It’s no secret that the cost to acquire a new customer is more than retaining an existing one. According to Bain & Company, an organization has to spend 6-7 times more to attract a new customer. Moreover, it is 50% easier to sell to existing customers compared to new ones, according to Asian Entrepreneur.
Retaining your customers is one of the best ways to grow your business. According to Asian Entrepreneur, “A 5% increase in customer retention can increase a company’s profitability by 75%”. That’s why it’s important to treat your customers right after they do business with you as good as you would treat them prior to purchase. Let’s take a look at some ways to delight and retain customers.
Keep them informed
No one likes unpleasant surprises, not even your customers. Keep them informed when they do business with you. This becomes even more important when you are unable to meet your promise. For example, your customer has relied on you for mobile application development and for some reason you are unable to deliver what you promised on time. Contact your customer and let him know about the same.
Keeping your customers informed is crucial even if there is no problem. They like it when you keep them up-to-date. Email them at regular intervals to keep them informed about the status of their project.
Discover the wow factor
Put yourself into your customer’s shoes. Find out if you were dealing with this business what would keep you coming back and make you tell your friends, relatives, or others about this business.
Get into discussion with your team and brainstorm ideas about what would pave way for an amazing experience. Adequate market research can help you in this. Find out what customers expect from your business and what they are actually getting. You may find some wow factors that are economical to deliver.
Show your customers that you appreciate their decision to work with you. There are different ways you can reward them. Offer exclusive customer-only discounts or give them special offer on the anniversary of them first doing business with you.
Deliver exceptional service
Whether you are into web portal development or any other business, quality of service is one of the major factors to influence your customer’s decision of coming back to you. Failure to deliver exceptional service can not only disappoint your customers, but also take a toll on your business. Sit down with your staff and discuss what can be done to deliver better service.
Retaining your customers is a winning tactic. According to Asian Entrepreneur, “80% of your company’s future revenue will come from just 20% of your existing customers”. So, delight your customers and retain them to let your business flourish.