In business customers come in two facets: new and existing. Business owners often look at business success as the growth of new customers and forget about retaining their existing customers. The act of keeping customers is known as customer retention but here at #acqyro we like to call it the customer for life program. Building a relationship with existing clients will make additional sales more effective and more prominent. A customer for life program will ensure that your existing customers are getting remembered and show that their continued business is appreciated. Let’s look at a few customer retention tips.
The superhero attributes of customer retention. A few important statistics:
- According to the Bain & Company study conducted with the Harvard Business School if a company increases its customer retention by 5% the company’s profitability will increase by 25%-95%
- Customers for life not only purchase more they also refer new customers to your business.
- The cost of conducting business: the acquisition of new customers costs more than retaining customers for life.
Creating an Effective Customer for Life Program:
- Customer loyalty is continuously earned by the company.
- Customer for Life programs allow your business to effectively track customer preferences and identify where promotion and marketing will be useful.
Never assume what your customers are thinking:
- Actively ask for customer input. It is important that your company continually grows to support the needs and desires of your customers.
- Survey customers to gain their insights. It is crucial to know what customers think in order to stay on point and continually grow your customer for life base.
Socializing with customers through social media:
- Social media allows your business to interact with your customers after they leave the sales floor. Constant engagement with your customer base will keep your business thriving.
- Socializing with customers allows you to see which individuals are most loyal and you can then reward them for their loyalty.
Creating a business platform that continually shows customer interaction and customer engagement will be a key to your business success. Having satisfied customers for life will allow your business to grow and increase profitability throughout the life of your business. Customer for life programs are a great addition to your business culture and will attribute to continued business success. #inspiringbusinessgrowth