are also some international activities that are not sustainable. All types of international activities are accommodated and regulated by the International department of STEKOM University.