Brad Sugars at Entrepreneur says if there is one mantra you should adopt now and plan for in your business, it should be that repeat business equals profit.
The reality of business is that it costs anywhere from six to eight times as much to generate a new customer as it does to sell to an existing customer. And profits only start to accrue from new customers after a second, third or even fourth purchase.
So how can you plan for repeat business in your startup?
1. Be diligent with your database.
2. Make your communication personal and personable.
3. Make it easy for your customers to buy and keep buying.
4. Decide what you can promise your customers.
5. Test and measure everything.
Photo by latimes.