3 Ways To Improve Customer Retention

By August 18, 2015Sales and selling

Customer RetentionAn often forgotten aspect of many enterprises is the maintenance and growth of current customer business. Winning new customers takes time, money and effort. There is a cost to every new customer acquired. There is also the exciting potential of sales, not just now, but long into the future.

Continuity of revenue is a mainstay of a good business. Of course you look for new customers as part of your everyday operations, but don’t ignore your existing customers whilst doing so.

Here are just three ways that you can win and hold your customers:

  • Keep in touch
  • Have More Than One Product / Service To Offer
  • Know their wants and needs

Keep In Touch

Only a small percentage of businesses plan and implement processes or systems that will allow them to communicate with existing customers. These are internal systems that captures the customer details as well as all emails sent and offers made.

These systems or Customer Relationship Management platforms (CRMs) have functions that remind you when you last touches base and what method you used. They also can be set to remind you when to next contact the customer.

Newsletters or regular broadcasts assist with staying in front of your customers. Nowadays social media platforms such as Facebook have overtaken newsletters as a medium for communicating and engaging customers.

Have Multiple Products To Offer

It helps if you have an ascension model within your business or at least multiple associated products or services you can offer to customers once they have purchased from you.

If you only currently have one offering them you may want to form an alliance with an associated business that has products your customers would want. You can arrange a commission based agreement with the alliance partner. This serves all three parties.

It’s always preferable to be able to offer your very own services.

Know Their Wants And Needs

You can develop new products and services based on feedback from our customers. Surveys and competitions that glean information on current needs and issues that your customers experience are great opportunities.

Developing offerings you know are in demand reduces the risk of product failure and increases the probability of success. Too many businesses create products and then try to sell them. Better to ask what your market wants and then provide that to them.

 

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