What is better than acquiring one new customer?
Tricky question, right?
Well, the answer is to retain an existing one.
Customers are the soul of every business, or at least that is what we think. Acquiring customers to your business is more tasking than retaining one that you already have and this is where most business owners miss it. There is this frenzy about acquiring new customers always and while this is not bad in itself, the most focus/attention should be on retaining the ones you already have.
“Some people say it costs five times as much to earn a new customer than it does to retain an existing one. Others say that retaining customers is seven times more valuable. And finally: Acquiring a new customer is anywhere from five to 25 times more expensive than retaining an existing one.”
Okay, so perhaps the numbers are not exact. The point, though, is that customer retention is cheaper, more profitable, and in lots of ways easier than customer acquisition.
Why customer retention, you may be wondering?
Customer retention is the act of deterring your existing customers from going to another brand that will do anything to make them stay. It is not only cost-effective to retain your customers but you can also make them great fans of your business so much they won’t stop talking about it.
In this article we will share five examples of customers retention strategies that work and will help make your customers come back always:
1. Reward Your Customers:
One way to attract the attention of your existing customers is to reward them to show how pleased you are that they are a part of your business. You can give them discounts, and gifts or issue a coupon they can use to get some percentage of their purchases.
2. Get Personal:
Stay in touch with your customers and encourage their interaction. Implore to share their stories to encourage engagement. Also, ask them questions to improve your services on how to serve them better.
3. Provide Excellent Customer Service:
This seems obvious but a lot of customers still complain about customer service and would prefer to pay more just to get a better experience. Pay attention to their complaints, solve them in the shortest time possible and give them a good experience with your business/brand.
4. Be Active on Social Media:
If your customers forget about you, there is no way to retain them. Social networks are a great way of maintaining contact after the initial sale. They also offer great opportunities to engage your customers and build trust by showing the personal side of your business.
Do not underestimate the value of effective customer retention strategies and maintaining a positive brand experience is important to a productive customer relationship and return on investment.