Repeat Business

Posted in Marketing and Strategy Terms, Total Reads: 527
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Definition: Repeat Business

The process which involves implementation of strategies to persuade a profitable customer to buy again is known as a repeat business & the purchase which results out of such actions is known as a repeat purchase for the customer. Repeat purchases lead to inclination of customers to that brand and increase brand equity. Loyal customers are always an asset for any business. There are multiple ways to encourage repeat business for the firms.


Some are-

a) Reminders to customers about the availability of the product or service

b) Treat repeat customers as special as against the first time customers. Give them special offers.

c) Make outcalls to old customers

d) Facilitate easy order and delivery for them.


Repeat business leads to increase in sales, revenue and thus drive the profits. Also, it helps in increasing market share.

Pareto principle says that 80% percent of their revenues are from 20% of your loyal customers. It clearly states how important a loyal customer is for any business.

 

Search & Explore : Management Dictionary

Browse definitions and meaning of more concepts and terms similar to Repeat Business. The Management Dictionary covers definitions and overview of over 7000 business concepts from 6 categories.

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