Did you know it is 6 to 7 times more expensive to acquire a new customer than to retain one? And did you know a repeat customer spends 67% more than a new one? So before you invest all your money developing customer acquisition channels take a step back and look at your current customers and invest in retaining them and allowing them grow your business.
Excellent customer service is the best method to achieve customer retention for your business. Organisations that train their marketers, sales people and customer service teams to put the customer first, greatly outperform organisations that do not.
Here are 4 tips you and your team can use to retain your customers and grow your business.
Be A Problem Solver: Remember the story of Everybody, Somebody, Anybody and Nobody? If you haven’t heard of the story, it’s about how a task is given to Everybody. Everybody thought Somebody would do it and Anybody could do it but Nobody ended up doing it. This world is filled with problems and those willing and courageous enough to solve those problems are irreplaceable. So your product or service must be solving a real problem or filling a real need. It’s basically the basics of business.
Listen To Your Customers: Bill Gates said “your most unhappy customers are your greatest source of learning.” Of course he’s right, because if you listen, you can learn what’s missing from your product and service and improve on your current offering. You don’t have to wait for unhappy customers to listen to what they have to say, you can carry out small surveys and encourage feedback from them.
Be Timely: According to Saleforce, 45% of consumers will ditch an online transaction if their concerns or questions are not answered quickly and 33% of consumers recommend brands that provide quick responses to their customers.
Obviously, customers value constant communication with the brands they patronize. And the faster your response is (however ineffective the response is), the better the customer feels.
Give Repeat Customers Red Carpet Treatment: One way the Apple watch received so much publicity was because Apple placed ‘’special’’ watches on the wrists of celebrities like Beyoncé, Pharrell Williams and Drake weeks before the watch was available to the public. These celebrities posted photos of themselves wearing the Apple watch to their Instagram followers, which generated hundreds of thousands of likes. Now, you may not be Apple and may not have Beyoncé as a customer, but the technique will be just as effective for your business. Making your customers feel extra special doesn’t only retain them, it also turns them into brand ambassadors.
Here are simple things you could do to make your power customers feel special:
- Add a gift to their purchase
- Follow them on twitter and retweet them often
- Give them shout outs on social networks
- Give them access to your exclusive events
We’re all looking for happiness, and if your business can make your customers happy (and keep them happy), then there’s no way they’ll leave you. And what’s more? Happy customers have lots of friends.
What customer retention tips have you used for your busness? And what were the results? Share in the comments below.
About the author: Mason Frederick is an intelligent business developer. He shares practical tips on how you can build your business and achieve your marketing goals. Connect with him on Twitter and LinkedIn
