Customer retention has often been overlooked in favor of the acquisition, but it’s something no business should be ignoring. Of course, acquiring new customers is great, but retaining existing customers should be your primary focus. According to a survey by SAS and Loyalty360, 68% of sales come from existing customers!
This edition of Customer Retention Perspectives features some of the popular resources compiled by our analyst team for busy customer retention professionals like yourself!
Retention changes the marketing paradigm. You no longer just look for new potential customers; you focus on making more money from your existing ones. This is not to say that you should stop doing “traditional” marketing altogether; rather, you should complement your marketing tactics focused on acquisition with those that focus on retention.
The end goal is no longer to simply convert a lead into a customer; it’s about maximizing the lifetime value of loyal customers who will come back again and again.
The average business loses around 20% of its customers annually, simply by failing to attend to customer relationships. In some industries, this leakage is as high as 80%. The cost, in either case, is staggering, but few businesses truly understand the implications.
This article can introduce you to a number of simple customer retention strategies that will cost you little or nothing to implement. Behind each technique listed here, there is an in-depth step-by-step process that will increase your customer retention significantly once implemented, subsequently having a massive impact on your business.
Once a customer has completed their first purchase with your store, they’ve made a commitment and placed their trust in you to deliver what you’ve promised. Now it’s up to the quality of your customer service to deliver upon that promise and not break that trust!
Great customer service can be provided in any number of ways, but at its core, make sure you reward your customer by satisfying their needs. Keep improving your business and continue to deliver for your customer. You’ll soon see the benefits!
It’s the age of the customer, and improving customer satisfaction is one of the critical market imperatives for recurring revenue businesses. The shift to a customer-led market signifies an immediate and sustained threat to an enterprise’s survival. Hence, a company’s success depends on how well and how fast the company responds to its customers across all touchpoints.
This article explains a few simple methods that will help in developing a strong and satisfied customer base.
All of us have customers/clients that we value and we want to keep them happy. So, the best way to please them is by taking care of them. It should be your first and most important priority. This article has some tips to consider and implement in order to create and maintain consistently excellent customer service. Give it a read!
We hope that you had a great time reading these popular articles on Customer Retention.
Let us know your suggestions, as well as any useful articles we may have missed in the comments below.