Are you focusing on customer retention?

Think of the effort it takes to acquire a new customer, whether it’s from a cold call, a mail out you recently executed or simply a referral. A lot of effort goes into securing that new job, getting to know the new customer, understanding their needs, explaining your services & how you operate etc etc.

No business will succeed without acquiring new customers, but are you focusing enough on retaining your existing customers? If not, I have a few tips for you.

Existing customers are much easier to do business with – They know how you operate, they know what to expect and most importantly, you’ve dealt with them before so you know what they expect of you in return.

Stay in connect

Whether it’s a phone call out of the blue to simply “check in”, an email or a tweet  - Let your past customers know you haven’t forgotten about them.

Become a resource

If you hear through the grapevine (or social media as it’s currently known) that a past client is looking for assistance or a referral and you know someone who might fit the bill, let them know about it.

Ask for feedback

Regularly throughout your working relationship ask for feedback on ways you can tailor your services to better suit your clients needs.

Share

Have you read a good book your client may be interested in? Are you attending a seminar in the near future that you think may help your client? Have you stumbled upon a great website (such as this one) that your past customers may find interesting? Share it with them.

Reward loyalty

Consider implementing a loyalty plan for existing customers, whether it be a special offer, a value add or simply a bottle of wine. Let them know you appreciate their business.

Follow through

If you discuss a new idea, resource or topic with a past or existing client, follow through. Nothing is worse than someone who “said they would”.

Keep learning

If you regularly focus on attaining new knowledge and insights, you have more to offer your existing customers.

It’s much cheaper to retain existing customers than it is to acquire new ones,spending a little effort in customer retention not only improves your bottom line and saves you time in the long run – It helps foster a relationship which if nurtured correctly, has the possibility to turn into referrals in the long run.