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CUSTOMER RETENTION

iREAP Article - CUSTOMER RETENTION

CUSTOMER RETENTION

Many business people focus on strategies to find new customers (customer acquisition) and don’t pay much attention to the old customers they already have (customer retention). Many ideas are born to acquire new customers, but existing customers are not taken seriously and are often left unattended.

Business people should run both so that the business can develop even better.

A few weeks ago, I met one of the clients; he told me he is currently aggressively doing marketing activities to get new customers. Of course, this is an excellent and necessary program.

But when I asked if a program was held to foster good relationships with existing customers, the client just answered ‘no.’

One thing that needs to be understood is that every customer acquisition program requires many funds while customer retention is relatively cheaper.

However, there are still many business people who are not aware that amid very tight competition, customer retention programs will be able to provide many extraordinary benefits.

Fostering good customer relationships will make the company exist because it can retain its customers.

Trusted sources show that the average company loses at least 20% of its existing customers. The reason is that customers are overlooked, so when they are disappointed, they will immediately move to competitors because they do not have a strong bond with the company.

The survey also shows that companies that can retain 10% of their existing customers will get twice as many customers every seven years. So if more and more customers are controlled through the customer retention program, it is inevitable that the company will get many new customers without the need for a customer acquisition strategy.

How to Retain Old Customers

Then why do many business people forget about customer retention programs? The answer is that many business people do not understand this.

In this article I want to share some simple things you can do to retain existing customers:

  • Avoid Conflicts With Customers
    Avoiding conflict is the simplest first step to building rapport. Customers don’t like conflict and want to be appreciated. Understand what they want and don’t argue with them.
  • Say Thank You & Give a Gift
    A sincere thank you is very important for the customer. Giving gifts to loyal customers will be able to generate new customers (because of recommendations from old customers). Take her heart and win the competition.
  • Bring Back Lost Customers
    This is a perfect start if you successfully bring back customers who have left because they will become the most loyal customer group. They will tell you a lot about the goodness of your company.
  • The principle of ‘Customer Complaints Are Gifts’
    Listen to all customer complaints properly and empathetically. A customer who submits a complaint means that he still loves your company. They want you to change for the better. They will remain, loyal customers if their complaints are handled properly and thoroughly.

Dear readers, there are still many ways to build good relationships or retain customers. From now on, try to do simple things that customers like and not what you want.

Don’t just focus on finding new customers but take care of old customers who are already with you.

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