The goal of every business that sells either a product or offers a service is to secure the bag, many business owners believe they can achieve this objective by actively hunting and acquiring new customers. But many businesses in the process of hunting for new customers, have lost their old and faithful customers – by either denying them of a certain level of attention or by getting overly confident and assuming “he is my loyal customer, he will never consider another option”.
Pardon my French, but “assumption is the mother of all fuckups”, they say. Never forget that a customer, no matter how loyal they are to you, is a potential customer to your competitor. You are not the good shepherd; do not forsake the ninety – nine sheep to save one. Don’t get me wrong, acquiring new customers is great, but studies have confirmed that 68% of sales come from existing customers.
Ensuring customers’ satisfaction helps you earn their trust, and having trusted customers will even help you drive more sales by helping you advertise and spread the good news about your brand without paying them a penny for the advertisement. Why? Because, a happy customer is always eager to share the news about your excellent product or service delivery to others. This is according to a survey conducted by Concerto Marketing group; that 83% of customers will recommend your brand to others if they trust the brand, while 82% will stick to your brand if they trust it.
Now you don’t want to lose a customer’s trust, losing customer trust is as good as losing the customer already, and sadly losing the bag. You want to retain your customers?
- Request for reviews and feedbacks: According to Hubspot, 42% of companies fail to reach out to customers after a transaction to request for a review or feedback as regards their products and services. They believe the work is done once a transaction is complete, oh no! The job’s just starting, the job of converting the buyer to a customer, reaching out after the transaction and requesting for feedbacks and reviews increases the chances of converting a buyer to customer, and if already a customer to a loyal life customer.
Feedbacks enable the customer to give their honest opinions as to what you got right and wrong while handling their orders, it also gives insights as to how and what to improve on to make your brand better . And that’s a real win.
Take Note: The feedback and review you don’t get from your customer will be gotten by some of your existing customers, potential customers and even your competitions. Pay attention to feedbacks.
- Reward & Surprise Your Loyal Customers: Common, a customer been loyal for months, some even years and the only way you’ve appreciated them is by saying “thank you”, neither have you ever issued them discount to show how grateful you are for their loyalty and patronage, that is wrong now. Learn to reward your customers or even surprise them by paying them a home visit or something; it gives them the sense of more than just a business relationship, rather friendship. Converting a customer to a friend, earns you a lifetime loyal customer.
Surprise that loyal customer today – pay a surprise visit, give them that huge discount or just waive the payment for their next deal.
- Be Time Conscious: Time is money, will always be money. Give customers realistic timelines to complete and deliever a service or product, and whatever time you choose, be faithful to that time. It will be very much sweeter, if you even deliever before the expected due time, it enables the customer to trust you more and have confidence in your brand. Be time disciplined. PROMISE LESS, BUT OVERPERFORM.
- Social Media Activity: Some customers will never come back to you directly to lodge a complaint or give a feedback as regards your brand, they go directly to your social media pages to air their opinions, now you must have an active social media page and of course a social media manager who give a prompt and customer – soothing reply to these comments made on your social media pages, things blow out of proportion and trend pretty fast on social media. You wouldn’t want your brand to be on the wrong side of any social media trend.
Truth be told, all these stuffs could be really difficult to keep up with, companies have learnt to outsource a bulk of this activities like social media management, digital marketing, email marketing for feedbacks to digital agencies like www.tinklingd.com to save themselves stress, time and of course CUSTOMERS. You might want to consider doing that too.
You might want to know how well you have retained or lost your customers over time, Client Heartbeat gave a simple mathematical expression for calculating Customer Retention Rate; it gives you a statistical figure as to how well you retain your customers.
Retention Rate = (CE – CN)/CS × 100.
CN is Number of new customers acquired during period, CE is Number of customers at end of period CS is Number of customers at start.
For more insightful articles like this, visit www.tinklingd.com now. And do not forget to keep your customers closer.