You want to keep your most profitable customers,
right? Right! According to research by Frederick Reichheld of Bain &
Company, increasing customer retention rates by 5% increases profits by 25% to
95%.[1]
You can double your profitability just by keeping the customers you already
have. So how do you do that? Here are five tips for keeping your customers
coming back.
1. Go holistic. The more
you know your customers, the easier it is to know what to do to keep them. Start
by tying together all the data you have on each customer to get one holistic view.
For example, John W. Smith in your mailing database may also be Johnny Smith
Jr. in your email list and J.W. Smith on Facebook. Most customers need help
tying these databases together. If so, contact us, and we can help.
2. Make it easy. Reduce
barriers to communicating with you. Give people more options, whether it’s via
chat box or Facebook Messenger. Make it easier to buy and make repeat
purchases. Something as simple as pre-filling response cards and subscription
forms can improve the customer experience.
3. Treat them like real people.
Customers don’t like feeling like a number. Take what you know about them and
personalize text and images, whether in print or email. Invest in expanding
your database to include new variables that will increase relevance.
4. Listen. Are you only pushing
information out and not listening to feedback? Respond quickly and
appropriately to comments sent to you through email, your company blog, and
even social media.
5. Take the long view. Forget
the gimmicks and quick fixes. Prizes, sweepstakes, and “experiential events”
can get results, but they are short lived. As one strategist has put it, “Get
to the trenches, examine how your customers live and use your products, and
then design a complete meaningful solution for them across all touchpoints.”[2]
There are no quick fixes for
customer loyalty. It requires developing a strategy, making a commitment, and investing
in an ongoing relationship with your customers that includes listening, as well
as talking.
Need help? Give us a call!
[1]
https://www.forbes.com/sites/jiawertz/2018/09/12/dont-spend-5-times-more-attracting-new-customers-nurture-the-existing-ones/
[2] “The Missing Link to Customer Loyalty” (CrowdTwist,
2014)
Please give us a call at 440-946-0606
Or visit our website here for more information.
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Please give us a call at 440-946-0606
Or visit our website here for more information.
Share on LinkedIn
