Retaining your existing customers is the most effective way to ensure your start-up has a steady income and regular work. In fact, a study by Frederick F. Reichheld found that increasing your customer retention by 5% could improve your profits by a staggering 25% to 95%. So retaining your customers is crucial to the success of your business. Want to know what you can do to improve customer retention? Then read on to find out our top tips for doing so.
1) Pay attention to your customers
Take the time to know your customers and build up a relationship with them. Look at your interactions with them over time from their purchase patterns to the feedback they’ve provided. Harness CRM (customer relationship management) systems to provide you with data and insights that will help inform your interactions with customers moving forward.
2) Keep in touch with your customers
Keep in regular contact with your customers. If you haven’t heard from a key customer in a while, then get in touch, put regular follow-up calls and emails in your diary. When you do get in touch, begin by listening, but also demonstrate that you have an understanding of their needs and can provide a solution to the challenges they face.
From the insights you’ve gained, develop targeted and personalised marketing material directed at your key customers. Your marketing material could include personalised emails or a newsletter that illustrates the benefits of upgrades you could provide, the advantages of products they haven’t bought or improvements and investments you’ve made to your service.
3) Make it easy for customers to keep in touch with you
To build loyalty and retain your existing customers, be approachable and make it easy for customers to stay in touch with you. Provide a free phone number for your start-up, this gives customers peace of mind and builds their confidence in you. 0800 numbers are now free to call from mobile or landlines anywhere in the UK, so look for 0800 numbers for sale to help your start-up retain customers. It’s all straightforward as your new 0800 number can be routed to your existing office number, making the process hassle free. Having a free phone number gives a good impression, strengthens your brand and builds a positive relationship with your customers.
4) Reward loyal customers
Reward your most loyal customers by providing them with offers and incentives tailored to their needs. Remember, that there are greater profits to be had from repeat custom from happy customers than there are by attracting new customers. Attracting new customers requires far greater investment and effort, with a less certain outcome and hence less profit.
5) Value complaints
Recognise the value of complaints and see them as an opportunity. Listening to feedback can assist you in improving your products and services; helping you to retain more customers in the future and make greater profits.
So there you have five great ways you can retain your customers, helping your business to go from strength to strength in the future.