5 Strategies to Retain Your Customers
Many business owners put great emphasis on growing their businesses by attracting new customers. They often create specialized marketing campaigns which include promotions and incentives for new customers to come on-board.
While attracting new customers is important, it is also important to put some focus on retaining your existing customers. Keep in mind that it generally costs 5 times as much to attract a new customer than it does to retain an existing one. If you do not have a customer retention strategy in place, your are providing an opportunity for your competition to steal your customers.
To help you get started, below are 5 strategies you can use to retain your current customers. There are many different strategies available, and I encourage you to develop a plan that best meets the needs of your specific clientele.
#1 Stay Connected – By keeping in contact with your customers, you let them know that your interest in them goes beyond the initial sale. This can range from personal visits / phone calls to periodic mailings and newsletters.
#2 Make it Personal – Get to know your customers personally, and let them get to know you. The decision to go with your competition may be more difficult if your customers feel they have a relationship with you, versus with a faceless company.
#3 Reward Loyalty – Consider how you can make a loyal customer feel valued and appreciated. Premium pricing, exclusive offerings and special perks are examples of ways to acknowledge and encourage the loyalty of your best customers.
#4 Seek Feedback – Asking your customers for feedback allows you to address any concerns while providing an opportunity to improve your products or services. Seeking feedback can also be a way to stay connected.
#5 Over-promise & Over-deliver – In today’s competitive market, simply providing what you promised when you promised it may not be enough. If your business consistently outperforms the competition and exceeds your customers’ expectations, you have a greater chance of retaining your valuable customers!
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