One of the most successful promotions you can do for your business is a bounce-back promotion. They are one of the best ways to get your customers to spend more money with you. As a business, it is simply genius because all you have to do is ask them if they like what you offer enough to refer their friends. So how does it work? Well, first, I will explain what makes bounce backs promotions so great.
A bounce-back promotion is when you offer customers an incentive to come back into your business, usually spending more money quicker. When customers have purchased from you before, they are already familiar with your brand, making it easier for them to buy again. They don’t have to go through the stress of researching all over again. All they have to do is go back in and re-buy; that’s what most people will do! When it comes down to it, this makes sense because if someone knows their favorite T.V. show is on a channel at 8pm every Tuesday, then chances are they know where the remote control is and what snacks they should prepare to watch the said show. In fact, the more familiar a customer becomes with your brand, the less work they have to do to make a purchase from you! This is what makes bounce-back promotions so successful.
The incentives used in a bounce-back promotion can be anything, really. Usually, they are discounts, free items, prizes, gift cards, or bonus points. Still, your incentive must increase their chance of returning and spending more money with you.
Suppose someone was given a discount for a return visit. The customer might just come back simply for that reason. However, suppose they were given something extra and a chance to win something. In that case, you will have gained a loyal customer who is now actively promoting your business because of how great they think it is. In fact, it costs even less than paying for advertising as all the marketing is done for you!
Really, a bounce-back promotion is just a win-win situation for both you and your customer. The only thing that should be going through a person’s mind when they have bought from you before is, “Would I buy from them again?” So, if you want to improve your business, reach out to those customers who think so highly of you and give them an incentive they can’t refuse!
Here are some statistics on how effective a bounce-back promotion can be:
- 74% of consumers feel their likelihood of returning to a store increases if they are given an incentive to do so.
- 51% of consumers say that receiving an incentive would entice them to shop at a business more often.
- 30-50% of customers’ overall purchases are influenced by incentives.
- 69% of consumers say they are more likely to make a repeat purchase if they receive an incentive.
- 45% of consumers said that receiving an incentive would make them shop at the business immediately, rather than waiting until the next time they were planning on shopping there anyway.
Many companies are hesitant to market to their existing customers because they believe that they are already sold on the company. This couldn’t be further from the truth! With the increase in competition and marketing messages your customers are exposed to daily, you can’t let them leave and use the “I hope they come back” marketing strategy. That doesn’t work, and I want better for you!
A bounce-back promotion is like putting an iron cage around your best customers. The ones who already know and love you.