Relationships and communication with existing customers have quite a notable effect on your sales and profit.
We have all been customers before, and speaking from that point of view, I am confident we would all agree that it is quite simple to gain customer loyalty. All it takes is receiving the same kind of value we paid for. Meet our expectations the first time we availed a product and we won’t second-guess buying them again.
The real challenge comes before gaining a customer’s loyalty –catching their interest and winning over their trust to actually try products or services that your business offers.
Customers are the lifeblood of any business. These big corporations wouldn’t get to where they are if it weren’t for the support of their customers.
The amount of competition present in today’s market is overwhelming, leaving a very narrow entry hole for new businesses. It’s a tough shot for new entrepreneurs now that almost everything has already been invented or innovated. With businesses trying to win over potential clients, it is not only money that is invested, but also time and effort.
Conceptualizing sellable ideas already takes a lot of time. And just because something seems feasible doesn’t mean entrepreneurs will jump on the opportunity and start a business right away. A lot of factors come into play during the planning phase, then comes the equally nerve-wracking marketing stage. And with today’s highly technological culture, a lot of businesses flock the Internet with the hopes of gaining new leads. This already doubles up the expenses.
With Internet marketing, one has to make sure to get web developers that can come up with a good and functional website and then seek the assistance of an SEO professional to get it ranking on search engines. All of these efforts go down to that one goal of having their target market avail their products and services.
This leads us to the second most important business tip — it is easier to retain current customers than to earn new ones. Yes, publicity campaigns can be a way to attain new customers. However, most businesses often get into the trap of putting all of their efforts in earning new business that they fail to take care of existing ones. And here are some valid reasons why customer retention is equally important.
For one, it is cheaper. We do not have to spend money on ads when marketing to existing customers. Consumers that patronize certain products and services are known to spend more compared to a new customer, making it more profitable. It is also much easier and faster to sell to customers again if their expectations are properly met the first time they availed a product.
Now, how can you retain your current customers and gain their loyalty?
Understand your customers and know what they value most about your products and services, then carefully evaluate how well you provide this value. Notice how a lot of businesses are utilizing their Facebook company pages? It is because this is where the potential customers are. Engaging in a casual discussion with your customers through social media is the best way you can create a connection with them.
There are countless tactics you can try to establish this relationship, and here are a few ways I find most effective.
- Give your customers a shout out.
When they post about your product or service on social media, don’t let this go unnoticed. I’m not only talking about positive feedbacks — acknowledge their complaints as well. This will show your customers that you truly care.
2. Listen.
Your customers spend on your products, thus, keeping them satisfied and happy is of the highest importance. It is your customers that can give you honest advice on where your product needs to improve. Always pay attention to what they have to say.
3. Make them feel valued.
With businesses of the same niche saturating an area, customers who stick to your brand is not easily earned. So when you do get a chance to win them over, show that you’re glad to have them. Make sure customer relationship is one of your top priorities.
One best way to express your gratitude to your loyal customers is by giving freebies and upgrades.
4. Provide top-notch customer service.
Never be one of those hard-to-reach businesses when a problem arises. Make sure that there is always someone who can assist a customer in need. This can be your best shot at gaining a customer’s trust and loyalty.
Customer retention is more cost-effective than customer acquisition. Just keep your customers happy and satisfied and chances are, they’ll end up doing your marketing for you. It’s actually a big win-win situation for your business and entirety of your marketing.
