Here are 14 tips of why you want to retain and keep your customers. What are your favorite tips?
- The costs of getting new customers
- The decline of revenue
- The lack of word of mouth for your promotions
- A lack of referrals
- Customers are switching to another business because of better customer service
- A lack of support or help
- Customers don’t feel appreciated
- Not a happy place to be – for your customers or employees
- More competition whether it’s new or been around awhile
- The lack of long term customer care
- You haven’t created enough value for your products or services
- Customer service sucks
- No marketing budget
- No plans or strategies to retain your customers – except get more new customers
With increasing competition it may cost five times more to attract new customers than it is to retain your current customers.
The worse case scenario is that you haven’t formally created a plan or created some objectives to market to your current customers. If you know that your service could be better, you just haven’t had the time to develop a plan, it’s time. If don’t you’ll definitely have some turnover. Spending more money on advertising, coupons, ads in the paper isn’t necessarily going to help you.
During tough economic times or in off seasons, it’s important to communicate with your customers. Jack Welsh the former CEO of General Electric suggests that you be proactive. “Don’t wait for your best customer to defect.”
If you assume anything assume the worst. It’s well documented that 65% of customers leave existing businesses because they feel that the owner of the business doesn’t care. Be honest with yourself.
Do you spend too much time on getting new clients? Are you or have you taken your existing customer for granted? If you think you haven’t, have you noticed that they don’t call often or come into your store? When was the last time you called them?
Think about your top ten (10) customers and climb inside their shoes and ask yourself where are they? How does it feel now?
Why are they not returning to your place of business? There could be several factors that you need to look at. What are the internal and external marketplace of your business like. What is happening?
You’ll keep existing customers longer, which is more cost effective than keep attracting new consumers to your business. Your customer retention program ought to be boosting customer satisfaction and retention. When you are running full speed ahead, you’ll foster a generation of brand advocates or fans who are eager to spread the news about how wonderful you are.
Are you ready to be known as the best secret in your city or town? If not, let’s chat and see how you can be. Book a complimentary strategy session with me.