Many entrepreneurs and business owners make one common blunder in their marketing efforts, and that’s focusing only on how to attract new customers. While the best marketing strategies can have low response rates, turning your attention to an already captive audience can deliver impressive results.
Your ability to retain existing customers can make or break your business. Studies show that people who have already made a purchase from your company are more likely to do so again. So along with trying to bring in new customers, work on a retention strategy that builds lifetime value for existing ones.
Here are some effective ways to do this:
- Learn What Customers Want – The first step to meeting anyone’s expectations is knowing what they are, and collecting this information has now become easier than ever. You can use online survey software to ask existing customers what they would like to see from your business, and then work on providing it to them.
- Set Realistic Expectations – While ‘under promise and over deliver’ is a popular business strategy, you need to deal with customer expectations realistically. Be clear about what people can expect, based on what you can consistently deliver. This way, you won’t burn out trying to always deliver more than you promised.
- But, Try to Exceed Them – Meeting expectations is great, but going above and beyond is even better. Whenever possible, aim for providing better service than you’ve promised, especially with existing customers. This is a great way to show them you value their business, and it also creates a stronger sense of loyalty to you.
- Prioritize Customer Service – Businesses with excellent customer service have better retention rates, simply because customer satisfaction is higher. Respond to queries, issues and feedback promptly, and if you promise a follow up, do it in time. Being kind and friendly in your interactions will also be remembered!
- Reward Desired Behavior – If your customers are bringing in more business for you through word-of-mouth advertising, reward them for it. Set up loyalty programs with reward points or discount coupons for people who make repeat purchases, review your company online, share your social media pages, etc.
- Ask for Advice & Feedback – Be proactive about collecting feedback from existing customers and asking them for advice on how you can improve. Then, act on it. Along with helping you provide better service, this also makes customers feel valued and respected, thus strengthening their bond with your company.
- Increase Personal Interactions – In a time when everything is automated, the personal touch aspect can set you apart. Use first names while communicating with customers, send an email on their birthday, recommend products they might be interested in, and celebrate your successes with them as well. Keep in touch!
Brand loyalty means repeat business, which can have a huge impact on your bottom line. As an entrepreneur, give existing customers the same importance as new ones. The results will be worth it!
Bhavika Sharma is a survey designer at SurveySparrow—Online survey tool, where she designs surveys that are conversational and engaging. When she isn’t designing killer surveys, she loves to travel, searching for adventure and meeting new people. Her travel experiences have taught her the importance of conversation, and that is what she brings to the table while creating surveys or content for her readers.