Customer Retention Strategy – Keeping Your Customers For Longer Than One Purchase
A good customer retention strategy is a key aspect in running a peak performing business.
Think about the costs associated to marketing to your current customer versus the cost associated to pulling in new customers.
The difference is substantial.
Your current customers are easier and more cost effective to market to because you’ve already created a relationship with them. They’ve bought from you once before at a minimum and unless your product or service is trash they trust you. And that’s one of the biggest reasons it’s more efficient to market to these folks.
So what does that mean…
Does it mean making an offer daily, weekly, or monthly to your customers and never adding an additional value?
You’ve got to continue building trust with your customers. Communicate with them, give them more of what they want, then every so often make them an offer… something that will compliment their original purchase, something that will fit their goal of doing business with you.
Many businesses focus on new customers and forget about current customers.
The biggest area I can think of that does this are retail shops. Retail shops fail to gather customer information before, during, or after that first purchase. They leave the control 100% up to the customer. There is nothing keeping you on the front of your customers mind, it’s up to them if they want to try something different.
On the other hand, if you collect their information, communicate with them, give them more of what they want, they’ll be more likely to do more business with you in the long run. Especially when you make offers they can’t refuse.
Try collecting your current customers e-mail or physical address and start communicating with them regularly. You might just see a bump in profits because of it.
Till next time…
Profit Convergence, Inc.
P.S. When you’re ready to discuss opportunities for your customer retention strategy give me a call at 336-775-6606.