Just because you have a great product does not mean that you are going to be able to keep customers. A superior product is only part of the equation when it comes to customer retention. Customer Lifetime Value is a metric that measures the impact your customers can have over time. The longer a customer is retained, the more their CLV goes up, and those customers that stick by you should be the most important, after all, it costs less to retain loyal customers than it does to find new ones.
Set Up A CRM – Regardless of if you are trying to reach new customers or retain existing customers, customer relationship management software is invaluable for your business. It allows effective email marketing, enhances customer service, and will even manage incentive programs. Learn more about your target audience and stay in touch with your current customer base.
Email – Back in the old days, it used to be customary for a company to periodically call your clients and see if they needed any of your services. Email Marketing is a great way to keep in touch with your customers and if your email campaign is set up correctly, it makes it really easy for them to contact you.
Customer Service – This should be a given, unfortunately customer service can fall by the wayside when a business is more focused on acquiring new customers. Do not let that happen. As I said before, it is cheaper to retain existing customers than it is to find new ones, ideally, with good customer service, you will have a good mix of both.
Incentive Programs – Offering existing customers an incentive to return always helps.This kind of program keeps customers coming back so they can earn the incentive. Think coffee punch cards. This is also a great way to establish a loyal community around your business.
Loss Leader – In the same vein as the incentive program an exclusive loss leader sale for current customers will show them that they matter and instill loyalty. People love feeling exclusive and treating current customers to special programs and sales will earn you customers for life.
Ask For Feedback: And Listen – Nobody is more equipped to tell you which aspect of your business needs improvement better than your regular customers. Ask for reviews and take them to heart, everyone likes to be listened to and if improvements need to be made your loyal customers will let you know.
Stay On A First Name Basis – Your VIP clients may not make you the most money right away but over the lifetime of the relationship they can prove to be very valuable. Communicate with your current clients in a personal way to show them they are part of your core community.
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