Focus Your Energies & Improve Customer Retention

By Author: Stuart Kendrew
Total Articles: 1
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Customer retention is often the most cost effective way to increase sales in your business without having to initially discount your products & services & thereby devaluing your offerings.

Keeping your existing customers happy is far easier & cheaper than finding new ones. According to a Harvard Business Review acquiring a new customer is anywhere from five to 25 times more expensive than retaining an existing one. https://hbr.org/2014/10/the-value-of-keeping-the-right-customers

Happy, repeat customers are much easier to communicate with because they already know and trust you. This means that they are a great deal more likely to buy from you or use your services again as opposed to a potential new customer using you for the first time.

A few tips for improving your customer retention.:

1) Keep in Constant Contact at relevant times.
Never overdo it (no-one likes a pest) but if you don't keep in touch with your customers at the right times when your services/renewals/upgrades are coming due you are very likely to lose them to one of your competitors.

2) Deliver support quickly ...
... & efficiently.
No Fuss No Muss. More often than not, effective resolution to a complaint or problem will make an unhappy customer into a loyal, repeat one. And always remember to keep your clients happy by providing your repeat services in a prompt & timely manner.

3) Focus properly on customers who have already signed up for a service or purchased a product from you.
These clients have already invested in your products and services. Provided you have left them with a favorable experience they are far more likely to buy from you again rather than finding another options.

4) Send engaging emails to your customers.
Set up a schedule of targeted emails to be sent out at specific times after your customer has purchased their first product or service with you. These emails may be a simple thankyou or more importantly they will be offering the next product or service your customer may need or wish to purchase.

5) Create and maintain a customer loyalty program for repeat customers
Reward customers in some way for their next purchase. Maybe offer them a special additional bonus service or throw in an additional product for free or at a discount.

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