Statistics show that retaining an existing customer is much easier and more cost-effective for businesses compared to attracting and gaining new customers. The probability of selling to an existing customer is high up to 60-70%, while the possibility of selling to a new customer is only 5-20%. This says a lot of what businesses should prioritize to contribute significantly to their bottom line.
There are numerous brands out there offering similar products and services as other brands. That means that the competition is very strong and vast. It would be challenging to tap into customers of different brands and try to get them to purchase from you instead. It would be much easier to appeal to and serve existing customers to guarantee that they will remain loyal to your company. Here are tips to help retain your customers.
Improve your customer service strategies
Nowadays, it’s not only a product itself that makes customers want to come back to repurchase. The customer service also plays a huge role. Think about it. If you were a consumer who likes the quality of a brand’s particular product, but the seller was very rude and unaccommodating, would you be inclined to purchase from them again? Probably not.
Satisfying a customer goes beyond just providing them with a great product. It involves the entire experience that relates to the buying process. Every business should invest in strategies and tools like call answering services, feedback mechanisms, etc. These will go a long way in improving customer service efforts and will do a lot in keeping existing customers happy.
Stay in touch with your existing customers
It won’t do a business any good to end relationships with their customers after the completion of a sale. If this is the case, then the chances of the customer coming back and repurchasing from the brand are relatively less. So every business should make an effort to stay in touch with their customers.
Getting the customer’s contact details or utilizing big data to reach them will help you reconnect and build a lasting relationship with your consumers. The simple act of giving them email updates on new products or a mere greeting during holidays will help increase customer loyalty.
Ask for feedback
The way to a customer’s heart is by allowing them to speak out their concerns, opinions, and suggestions. Feedback boxes may seem old school, but it shows customers that you value their voices. It’s more than just waiting for feedback to come. Every business should proactively seek them from their customers. And make sure to consider their comments.
Make transactions simple
As we mentioned earlier, a pleasant experience with a company is what gets customers to stay and come back for more. In this day and age, convenience has become a commodity. No one likes undergoing a complicated and tedious process to buy products and avail of services. Transactions should always be short and easy to undertake. It all comes down to how useful and convenient a customer’s experience is that will determine the likeliness of them repurchasing.
Customer loyalty is vital for every business. Without it, it will be difficult for them to make sales and retain their competitive advantage in the industry. Make sure you’re doing what it takes to keep your customers happy and satisfied with your brand.