Perhaps the biggest factor in owning a successful business- no matter the size- is how well you are retaining existing customers. It’s the repeat customers who have become loyal to your brand and your company. The ones you build relationships with are the ones who will be the heart and soul of your business for years to come. That’s why it’s just as important to engage with your existing customers at the same time attracting new ones.
Here are 4 ways to retaining your existing customers:
- Start a Rewards/Loyalty Program:
Reward programs are becoming so popular now-a-days that it has almost become the common trend. Companies are rewarding customers who do business with their company with things such as free products, store credit, or discounts of some sort. The concept is simple: the more the customer purchases from you, the more merchandise they earn from you. These types of programs can use fancy electronic equipment or be as simple as punching out holes in a paper card every time a customer visits. The purpose is to keep track of how frequently the customer does business with your company.
2. Send Exclusive Newsletter or Facebook Discounts:
A great way to retain more customers is to get them to sign-up for a weekly (or monthly) newsletter or like your Facebook fan page. However, the only way to get them to sign-up for a newsletter or like your page is to provide the customers with quality content. The last thing you want to do is spam your network of customers with useless content. Entice customers in wanting to open your email . Send them a discount for being a loyal reader . The gesture will be well received and they will be appreciative when you reward their loyalty. You will also be retaining them as a customer.
3. Build Relationships:
This works best for small, companies or start-up businesses. If you try to befriend too many customers as a large corporation, it will eat up a larger budget. This could be remembering them when they walk through your door or shooting them an email when you hear something they might benefit from. It could be taking them to coffee to further build your relationship. These are just two effective ways of retaining a customer for life.
4. Keep Customers In The Know:
Keep your customers up to date on company news or new products and services. Always communicate and follow through with promises made to your customers.
Far too often, we focus on gaining new customers and getting bigger and bigger in the market. While this is all fine, only successful companies will remember that it is important to keep in good grace with customers who have proved to take a preference to your company. You owe it to them. Success depends on retaining your existing customers.
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