Customer Retention—I thought I would see more concentration in this area…especially during these difficult economic times we are living in right now. I have experienced it myself as a consumer and I see it all around. Hopefully you are doing things to show your current customers that you appreciate their business and you want them to stay with you.
Getting new customers is hard…keeping customers is even harder. The statistics say the cost of acquiring new customers is anywhere from 5 to 7 times greater than retaining the customers you already have. Why make your life difficult? Being in business is already a tremendous effort and risk.
Here are a couple of questions you can ask yourself:
- If you offer a special discount to a new customer for a first-time purchase, what are you offering to a customer who is looking to make another purchase with you? Perhaps they have already made many purchases from your company.
- When is the last time you said a simple thank you—perhaps sent a customer a thank you note?
- Have you asked them how you are doing and if they are satisfied?
- Do you have a loyalty program?
- Do you communicate with your current customers on a regular basis?
- Now that you have them as a loyal customer, are you working just as hard as you did the first time they walked through your door?
Don’t forget about your current, loyal customers because you are thinking hard about how to gain new customers. You need to work on both.
Here is a good article from Entrepreneur Magazine that provides some good information about keeping your loyal customers.
Please contact Anna Brice at Pinnacle Peak Marketing, Scottsdale AZ about Marketing for Small/Medium Business.