On average, it takes seven touches to turn a lead into a new customer. In addition, it costs up to eleven times more to procure a new customer than retain an existing one. More than 68% of customers switch a brand not because they are dissatisfied with the product but due to the company’s indifference.
How can we keep our existing customers?
- Listen to them. People want to feel appreciated and heard. When you truly listen you understand what is important to them and to their business. It also allows you to stay one step ahead of your industry’s evolution.
- Make it easy to Provide Feedback. Allow your customers to share with you the good, the bad, and the ugly. This too helps you set your business up for success and allows your clients to obtain the best possible service or product from you.
- Focus. It is easy to brainstorm new possibilities and directions within your business, which is important in staying relevant. However, in order to retain your customers you must by crystal clear on who your customers are, what you commit to deliver to your customers and where your business is headed. You can’t be everything to everyone so be really, really good at what you can.
- Focus on a Lifelong Relationship. Solve problems and interact with your customers with the future in site. Short term solutions lead to short term relationships. Work with your customers so that you can both grow together.
- Make it easy to do Business with you. People are busy and the smallest amount of help is appreciated tenfold. Remove the obstacles customers face when choosing your product and/or service and remove the obstacles your customers face during the use of your product and/or service and you have a customer for life.
These five simple practices express your commitment to your clients and help you enjoy many years of fruitful business together.