5 Rules for Customer Retention
by Hellopeter.com on Mar 3, 2016

Every company makes mistakes that could make them lose customers. But smart companies know how to recover a customer and turn them into loyal customers for life.

According to Marketing Metrics the probability of selling to an existing customer is 60 - 70%. The probability of selling to a new prospect is 5-20%. With that information in tow, it becomes increasingly obvious that marketers should be tripling efforts on these existing customers versus new ones.

Your business has come into being to solve some needs of your customers in a way that is unique; in a way that your customers get value from the consumption of your products or services.  How effectively you are able to do this and how consistently you are able to do this determines the success of your business in the long-run.

 Take a look at these 5 rules for ways to nurture those long-lasting, loyal brand relationships:

  1. Treat customers the way you’d like to be treated. The same goes for the way you treat your employees, since that’s how they will treat your customers. Your employees won’t care about your customers if you don’t care about your employees.
  2. Take responsibility. Most employees shovel the problem off and blame everyone else. Customers know when they are being passed along the chain and they don’t like it.
  3. Stay relevant and show value quickly. Reward people for signing up to your newsletter or give them a gift for doing business with you. When Amazon just sold books, they always sent a bookmark with the order.
  4. Quality matters more than speed.  It doesn’t matter how fast you’re going if you’re going in the wrong direction. The quality of your customer service is more important than the speed of your customer service. Customers are nine times as more likely engaged in businesses whose customer service they perceive to be helpful, courteous, reasonable and willing. Although speed is useful factor, giving quality service is the primary factor in customer retention.
  5. Build trust through relationships. You do business with people you trust and with trust you’ll have customers for life. Focus on service, consistency and transparency. Always justify a customer’s faith in you and strive to go the extra mile to exceed their expectations.

Sources: Hellopeter.com; www.franchising.com; www.entrepreneurial-insights.comwww.business2community.com; forbes.com

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