Convincing new customers to purchase your product or service is difficult, time-consuming, and expensive.
To acquire new customers you need to build awareness and generate leads through marketing and then nurture and close those leads through the sales process. In fact, according to the Harvard Business Review acquiring new customers is anywhere from five to 25 times more expensive than keeping the customers you already have.
Customer retention is key to growth. Even if you are able to consistently attract and acquire new customers, if you’re constantly losing customers at the same time, you’ll never grow.
To help you better retain business, we’ve compiled a list of data-driven strategies you can leverage to keep your customers. Tips such as:
- Communicating shared values.
- Responding promptly and efficiently to customer requests.
- Personalizing customer experiences to each unique individual.
- Offering coupons and discounts for customers.
- Building a loyalty program that makes it easy for customers to be rewarded.
- Investing in your customers’ experiences by hiring quality customer service reps.
Read the infographic below to learn more.
Keeping your customers happy and satisfied is never easy, but these strategies should help you build a loyal fan base.
One statistic that stood out was that 97 percent of customers would likely become more loyal to a brand that implements their feedback. This only further validates the importance of soliciting feedback from your customers and then actually following their advice.
As Bill Gates famously said, “Your most unhappy customers are your greatest source of learning.” Not only can you learn from these angry customers, but you could possibly turn them into a loyal fan by implementing their feedback.
You have to always be working to earn new customers, but the real key to sustained growth is customer retention.
Follow the strategies outlined in this post and you will build a loyal, passionate base of repeat purchasers.
Sources: Harvard Business Review (2) (3) (4) | Temkin Group (2) | Accenture (2) | NewVoice | McKinsey Research | Kolsky | Virtual Incentives | Apptentive | RetailMeNot | Yes Lifecycle Marketing | Bond | 3Cinteractive | Colloquy | RightNow | Rosetta Consulting | Gallup | Talend