In the process of business, most brands are concerned with making that sale or acquiring new customers. Most times in the midst of a business transaction, older customers can feel left out and eventually lose moral and sentiment towards the brand.
According to research carried out by Harvard Business School, growing your brands customer retention by at least 5 per cent can lead to 25 to 90 per cent increase in sales and profits. Here are some effective ways to keep your old and new customers satisfied with your service while also growing your business.
- As a business do not get complacent, you are not solely after a sale, you are after the patronage and trust of clients. Always remember to thank customers after an initial transaction and provide them with a useful freebie in form of a promo or discount that would bring them back to your store or website.
- Actively seek out “lost sheep”, customers that strayed away, before they patronize a competitor. This is not as difficult as it may seem, as these clients are already aware of your company, products and culture. Remind them of your existence and why they fell in love in the 1st place by simple, thoughtful gestures.
- Make use of avenues such as email marketing. Research shows that email marketing offers the highest return on investments than any other digital marketing or traditional marketing form. Reach out to old customers on the go and on their schedule, reeling them back into your fold.
- See complaints as good thing, this actually your chance to shine, help a person in need and show off a little bit 😁. A complaint is a form of communication all the same, talk to your clients and do not forget to apologise and be sweet as pie.
- Encourage a feedback system; give your clients the opportunity to rate your products and services. Give your customers that opportunity and power to have their voice and opinion be heard. Even if you do not like the feedback, remember, it is all about improvement to achieve the ultimate goal; the trust and increase of customers as well as brand equity.