Loyalty and client retention are crucial to a business’s ongoing success. However, in many industries, the average business loses 20% of its customers due to failed relationships. At most, 80% of its customers. The costs can be staggering. Few businesses don’t truly understand the implication of lost customers. The result effects long-term profit and business growth. Keeping existing clients satisfied should never be underestimated.
Most businesses spend much time and effort to gain new customers. Ironically, once the sale has been made, few companies measure and gauge their client relationships. The customer is left unattended, or even worse, abandoned as soon as a problem occurs. The company then loses a client, potential referral clients, and is now spending a small fortune to gain a new one.
Once the initial sale is made, companies tend to get complacent, ignoring the customer while they chase new business. Since the majority of customers are susceptible to buyer’s remorse, it’s imperative to show your customers you care by answering questions quickly and calming your client’s fears. Remind them why they made the right decision to go with your product or service and why they can trust you.
Keep customer service exemplary. Follow up quickly, resolve problems swiftly, and go above and beyond what the customer expects when delivering the service or product. Poor service will always drive customers to your competition.
Communicate with your client on a regular basis once the initial sale or project has completed. Schedule a time to follow up via phone, email or visit. This personal touch shows your customer that you care, and that makes them feel valued and important.
According to the UBM TechWeb State of Loyalty and Retention Strategies survey, “… successful customer retention requires that companies turn their regular customers into satisfied customers and then into loyal advocates. Proactively reaching out to customers before they defect to a competitor requires effective Customer Analytics capabilities”.
Take the time to nurture your existing clients. If you increase communication, control issues properly, and truly value their business, they’ll become a wonderful advocate for you, your company and your product.
