Some experts feel that it can cost your business as much as seven times to get a new customer as it takes to keep a current customer. With those numbers in mind, a business simply can’t focus all its efforts on new sales. Here are some techniques you can use to help retain your current customers.
A time-honored favorite, the newsletter is a valuable way to keep you and your customers connected. Your newsletter must provide a payoff for the reader in terms of education, information or entertainment, and should include promotional coupons or other forms of incentives to increase sales and track the newsletter’s performance.
Make Your Customers Successful
Offer a product or service will increase your customer’s sales, overall business growth and long-term success. By increasing their revenue and gross profits, you will ensure that your customers stick around.
Another time-honored favorite, surveys can be performed at the point of purchase, by telephone, or online. Telephone is the most annoying to the customer, but historically achieves the best results.
Build relationships with multiple players in the organization that purchases your product or services. Doing this will ensure greater support for your services. Some sales people miss the opportunity to introduce themselves to others in the businesses they’re visiting; don’t make that mistake. Take the time to build as many relationships as you can. It will make a difference in the long run.
Customer Service is crucial to keeping your customers happy. Use a CRM software suite to improve your company’s customer service.
Get Rid of No-Win Accounts
Finally, get rid of the accounts that constantly hammer you on price and ask for everything for nothing. Instead, go after more qualified accounts so you can afford to pick and choose. Remember, your time is your most precious resource, don’t waste it.