Nurturing repeat business

While it’s great to celebrate new customers, repeat customers often spend more and can even become big advocates for your business.

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“It is 6 to 7 times more costly to attract a new customer than it is to retain an existing one.”

Ref: White House Office of Consumer Affairs

“Increasing customer retention rates by 5% could increase profits from 25% to 95%.”

Ref: Harvard Business Review

"61% of small and medium businesses report that more than half of their revenue comes from repeat customers."

Ref: Harvard Business Review

Boost your regular customers

Increasing the number of returning customers you have can have a huge impact on your business. In fact, by increasing customer retention rates by just 5% can increase your profits anywhere between 25% and 95%¹.

So it really does pay to keep customers coming back.

Repeat customers:

Spend on average up to 67% more than new customers²
May be more forgiving if anything should go wrong
May be more inclined to tell their friends and family about you
Are more likely to pick you over your competitor.

To help boost your regular customers, we’ve put together these articles which outline some practical ways to nurture repeat business.

Ideas to keep customers coming back

Four ways to build greater loyalty

When it comes to business, there’s nothing better than a loyal customer. Which is why we’ve put together this simple guide that outlines some of the things you can do to keep your customers coming back time and again.

Five ways to build your digital presence and boost repeat business

Social and digital channels offer powerful tools to retarget and reengage customers, so you can build on the success of your business. This guide will help you better understand how they work and how you can get them working for you.

A plumber working at the home of a happy customer

How to give your customers a great experience every time

Customers who continue to have a positive experience with your brand and your business are often more loyal, spend more, and can become your advocates.

Your quick start guide to creating a customer loyalty program

View Worksheet

Check out more insights about your customers in Daily IQ

To compare the spending behaviour of your repeat and new customers, or to find out their demographics including age, gender and where they are coming from, visit CommBank’s free business insights tool Daily IQ, available in NetBank, under the View Accounts menu.

A shop owner using Daily IQ for insights into her customers

We can help

Things you should know

¹ Loyalty Rules! How Today’s Leaders Build Lasting Relationships, Fred Reichheld, Harvard Business School Publishing, September 2001.

²The Value Customer Loyalty and How you can Capture it, Bain & Company, Inc.

As this information has been prepared without having regard to your individual and/or business objectives, financial situation or needs, you should, before acting on this information, consider its appropriateness to your circumstances and seek professional advice.

Daily IQ has been prepared as a research tool for general informational purposes only and should not be relied on to make business decisions or for account reconciliation. The information may be incomplete or not up to date and may contain errors and omissions. Any projections and forecasts are based on a number of assumptions and estimations, including future events and contingencies, which may be inaccurate. The insights come only from CommBank debit and credit card transactions, including EFTPOS on your business’ CommBank merchant facilities (including online transactions since 27 November 2015). Data is based on primary cardholder. The data may not be what you expected if:
- not all of your eligible bank accounts are linked to your NetBank service,
- your CommBank merchant facilities don’t settle into a CommBank settlement account or
- your CommBank settlement account is not linked to your NetBank service.
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