Marketing statistics tell us that it costs 6 times more to bring in a new client than to keep an existing one.
And a small 5% increase in client retention can increase profits by up to 95%.
You knew customer retention was important, but did you know just HOW important they are to keeping your business profitable and staying within your budget? The numbers don’t lie!
Simply put, you are going to save and/or make a lot of money if you put a good amount of energy into people who have already invested in your brand.
So just what does it take to make people LOVE what you do and who you are as a company?
What will keep them coming back for more?
Here are 4 strategies to create loyal customers who not only love you but refer you to their friends:
#1 Surprise With More Than Expected
This is huge. If customers invest in your brand and get MORE than they expect, they will be very happy! Make sure your customer service is 150% awesome. Constantly give great value without attachments. Do whatever it takes to make your brand stand out as one that really cares about the client and isn’t just about the bottom line. If you consistently over-deliver, it will also help customers forgive small mistakes that are bound to happen (no one is perfect).
#2 Quality Over Quantity
Always always focus on quality over quantity. No one wants to be bombarded with 5+ emails a week from the same company. That is a sure way to lose subscribers. If someone invests in your product/company, treat them like you would any valuable relationship in your life. Give them quality over quantity. Offer them discounts and/or freebies as a way to thank them for believing in your brand. Show them what it means to be part of your community. Provide quality, valuable information/support/etc.
#3 Insert Emotion
A recent study found that 75% of consumers make buying decisions based on their emotions. Strong emotions are what make people remember certain events/people/places/things more than others. If your brand is emotionally engaging, people are going to remember who you are and when they need a service you provide, they will think of you. When they come to you this way and are also given incredible value in return, they will be more likely to recommend you and keep coming back.
#4 Ask For & Listen To Feedback
Another study found that when customers are unhappy, 96% will simply leave and take their business elsewhere. Only 4% actually bother to complain, leave a poor review or reach out to have their problem resolved. This means that every piece of negative feedback you receive should be treated as extremely valuable/important. Listen to what people are saying about you and make every effort to show them that their opinion was heard and action was taken. Reply to negative reviews and offer resolution.
These are excellent ways to retain customers/clients and create a lovable brand.