It’s far easier to keep an existing customer than it is to gain a new one
Entrepreneurs sometimes forget that the customer is key to the business.
If you’re not building a business based on your customers, what exactly are you doing?
If you’re a small business owner, you know that customer retention is key to your success.
Read our recent blog on Three Pillars of Success. Passion – Purpose – Persistent Action
Losing even a small percentage of your customers can significantly impact your bottom line.
Speak with your customers.
Know their needs and strive to meet them while considering where they came from and where they will likely go next.
Customer retention should constantly be on the mind of every business owner and marketing manager.
It’s far easier to keep an existing customer than it is to gain a new one, so don’t step back from your efforts just because you have a few customers already.
You can retain them by constantly improving your product or service, listening to feedback, and building relationships with your clients.
Offer excellent customer service.
Companies that offer excellent customer service usually result in returning customers.
An example of this is Zappos, an online shoe store.
They are known for their superior customer service and loyalty to their customers.
“Customer retention vs acquisition is all about keeping your current client happy while also giving them a reason to continue doing business with you.”
Keeping your client’s information private is one of the most important aspects of maintaining a great relationship with them.
With the growing popularity of social media, it has become easier for companies to access personal information on their consumers.
Keep your prices competitive.
It’s easy to take your current customers for granted, but remember that they are the ones spending the most money with you right now.
Therefore, if you want to retain these valuable assets, one of the best ways to do so is by making sure that your competitors don’t tempt them.
The best way to do this is by offering the same or better products and services at competitive prices.
This will ensure that you retain your current customers while staying on track for future growth.
Delighting Customers
Your current customers expect a level of service that far exceeds what they experienced when first brought on board.
As time passes, their expectations only keep rising. If you want to retain your existing customers, you need to learn what makes them tick.
The first step is to survey your customers and find out what they like about your company or its products.
Next, find out their most significant pain points and address each one.
If you do this, they will undoubtedly become even more dedicated than ever before.
Give them a reason to keep coming back
Offer repeat customers an incentive for choosing your company over another competitor by offering special deals or discounts only available to them.
Also, make sure you submit your loyal customers some form of reward or recognition for their business.
Make it easy for them to buy from you.
The easier you make it for your customers to give you their money, the more likely they will keep coming back and buying from you time and time again.
Offer incentives like free shipping and allow online payment options to encourage your customers to place another order with you.
Reward them for their loyalty.
If you have loyal clients that come back time and again, give something to show how much you appreciate them by offering special deals or discounts only available to your best customers.
An easy way to keep your current customers happy is by offering exciting discounts on their favourite products or services.
This will not only make them feel appreciated but will also encourage them to return in the future.
Now Visualize this situation
A customer has just walked into your store.
Your salesperson helps them get what they’re looking for, and they leave with a new purchase.
Hours later, you realize something was off about the transaction—the customer complained about the quality of the product after leaving.
Rather than giving up on them completely, why not use the knowledge you already have about them to your advantage?
You may be wondering how that’s even possible, but it just takes a few clicks.
That’s where customer relationship management (CRM) comes into play.
By leveraging your CRM, you can identify and engage with customers at risk of leaving based on their previous interactions with your business—which significantly increases the chances of retaining your customers.
5 ways to retain your customers with CRM
- Simple lead capture tools make it easier to get information for new customers.
- Automated follow-up messages keep customers engaged after the point of purchase.
- A centralized location ensures you can access all customer records in one place.
- Seamless integrations with your favorite marketing channels allow you to deliver targeted messages.
- Transparent reporting and analytics give you a snapshot of your customers’ needs, wants, and behaviors.
The best CRM solutions also offer functions that differ depending on the size of your business, whether it’s a small startup or large enterprise.
2 ways CRM can help small businesses increase customer retention
- Customers expect to find your business on social media, so having a CRM that integrates with Twitter and Facebook helps you engage with customers where they are already spending their time online.
- Your website can be used as a powerful tool for marketing—whether it’s gathering information about prospects or nurturing leads through the sales cycle. Having a CRM that integrates with your website and is accessible via desktop, tablet, and mobile ensures it’s always easy for you to manage leads and contact customers.
2 ways CRMs help large enterprises boost customer retention
- Today’s leading enterprise CRMs can identify patterns among larger datasets more efficiently—so you can see how to personalize your interactions with customers to increase retention.
- You can capitalize on emerging trends by having access to unique analytics that allow you to make data-driven decisions about customer retention, including the ability to determine which products are most at risk of being returned.
By providing an excellent customer experience and offering valuable products and services, you can create a satisfied customer base that will return time after time.
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