If you're spending all your time, energy, and resources trying to attract new customers, you're doing it wrong.
Research shows that a staggering 80% of your business's future revenue depends on just 20% of your customers.
If you're having trouble with repeat business, it may be time to consider a customer retention program. Keep reading to learn if this option is right for you!
When it comes to running a successful business, quality customers can absolutely supersede your quantity of customers.
In fact, research shows that just retaining customers by a 5% margin can improve profits anywhere between 25% to 95%! That's a statistic you simply cannot afford to ignore.
Unfortunately, many business owners make the costly mistake of only extending their efforts towards expanding their customer base.
Consistency Also Matters
Want to know the secret sauce for maintaining an amazing customer retention program and generating awesome reviews?
It may not be taught in pricey workshops, but the magic is simply delivering amazing and consistent, customer-first experience every single time.
This builds rapport between you and your customer, and it also instills integrity and dignity in your brand. When a customer feels like he can trust you with fulfilling a certain need, he is considerably more likely to seek you out the next time he needs that need met.
Simple as that.
Know Your Customers
One of the best ways to maximize your customer retention program is by defining your target audience.
And, unless you're running a global corporation, your target audience certainly isn't the seven billion people living on the planet.
Get to know your average customer. What are their likes and dislikes? Where else are they shopping? What needs and fears do they have?
Best of all, what problem do they have in life, and how can your product or service improve it?
Want to know what your existing employees think about you? Ask them! Oftentimes, happy customers are more than thrilled to tell you what is and what isn't working.
Surveys don't have to be complicated, either. You can email a form or add it to your website. Offer an incentive for completion (like winning a generous gift card) and watch the responses roll in.
Make it Personal
There's a reason waiters know to touch your shoulder, and there's a reason high-end salespeople know to address you by name.
People like feeling like they matter. They don't want to feel like they're just handing you over their hard-earned money.
Making your relationship personal goes hand-in-hand with exceptional customer service.
Personalize your service whenever the option presents itself. A thank-you note or a repeat customer-only sale can go a long way when it comes to creating a sense of special exclusivity.
Final Thoughts On a Customer Retention Program
Repeat customers not only increase the security of your company's future, it will also help you save money and time on marketing efforts.
Interested in learning more about what your customers think about you and your company? Contact us about our comprehensive business solutions today!