A lot of entrepreneurs work more on getting customers initially and not enough on retaining them. Keeping clients is equally as important as acquiring them in the first place. A study done by Bain & Company states that it is 7 times more expensive to make a new customer than to retain old ones. Holding onto customers helps your firm long-term and allows you build an empire over time.
To maintain a successful business, retention strategies are necessary. To do this, analyze and possibly rework your company’s marketing strategy. The following list of 10 things may help you keep and grow your customer base:
Customer Relationship Management system (CRM)
This tracks, monitors, and speaks to clients using automation. Messages can be customized to each client, which can help you hold on to old clients, and create new ones.
Keeping customers is More Important than Gaining New Ones
Focus on existing clients rather than spreading your efforts to attract new ones. Don’t use as many resources to cold-call and place ads for new clients.
Retention Marketing Must Have a Budget
Make sure to place retention marketing in this year’s budget just as looking for new clients was in your previous one.
Customer Value as a Measurement
Client value must be tabulated and watched. Assign a score to each customer based on their spending , how often they spend, and give them a lifetime value. Depending on the value attached to the customer, adjust your efforts to retain that client. The more value they have, the more effort you should use to keep them.
Service as Your Focus
To keep clients in any business, you must have great customer service. Make it a priority. Help your team to quickly handle issues and follow up with clients to ensure that they are satisfied. Price is always a concern, but excellent customer service will keep people flocking to your firm.
Here are a few tactics to help you keep current customers happy and coming for more. Listed are strategies you can use that support the growth of your business:
Communicate often
Brief communications such as postcards and email help maintain relationships with customers. They can be used as reminders of sales and future business encouragement (Thank you card). However, only send these reminders to clients who have opted-in for them.
Social Media
Engage with the public and you can gain fans and followers. Have a constant, thankful social media presence and have just a few platforms. Do not spread yourself thin on social media. Quality goes a lot farther than quantity for business success.
Turning a Negative into a Positive
Complaints happen at every business. It’s how you handle them that can make or break your firm. Resolve issues promptly and courteously and win back their business after a snafu. Giving them a perk or two also helps.
Have a Rewards Program
Starting a rewards program with punches or stickers is very easy. Make it simple and fun to redeem.
Host a party
Having an event such as a podcast, special sale or other kind of party can be used as a retention tactic. Remember to monitor the results of these events to add ideas for keeping customers happy.
See what works for your business and keep doing it! Your bottom line may improve.
This information was posted previously on msn.com, authored by Eric Siu. Image courtesy of Stuart Miles and freedigitalimages.net.
