Strategies to Master the Art of Customer Retention
Companies should make every effort to always be looking for how to constantly get new people excited enough to buy. But then it gets tricky.
As vital as it is to create new prospects, it’s equally important to give existing customers the same attention, whether they’ve been patronizing you for years or recently came aboard.
Customer retention can be critical: besides showing and assuring customers that they’re valued, if you start to lose them, it can start to erode your revenue stream. Worse, unhappy former customers are more likely to tell their friends and family and encourage them not to patronize you further. Happier, loyal customers may do the opposite, especially if you and your team go out of your way to keep reminding them that they’re appreciated.
Consider some methods to focus more on customer retention:
Say thanks often
However you communicate with your existing customers, be sure to let them feel appreciated. This can take the form of newsletters, direct mail or texts. But an especially way to make a customer feel treasured is a hand-written card. It will be unexpected especially if it’s mailed, and show that someone truly took the time to show they care, rather than an automated mass mailing.
Create a loyalty club
This is a good chance for people to feel like VIPs, even if anyone can join provided they meet basic guidelines, like be a customer for a certain amount of time or spend a certain amount of money. Club members can receive extra information that can save them money or access to events or incentives that “everyone else” won’t know about.
Without announcing something as an actual incentive, send out gifts occasionally to certain customers. These can be something you schedule on your end, but customers may not expect them. Even if it’s something minor in terms of your costs, an unexpected exclusive gift can go a long way in building customer retention.