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Did you know that trying to attract a new customer costs five times more than trying to retain an existing one? The primary goal of most businesses is to attract new customers. However, focusing your efforts on keeping hold of the existing ones may be a far more cost-effective strategy.
Taking your customers for granted is always a big mistake. There is little point in trying to attract new customers if as soon as you convert them they are forgotten, and you repeat the cycle over and again. This is a waste of both time and money. Attracting new customers is essential, but so is maintaining your existing customer base, as a loyal customer base is what is needed for the long term success of your business. If you are wondering how to retain your existing customers and earn their loyalty these tips should help you to get started:
Rewards
All too often, businesses use incentives to attract new customers while their loyal customers continue to pay the regular price. While this may help to attract new customers, it may also cost you existing ones. There is no incentive for a customer to be loyal to your brand if all the best deals go to new customers.
Offering incentives to new customers is fine and can be effective. But you also need to ensure that loyal customers receive an equally attractive deal to encourage them to stay with your business.
Customer Service
Poor customer service is something that everyone dislikes, so if yours is not of the highest standard, chances are you could lose customers as a result. To offer exemplary customer service, your team needs to be trained to meet the needs of your customers.
You can enhance the customer experience and encourage loyalty by offering additional services that help your business stand out from your competitors. Using a bilingual answering service will ensure that each of your customers receives excellent service over the telephone and that their needs are understood and met by your team. These types of enhancements to your customer service are an excellent way to both attract new customers and encourage loyalty from existing ones.
Gain Feedback
Gaining insight into your customers’ opinions of your service, products, and brand will provide you with plenty of useful information. Listening to feedback and then acting on it to improve your offering shows customers that you listen to them and care about their opinions. Using customer feedback, and responding by making the changes they have suggested will not only improve their experience but will also make them want to continue using your services.
Build Your Brand
As well as working on improving customer service, it is also essential to consider your brand. Your branding needs to be effective to appeal to your target market and attract them to your products in the first place. Consumers like to be associated with brands that resonate with them, so if your brand achieves this it is guaranteed to build customer loyalty.