However, growth must go hand in hand with sustainability, and retaining your old customers is the best way to do that. If your company is going through a slump, old customers are the ones who will keep it afloat.
As you can see, retaining existing customers is very important for the long term health of your business. But how can you do it? To help you with your efforts, here are 6 useful tips on how to retain your existing customers.
1) Improve your customer serviceIt may seem a bit frightening, but surveys show that about 68% of customers leave a company if they’re not satisfied with their customer service – this is a significant number that can really damage your business.
Unfortunately, with such an extensive range of products and brands to choose from, customers are no longer willing to tolerate bad customer service just because of a good product. If the service is bad enough, they’ll leave. On the other hand, if the service is excellent, your customers might not turn to the competition, even if they offer a better price.
2) Keep in touchKeeping 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 send none. Timely emails and promotional newsletters will keep reminding your existing customers of your presence and why they liked your products in the first place.
3) Create loyalty programsAs 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 being devoted to the brand is to create a loyalty program.
The best example of these programs is airlines that 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.
4) Reward long-term customersI 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 would go 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 serviceIt’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, make sure that you address each customer’s specific needs. This is just another way of making them feel special and cared for.
If you need some tips on how to personalise your customer service without getting too personal, Parature has some great suggestions.
6) Value their opinionAnother 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.
Do you have any other tips on how to retain your existing customers? Let us know your ideas in the comments below.