What Purchase Frequency Means for Equipment Dealers
Guest writer Debbie Frakes writes about metrics today with her blog post, “What Purchase Frequency Means for Equipment Dealers.”
Purchase frequency is a crucial key metric for equipment dealers to consider when evaluating the behavior of their current customers and their marketing efforts. It refers to the number of times a customer buys products or services from a company within a specified time. Analyzing purchase frequency will help you recognize at risk customers, because it tells you when they start going to competitors instead of you.
Know if customers are buying from competitors!
Purchase frequency gives you insight into what your customers are up to. Construction, demolition, utility, and other businesses that use heavy equipment require a consistent supply of parts, service, and machines. That means that if they aren’t buying those things from you, they are going somewhere else. So, if their purchase frequency is decreasing, it could indicate that they are turning to one of your competitors.
Learn your customers’ purchase behavior!
Tracking the purchase frequencies of your customers will give you a baseline for their typical behavior, including when and how much they usually buy. Armed with that information, you can then modify your marketing messaging, timing, channels, and overall efforts to fit your customers’ usual purchasing habits and trends, making it easier for them to buy what they need from you.
Improve specific areas of your business!
As an equipment dealer, you really have multiple different businesses connected and rolled into one. To be successful, each of those different businesses need to be firing on all cylinders and operating at peak performance. If your parts department and equipment rentals are strong, but service purchase frequency is decreasing, then you must take a closer look at that section of the company and implement steps to improve it.
How to increase purchase frequency: Distribute Emails
The best way to increase your purchase frequency is through email distribution. When you consistently send out effective messaging, you can double or triple the number of times that your customers buy from you. Email distribution can deliver an incredible return on investment of over 4,000%.
Emails are effective, because they inform people about everything you offer—products, services, parts, rentals, advice you can offer for better equipment performance. They also keep your company top of mind and serve as reminders to purchase again, stock up on parts, or schedule an inspection.
Ensure your emails are effective!
You can only achieve higher purchase frequency if your email distribution is done the right way. Emails must be designed and written professionally, must compel the reader to act, and they require a CTA that links back to your website or landing page. More than anything else, you want to encourage your recipients to buy from you or schedule a demo, and then make it easy for them to actually do it.
Email distribution also allows your salespeople to identify which customers or prospects are engaged by seeing who opens and clicks on the emails. If they follow up with those who are consistently viewing your messages, then they can possibly move them to purchase again. Plus, sending out specific messaging to customers whose purchase frequency is decreasing may just be the push they need to come back to you.
If you want to understand your purchase frequency and increase it through email distribution, then contact Winsby Inc. today. They will help you get started creating and sending effective messaging quickly.
Contact Winsby Today: https://www.winsbyinc.com/contact-us.html