It is a striking title, for a topic that has been calling my attention for a few months, in my personal experience, in listening to the Podcast que sigo y sobre todo en mis labores como consultor, este tema resuena de manera importante.

Let's start from the base, and it is the definition of what some authors define as buyback:

The RAEdefines it as"The buyback action"and buyback define it asRegain ownership of what has been previously sold“.

And when you do the search on Google, what we have is a lot of notes that lead to the topic of fidelización.

And I keep searching and I go to Copilot with the next questionI need help defining “buyback” from a marketing perspective.“.

And this is what Copilot responds:

Buyback, from a marketing perspective, is a fundamental concept that refers to the process by which a customer or consumer repurchases a product or service from a brand or company after making an initial purchase.1 Below, I'll delve into some key aspects related to buyback:

1. Generate Buyback:

• Strategic Objective:Customer repeat business should always be part of your customer relationship strategy. It's not just a commercial approach, but also a relational one.
• Common Challenge:Many brands dedicate significant resources to acquiring new customers, but they often lack a clear strategy for getting those customers to return. In other words, they don't focus on converting them into repeat customers.
• Balanced Approach:While it's important to continue acquiring new customers, it's also crucial to work on a strategy that drives recurrence for existing customers in your database.

 

2. Key Factors to Boost Buybacks:

• Value Content: Offer relevant and personalized content at every customer touchpoint. This can include product recommendations, updates, tips, or educational content.
• Segmentation and Personalization: Use available information to segment customers based on their preferences and behaviors. Then, personalize communications to increase relevance.
• Contact Plan: Design a plan that combines one-time campaigns (such as promotions) with automated campaigns (such as abandoned cart or birthday reminders).

3. Building a 360 Customer Profile:

• Data Integration:Companies often have a lot of information about their customers scattered across different systems. The first step is to integrate all that information to build a single customer profile.
• Minimum Required Information:
  • Purchase history.
  • Customer service.
  • Market research.
  • Interactions on social networks.
  • Communications received.

4. Buyback Benefits:

• Profitable Relationships: Buybacks allow for long-term customer relationships, which can generate sustainable revenue.
• Improving Brand Perception:Recurring customers contribute to a positive brand image.
• Cost Reduction: It is cheaper to retain an existing customer than to acquire a new one.

In short, repeat business is essential to a company's long-term success. By focusing on customer satisfaction, personalization, and relationship building, brands can foster loyalty and increase repeat business..

The vision that is had of the concept in general is at the level of loyalty, my resonation is more on the side of the contribution of value, in its order of the following elements:

1. The company
2. The brand
3. The product

All of the above with a vision of The Purposewhich in a short explanation could be defined as:"what really moves us"; when we are clear about our purpose, defining the strategy becomes an easy exercise to execute, and if that purpose is clear about what the generation of value is and above all the contribution to its ecosystem, defining what we should measure is part of the same exercise, and in all of this we must always keep in mind the contribution of what we do and how each individual in the organization contributes to the organization's strategy.

At this point, it seems we're lost, and what I'm trying to do is provide some context so we can think about how our organization's portfolio contributes to its environment. That's the point I want to make in these lines.

When we focus on what we offer and separate ourselves from price, we generate a culture of differentiation for our products, and from there, achieving repeat business from our customers becomes a business culture. From there, growth becomes a very fun path to travel. And why do I say it's fun? The answer is simple: "IT'S FULL OF CHALLENGES," and these challenges move us.

At this point, we haven't defined what buyback is yet. We can say that it's about ensuring that a product or service meets a buyer's expectations, making it the only option they would choose for that product or service.

Having customers who truly value the product is more complex than just burning money on campaigns and "strategies" that achieve results quickly but quickly fizzle out. What if this appreciation is achieved organically? And above all, moving from having customers to having followers. Today we are in a moment where there is a lot of noise, a lot of TikTokers, a lot of YouTubers, so much information that the consumer doesn't pay much attention to it. Let's think about quality more than quantity. When we have a story from the brand, whether good or bad, there is an increase in followers, comments, and from this, sales.

This doesn't mean that today's strategy will always work the same way. That's why it's important to understand our environment and respond innovatively to the changes it presents, and we can call this "innovation."

To conclude, the real question to answer is not growth, but how I maintain growth and, above all, how far I should take this growth.