August 10, 2018
Hold on tight to existing customers!!!
For those of you of a 'particular age', you know the old saying "it's cheaper to keep her". Well, regardless of your feelings on its intended meaning...it is certainly applicable to your business!
Depending on which study you believe & industry you're in, it can be anywhere from 5 to 25 times more expensive to acquire new customers than to keep existing ones. Attracting new customers is rewarding and is also a part of growing your business, but for small businesses, customer retention must be the primary focus of your time and resources.
It has always been a major pet peeve of mine when I see promotions or coupons that specifically say "new customers only". This is a HUGE no-no. You are pretty much telling your current customers, now that you have them, they are no longer of value.
In order to keep your existing customers, make sure you are always doing these 5 things:
KNOW who your customers are! It is crucial you know your customers in order to know how to retain them.
LISTEN to them! Customers are very vocal and they will tell you what they need, want and expect from you.
COMMUNICATE with them...keep them posted on your business, new products, events, services, etc. You must stay in front of them so they do not forget you.
REWARD them! Whether you use a loyalty program or send them coupons or free stuff...continuously let them know how much you appreciate them. It sounds cliche, but 'thank you' goes a long way.
GIVE THEM A REASON TO COME BACK! Why your business? What sets you apart from the competition? Address their needs and how you can fill them.
Don't be afraid to try new things. Be creative...and above all else, HAVE FUN!!!
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