Customer Retention in your Business

Customer Retention in your Business

Did you know it costs 5x as much to obtain a new customer as it does to keep an existing one! A good rule in business is to retain customers and build a relationship with them in return for loyalty. You can do this multiple ways – I will explain, but first let me talk to you about Customer Retention in your business. 

Do you think with your heart or your mind? In other words do you consider how you feel or how much it costs when purchasing a product or service?

Me? I would say a bit of both but when I purchase something with emotion I will stick with that brand regardless of other factors.

Emotional Loyalty is what businesses strive for. Consumers will look to one particular brand regardless of price, convenience or other factors because they have a personal, ’emotional’ connection to the brand

4 Tips to help increase customer retention in your business

Say ‘Thank you’

People like to feel appreciated especially if they just spent money with you regardless of how much. These 2 simple words will help retain your customers in a very easy, cost effective way.

Get feedback

Always ask for feedback! Why? Well you need to know you are doing an amazing job, but also you need to know what you can improve on.

Be consistent

Consistency is key. Your customers will base their expectations on previous positive experiences. Get it wrong and they’re gone!

Communicate

There is nothing worse in customer service than lack of communication. Reach out to your customers, they want to know about your latest offers and promotions, new products or service and any events.

To summarise on ‘Customer Retention in Your Business’, why do you want to retain customers? Well you do want to make profit don’t you?!

If you would like to discuss how we can help you with customer retention in your business get in touch today on 02392 421 312 or email us at helen@helencope.com

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