Customers; without them, your business is nothing. But don’t let that deter you from working on your customer retention. Whether you’re just starting a business or have been running a company for several years, you should understand that it is your customers who keep you in business.
Getting your service or product into the hands of the right customer can (and will) make all the difference. When running your business, you should always keep in mind that your most vital asset is your customer. And getting to know each customer will help your business grow.
Why is Customer Retention Important?
Retention: When someone becomes a customer, your company turns its focus to satisfy them so they want to return and also refer your company to their family and friends.
We’re not saying that finding new customers isn’t important. What we are saying is this: how do you plan on keeping those new customers around? So, in this regard, customer retention should be your primary focus.
Customer retention is the unsung hero of the successful business. Its flashier sister, customer acquisition, usually steals the spotlight, but retention is what ultimately builds the foundation of a company that is positioned for growth. After all, it’s much easier to fill a bucket than a sieve.
Keeping your customers happy should be your primary goal. And, by doing this, your customers will keep coming back. Not only do they keep coming back, but they will also start recommending your products and services to their family and friends. If you remember to always take care of your customers, they will be your most powerful resource. So, don’t just focus on getting new customers but also focus on retaining the customers you already have.
Building Customer Relationships
The key to any good relationship is communication. Keeping open lines between yourself, your employees and your customers is crucial to your success. Without this communication, those customer relationships that keep you in business will fall short of where you need them. And remember that without your customers, you will go nowhere.
You must meet the standards that the customer expects from you. This could mean products or services rendered. Make sure that everything your business does is for the customer. Not only will this help with the retention of current customers, but this can also bring in others that your clientele tells about your wonderful company.
Four Ways to Make Customer Retention Work
Because customers are the key to keeping your business running, you need to understand how to find and keep them around. Here are six proven ways to find and retain your customers.
Know Your Business
Sometimes the simplest thing is the answer. And this starts with knowing what your business is and why it is essential to your customers. Examples of this are clothing stores (people need clothes) or restaurants (people need to eat). While these may seem simple and not close to your business, they can start you on the right path.
No matter the product or service you offer, you started your company knowing that it would fill consumer needs. Don’t forget what these needs are. They will also help define who your clientele is. Once you know these things about your company, you can grow your customer base and focus on customer retention.
Now is also the time to reflect on your pricing and quality. Make sure that what you are offering, whether it is product or services, is of good value for the cost. Don’t overcharge or undersell your business. High-quality products mean a higher price, so make sure you value your business as it should be.
Visibility Is Key
From using social media platforms to creating an inviting storefront, you need to make sure that customers can find you. Social media is a great word-of-mouth system to get the ball rolling. Once you have customers purchasing or requesting your services, you can make bigger plans for getting seen.
PRO TIP: Use custom business signs around your office or store to display hours of operation. You can also customize these signs to help customers understand and know your policies and procedures. Choose colors that are complementary to your business so that everyone will see them.
You can make your customers happy by focusing on their experience with your company. Don’t put all of your focus on only the product or service they are buying. Connecting with your customers on an emotional and personal level is essential.
Building your customer relationships is what customer retention is all about. Help them to understand you so that you can understand them. If you do, they will be more likely to recommend your products or services to their family and friends.
But don’t forget about your employees. If the workers in your company are happy, your customers will start to reflect that. And happy people spend more money.
It’s All About the Buzz
Think custom ribbons for fancy business cards that will attract new customers. Use professional desk wedges on office desks that show the retained customer how much you care. Even the little details like matching name tags for staff will show your customers how put-together and organized your business is. These details will help create a little buzz about your dependability that will grow over time.
At the end of the day, what really matters isn’t how much a customer pays you today, but what their entire lifetime value is.
Never use a one-size-fits-all approach in your marketing plans. Remember that customers want to buy from a business that treats them well. To do this, you need to listen to every customer. Treat them as the individual they are; don’t lump your customers into a bundle just because they are all interested in your product or service. By doing this, you guarantee that they will keep doing business with your company.