Each week on DMJ 1 on 1, Kirby Hasseman takes on a different topic to help provide value to those looking to grow a brand or organization. This time Kirby talks about mastering the 3 R’s of business…and how branded merch can help. Watch now!
How To Master The 3 R’s Of Business with Branded Merch
Mastering the three R’s of business – retention, repeat business, and referrals – is a crucial aspect of any successful enterprise. In this article, we delve into the importance of these three R’s and how branded merchandise can be leveraged to optimize these business aspects. We’ll explore how showing appreciation to your customers can significantly improve retention, how branded merchandise can boost repeat business, and how it can also incentivize referrals, thereby contributing to business growth.
Branded merchandise is not just a marketing tool; it’s a tangible representation of your brand that customers can appreciate and remember. It’s a way to make your business more top-of-mind for your customers, increasing the likelihood of repeat business and referrals. So, let’s dive into the details and learn how to master the three R’s of business with branded merch.
Retention
Customer retention is a vital aspect of any successful business. It’s often said that it’s cheaper to keep an existing customer than to acquire a new one. However, many businesses lose customers due to perceived indifference. This is where showing appreciation to your customers comes into play.
One effective way to show appreciation is through the use of branded merchandise. It’s a tangible way to express gratitude, making your customers feel valued and appreciated. Consider creating a quarterly appreciation program for your top customers, where you can distribute branded merchandise as tokens of your appreciation. This not only improves customer retention but also strengthens your brand’s relationship with its customers.
Repeat Business
Repeat business is the lifeblood of any successful enterprise. It’s a testament to your brand’s quality and reliability. Branded merchandise can play a significant role in increasing the frequency and size of customer orders. A study showed that customers who received branded merchandise ordered 18% faster and 18% more, highlighting the impact of branded merchandise on repeat business.
Offering customers something of value, like branded merchandise, helps them remember your brand when making a purchase. It’s also important to consider where your ideal customer is when they realize they need your brand’s service. By strategically placing your branded merchandise, you can ensure that your brand is top-of-mind when your customer needs your service.
Referrals
Referrals are a powerful tool for business growth. A happy customer is the best brand ambassador, and with the right incentives, they can refer others to your business. Branded merchandise can be an effective incentive for customers to refer others.
Consider creating a referral program where customers are rewarded with branded merchandise for successful referrals. The key here is to utilize quality branded merchandise that represents your brand well. This not only incentivizes referrals but also ensures that your brand is represented positively in the eyes of potential customers.
Conclusion
In conclusion, branded merchandise is more than just a marketing piece; it’s a tool that can significantly improve customer retention, boost repeat business, and incentivize referrals. By strategically utilizing branded merchandise, businesses can ensure that they are always top-of-mind for their customers, leading to increased business growth and success.
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