Are you doing everything you can to make sure your customers stick around? The author of Innovating Analytics, quoted in this article on customer loyalty, suggests this really must be your number one priority in business. It is the most important factor in maintaining your growth and your profits. You may know the statistics: acquiring a new customer can cost 5 to 9 times more than selling to an existing one.
True loyalty is earned when you give your customers incredible experiences and complete satisfaction; when your customers have those experiences, they will tell others. That’s how good customer service multiplies itself so easily these days. Our always-connected culture means your good deeds are going to be spread virally on customer social media accounts and comments on your own accounts.
In addition to making customer retention your number one priority, these three factors must also be top-of-mind for you:
- Upsell. Have a strategy that encourages your customers to do even more business with you. They won’t resonate with your efforts, however, unless they are already thoroughly satisfied.
- Use traditional marketing methods in addition to digital methods and make sure you are measuring each and every dollar you spend there against the dollars you are taking in.
- Monitor digital marketing efforts and comment and build a strategy of converting those activities into actual sales.