Did you know that your Returning Customer rate is like a thermometer for your business?
It helps you evaluate the health of your business, and when you understand this, you’ll use it to determine what your business needs right now.
Last week, I shared how I’ve noticed that store owners often are unclear about two metrics that kind of sound like the same thing, but they’re not
Returning Visitors vs Returning Customers
On last week’s episode of the podcast, I shared that by focusing on your Returning Visitor metric, you can significantly increase your conversion rate. If you haven’t listened – you’ll want to go back and listen to episode 156.
This week, I’m sharing how you can use your Returning Customer rate to understand what you need to focus on in order to grow your sales in a significant way.
You can get the ideal benchmarks for Returning Customers, and some work to do.
To help you understand why your Returning Customer rate is a big deal, I’ve boiled it down to these 3 points:
- Attrition. Eventually, even the best customers stop buying, and your pool of buyers will shrink.
- New customer acquisition. Are you bringing enough new customers into your business to [at minimum] replace the customers you lose each month?
- Are you bringing in enough new customers to create significant growth?
Go listen to the episode – it’s super short, and you’ll walk away with knowledge that will give you the power to get unstuck and grow your sales
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