Fact, it’s far easier and cheaper to sell to existing customers than to sell to new customers. Fact, new businesses are more focused on “customer addition” over “customer retention.” They forget that those “new customers” are only new and good during the day of the sale, after some time they simply become “customers.” Treat them well and they will happily become your “loyal” customers and walking ambassadors for your brand. Cash advance leads spark an interest.
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A new sale is Great! But getting a repeat sales is Better!
Do not undervalue customer retention because according to Bain and Co., increasing your customer retention can bump up your profitability by as much as 75%! And Lee Resource Inc., swears that new clients cost five times more to attract over existing clients.
To help you on your quest to customer retention, we’ve put together a few dynamic tips;
Install a Potent Retention Program
Today’s customers are getting smarter by the minute, they always research competition. They don’t just buy products because they look pretty or they work well, they’re also looking for excellent customer experience. A business that offers a quality product and quality service will always beat the competition. Having a powerful customer retention program will not only create your pool of loyal customers, but they can also be your source of new sales. Gartner Group statistics reports that the future of your business will come from 20% of your existing clients, and they will impact your future revenue by as much as 80%.
Use the Power of Social Media to Engage your Customers
Let them feel your company’s presence online. If you’re business is not felt online, then you DO NOT EXIST. Create a fan page on Facebook or get them to hop in on your Twitter account and mingle with your customers. Allow your customers to have “a voice” because they will help create traffic for you. Good or bad comments, don’t forget the magical powers of “thank you” “sorry” and “let me make it up to you.”
Promotions and Rewards
Run promotions and rewards that will make your customers feel special. These programs will encourage your customers to advertise your business by “word-of-mouth’ (most powerful form of marketing ever) and also for a repeat business. Don’t forget to reward repeat transactions because that’s how you keep coming back for more.
Stay in Touch
Whether it’s an email, a simple promotional gift, a thank you note or card, staying in touch with them during birthdays and holidays shows how you appreciate them and that you’re thinking of them on that special day. Stay in touch with your business loan leads.
Understand your Customers
Knowing what your customers want is the best way to keep them happy. Surveys and polls will give you signals what your customers are thinking and what they need right now. Don’t just look at the statistics and demographic, focus on your clients.
If you’re just starting your business, as early as now, create your game plan for customer retention because the future of your business will be on more solid ground if you have a pool of loyal clients.