Keeping your existing customers should be one of your main priorities as a business. Why? Because it cost s five times more to attract a new customer than it does to retain an existing one. Not only that, but increasing customer retention rates by just 5 percent can boost profits by between 25 and 95 percent.
As you can see, it makes good financial sense to keep your customers, but how exactly do you do that? Here are a few ideas:
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Customers love to shop with businesses that share their values, so by building a brand that has a strong ethical background and values your target audience can get behind, you could foster a great deal of loyalty amongst your customers.
A sure-fire way to turn your customers off is to promise them the moon and deliver a star. If you tell your customers that they’ll receive their package the next day and they have to wait for three or if you say your new tooth whitening product will produce results in a month, but there’s no difference, you’ll lose their trust and they will not only not come back for more, but they’ll probably warn their friends, family and the internet not to use you either. The moral of the story? Always deliver on promises and never promise what you can’t deliver.
Ensure the Product Reaches Them Safely
Speaking of delivery, this is one area that you shouldn’t skimp on. If you package your goods poorly, using plain packaging instead of the pre roll tubes, you can buy now, which will keep he product secure and unbroken, or you leave out the bubble wrap causing your products to crack, who’s going to bother buying from you again? The same goes for late deliveries. Take time to package properly and you’ll have fewer complaints and more happy customers.
If you offer great products and services and excellent customer service, there is every chance your customers will keep coming back time and time again, but why not make that scenario even more likely by offering them extra incentives to do so? Things like money off codes, special sales and loyalty programs can all do an excellent job of convincing your customers to stay loyal and it will cost less than a big marketing campaign to bring new customers in.
Remove Pain Points
Pain points are things that make it more difficult for your customers to shop with you. They could include a poorly designed interface or an excessive delivery charge. Doing whatever you can to remove those barriers for your customers will convince more of them that you are the company they want to spend money with.
If a customer does have an issue with your products or services, be sure to solve them as quickly, painlessly and politely as possible; maybe throw in a freebie or two, Things go wrong but if you deal with them well, your company can still impress.
Keep your customers happy and your bottom line will benefit!