Focus on existing customers over getting new ones.
One of the things I notice most about businesses is their focus on getting NEW customers or clients, rather than retaining their existing ones.
We can all agree that customers are the most important part of any business. After all, without customers, there would be no business! And yet we find ourselves spending most of our marketing dollars on finding new customers instead of nurturing the ones we already have.
Whether you sell products or services, retaining and nurturing your customers should be your number one focus. Why? Because it is up to 5 times more expensive to acquire a new customer than it is to keep an existing one. That’s because you don’t have to spend time and money advertising, identifying and convincing new prospects, because they know you and you know them!
Rather than chasing down new customers here are just some of the simple ways you can keep customers coming back and improve your bottom line;
If customers haven't interacted with your business for a while, you should reach out to them and re-establish your relationship. Create a communication calendar to manage engagement and create opportunities.
Customer feedback loop
It's hard to improve your business if you don't know how your customers feel about it. Create a process for obtaining customer feedback and acting on it!
Keep your customers coming back for more by offering them discounts or special privileges. The more they shop and interact with your business, the more they're rewarded. Examples can be as simple as birthday or anniversary discounts.
If you would like to learn more about customer retention marketing and ways you can keep your current customers engaged and happy, our team can help!