Think you can just focus on acquiring new customers? Think again! It can cost up to five times more to win new customers than it does to keep existing ones. Customer retention is your bread and butter; your existing customers are the ones you need to focus on. Below are some strategies on how to do just that:
Value your customers: Don’t solely focus on making the sale. View each person that walks into your business as a customer, regardless if they’ve made a purchase yet. The consumer should be your priority and not an afterthought after you’ve made the sale.
Continue the chase: Businesses tent to woo new customers all the time, and with dedicated enthusiasm, but once the sale is secured, the case moves onto the next prospective customer. This approach leaves customers feeling like just a number, and won’t generate a sense of loyalty for the next time they do business.
Value customer feedback: Whether it is volunteered feedback or responses to a survey, the information you receive from customers is gold. When you get feedback, your customers are telling you exactly what they want and are experiencing. Make sure to fix any complaint areas immediately, and do more of what you get compliments for.
Increase opportunities for customer engagement: The more your customers are engaged, the more valued they will feel. Consider how many employees you have interacting with customers and see if you can increase the number of employees that give specialized attention to each customer.