Do you have loyal customers?
It’s one thing to obtain a client; it something else to keep that client.
There have been statistics as long as there have been sales. Depending on your industry, the rates might vary slightly, but overwhelmingly the statistics support the case for keeping your customers happy.
It costs a significant amount more, both in time and actual cash, to obtain a new client. However, once you have obtained that new customer, the costs to service and maintain that customer are markedly less. Therefore, doesn’t it make sense to ensure that you are retaining your customers?
Ask yourself the following five questions to see if you can improve your client retention rates:
1. How do your customers currently use your products or services? It makes sense that the more your clients are using your products or services, the more likely you are to retain them. Keeping your clients informed and engaged is a key element of client retention.
2. Do your clients know about all of the features products and services that you offer? Be sure that you are communicating with your customers on a regular basis, keeping them informed of the full scope of your offerings. If they don’t know that you can provide them with an additional service or benefit that they need, they may look elsewhere.
3. What’s the likelihood that your client would recommend your company to a friend? It’s true; referrals and testimonials are the best form of flattery. If your customer is happy with your services and would be willing to tell a friend about you, you are likely to retain the client – at least as long as you continue to provide them with the quality of service that they have come to expect from you.
4. Is there anything that would make your customers stop doing business with you? Communication with your clients is not only important as a means to keep them engaged with you, but is also an essential part of making sure that you are providing the services and products that will keep your customers loyal to you. Ask your customers if they are happy with your services. Find out if you are meeting all of their needs and expectations, or if there’s anything else that you can do to help them.
5. What, if anything, would your clients change about your company? Again, communicate, communicate, communicate! Phone your clients. Email them. Send out surveys. Ask questions, even if you’re not sure that you want to know the answers. If you are not meeting the needs and expectations of your customers, you can be guaranteed that they’ll find what they need somewhere else.
A happy customer is a loyal customer. And a loyal customer will bring you referral business. Treat your customers with respect and let them know that they matter.
Until next time…
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