Did you know that keeping your existing customers happy is a lot more cost-effective than gaining new ones? It’s time consuming and expensive to research, find and contact new prospective customers and build a relationship with them. You also have to assess their wants and needs. You already know, more or less, what makes your existing customers tick; you just have to build on those wants.
Experts say nothing facilitates customer retention better than repaying your existing customers’ loyalty with gratitude. These days, merely displaying a "Thank You" message after customers sign up or leave a comment on your website simply won't cut it. You need to step up your game and tell your customers that you appreciate their continued patronage through concrete ways.
For instance, you can send custom business "Thank You" cards along with some little tokens or goodies. After all, who doesn’t like getting nice little gift or reward? Better yet, send your best customers personalized cards along with vouchers to show how much their loyalty means to you. You can also ask them to contribute new ideas for your business and suggestions to make your processes even better.
Focusing on just 5 percent of your current clients, experts say, can increase your profitability by as much as 75 percent and help you cut costs at the same time. Therefore, it makes sense to implement tried-and-tested customer retention strategies.