Understandably, many business owners focus most of their efforts on getting new customers and making greater sales. For them, the influx of new customers is the best indicator of growth. And to some extent, they're right – it shows that the name of your brand is spreading.
However, growth must go hand in hand with sustainability, and retaining your old customers is the best way to do that. Let's be honest, if the market (or your company) hits a slump, old customers are the ones who will keep it afloat.
So, keeping hold of your existing customers is very important for the long term health of your business. But how do you do it? To help you with your efforts, here are six useful tips on how to retain your existing customers.
1) Improve your customer service
It may seem a bit frightening, but surveys show that about two thirds of customers will
leave a company if they're not satisfied with their customer service – this kind of number will really damage your business.
And it's a fact that, with an extensive range of products and brands to choose from, customers are no longer willing to tolerate bad customer service, even with a good product. If the service is truly bad, they'll leave. But on the other hand, if the service is excellent, your customers may not turn to the competition, even if they're offered a better price.
2) Keep in touch
Keeping in touch with your customers is equally important, but it's crucial to find the right balance. While they might be irritated if you send them too many emails or newsletters, they'll forget about you if you don't send any! Timely emails and promotional newsletters will keep reminding your existing customers of your presence and why they liked you in the first place.
3) Create loyalty programs
As I mentioned before, your existing customers – especially those who purchase your products or use your services on a regular basis – keep your business afloat. And one of the best ways to thank them for their loyalty and devotion to the brand is to create a loyalty program.
One of the best examples of these programs is airlines, who reward frequent flyers with a variety of perks. Solidly implemented loyalty programs like these are a great way to keep your customers engaged ... and coming back for more.
If you have more limited resources (that means all of us, I guess) there are other ways to do it, and creating your own
loyalty programs using a provider like Upscribe will give you this option, and also provide guidance on best practice.
4) Reward long-term customers
I already talked about this (and how you can make your customers feel special) in one of my
previous articles, but in addition to loyalty programs, another great way to retain your existing customers is to reward long-term clients. It doesn't have to be a grand gesture; even a small one often goes a long way towards making customers feel special and appreciated.
You can also reward milestones. For example, if your customer has stayed loyal to your business for 5 years and has purchased products fairly regularly, you can reward them to show your appreciation.
5) Offer a personalised service
It's a well-known fact that customers love a personalised service, so they'd be reluctant to leave a company that offers that. This personalisation might come in many different forms: from emails to calls, each of which addresses the customer's specific needs. This is just another way of making them feel special and cared for.
6) Value their opinion
Another benefit of having loyal customers is that they always tend to give relevant and useful feedback – something you shouldn't ignore or disregard without giving it any thought.
Instead, take some time to read and understand all the comments your existing customers give and try to implement them if you can.
For example, if your customers say that the response time of your customer service is slow, try to take the necessary steps to rectify that. This shows customers that you're open to suggestions and are committed to offering the best service.
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