Retaining Your Customers

Ever wonder how to keep customers coming back once you’ve received their attention? Here are four sure-fire ways to help retain your customers, and have them coming back to your business or service time and time again.

Here are some interesting statistics about retaining your customers:

• It costs a company 6-7 times more to gain a new customer versus retaining one
• A customer is 4 times more likely to go to a competitor solely based on customer service
• You are between 60-70% likely to sell to an existing customer, compared to 5-20% for a new one
• On average, when new customers spend $24.50, repeat customers will spend $52.50
• Poor customer service will cost businesses $83 billion in the US

It’s easy to see that keeping a loyal customer is much more productive than simply seeking new ones. But, how can you keep these consumers coming back for more? Here are some tips that will help you retain these loyal customers:

• Say Thank You

This is quite an obvious tip, but it’s also the most helpful (and often forgotten). Customers want feel appreciated, especially if they have just made a purchase from you. There are so many ways that you can say thank you to a customer. For example, in person or in-store, a simple “Thank you. Please come again soon” can mean the difference between a one-time and repeat visitor. For online transactions, a follow-up email thanking the customer for their purchase is a great way to keep those interested. Consider even including an offer or coupon for the next time – this can help minimize time between purchases and give your brand a more positive experience.

• Customer Feedback

Receiving customer feedback about your customers ‘ buying experience or product quality shows that you are interested and engaged in your business, while also showing that you are looking to improve on the way you manage your business. Keep in mind that any negative comments that you may receive about your product on sites like Better Business Bureau or Yelp should be acknowledged immediately!  You should also consider sending a satisfaction survey to customers, because you will get valuable information on how to improve your business and customer satisfaction.

• Communicate

Consistently communicating with your customers on a regular basis can be done through multiple channels: newspaper, coupon, or even event invitations. Customers love to hear about new products, deals and promotions.  There are many different reasons to email your customers – just keep the message short, focused and include a call to action… Sending out junk content is a quick way to get an unsubscribe.

• Highlight Customer Experience

Featuring customers in your newsletter or email is an easy way to get many people engaged with your brand. Consider those who support a cause or a charity – showcasing their message or cause is a great way to get people excited for your brand.

By interacting with your customers more frequently through social media or email, you demonstrate that you care about more than just selling. These helpful tips should help get you on the right track to showing your customers how much you truly care about them. What kind of helpful tips has your company used to retain your customers?

Want to learn more? Here are some facts about customers and social.

Michael Bickerton, Raven5 Ltd. March 2015

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