When it comes to growing their businesses, a significant number of small and medium business owners are too concerned about winning new customers that they fail to craft strategies for retaining their existing customers. Marketing Metrics provide that about 50 percent of startup entrepreneurs find it more exciting to focus on customer addition than customer retention, a practice that has led to the closure of many businesses.
Win New Customers
Events create the right environment for winning new customers. When you give delicious food and outstanding ambiance, you are creating memories in your guest that will cause them to think about you in future. You can host a corporate dinner event and ask their existing customers to come with their friends, neighbors, and relatives.
To truly make a great impact in lives of your guests at a corporate dinner, you should look for a venue that offers professional service and is designed specifically for these kinds of events. Entrepreneurs who try to go cheap and take their potential clients to venues that do not offer services tailored to these events end up with no tangible results. Apart from an intimate setting where you can make your valuable guests feel great, any event that you choose, whether a corporate dinner, golf weekend, or sea fishing, should expose them to unique experiences.
Run Relevant Promotions and Give Free Samples
Offering promotions and free samples can be another very effective way of winning new customers. The key is to run programs that give as many people as possible an opportunity to use your products for the first time. Loyalty programs and special discounts can entice them to be your long-term clients.
Keep Your Current Customers
Say a Simple Thank You Always
Once you have won a client, it is time to start implementing strategies that focus on retaining them. Customers like to feel appreciated. You should thank them always. If the customer is at your location in person, you can say on the spot, “Thank you for buying here. Please come back again.” If your customer has purchased from your online store, you can email them expressing your heartfelt appreciation for their business. You can find more ways of thanking customers here or come up with your own unique ways.
Ask for Customer Feedback
Asking your customers about their experience or the kind of quality that they prefer shows that you value them and are looking for ways to improve. You can do this face to face and use review sites like Yelp. Whichever method you go for, ensure you respond to all comments you receive from your customers.
Create Incentives for Referrals
You are surely going to cultivate an ongoing relationship with your current customers while gaining new customers if you implement a program that provides incentives to them whenever they refer to you new businesses. This will also encourage many of your current clients to do most of the selling for you.
Engage Customers Through Social Media
Engaging you customers through social media can increase your retention rate if you do it correctly. The purpose of this strategy is to dial down your corporate presence and give your customers a platform to connect with each other and build the traffic. As you do this, remain alerted and able to comment at any time on whatever is going on about your business. Identify customers that are loyal and send them personalized “thank you emails” and, where applicable, personalized incentives and coupon codes as well. Always take conversion arguments off-online. This will make them feel much more valued and appreciated and eventually become your most powerful advocates.
Businesses that play an active role in winning and retaining their customers are well on their way to increasing their customer loyalty. The bottom line is that you must be active about customer retention if you want your business to grow.