It takes months to find a customer and only seconds to lose one.
Great customer service. It’s a buzz phrase we hear all the time—but are you really making the most of your customer relationships? Of course most of us are constantly thinking of ways to gain new customers, but holding onto existing customers (and wowing them!) can be even more important.
Not convinced? Harvard Business School notes that increasing customer retention by just 5% increases profits 25% to 95%. Whoa. Plus, 80% of companies proclaim they offer excellent customer service, but only 8% of their customers agreed. Yikes.
Here are a few ways to get on the same page with your customers and ensure you aren’t missing the customer retention boat.
- Repeat customers are your goldmine. They’re less expensive than new customers, they spend more, and they’re your brand ambassadors.
- Great customer service goes beyond simply offering something shiny to get them in the door—it’s about intuitively knowing and deeply understanding what they want, then delivering that consistently. To help you get inside your customers’ heads, here are 12 Books to Read If You Want to Understand Customers Better to add to your reading list.
- Understanding your customers is one of the most powerful things you can do for customer retention. Do so by avoiding these 5 marketing mistakes.
- If you feel like something is missing in your relationship, trust might be the key. Check out these great ways to establish, measure and build customer trust.
- Still not convinced customer retention should be your focus? It’s “Cheaper to Keep ‘Em”—repeat customers literally pay for themselves.
- Win the War on Customer Churn: While 55% of current marketing budgets are spent gaining new customers, there’s only a 5% to 20% chance of making a new sell. Yet there’s a 60% chance of a repeat sale…so WHY does customer retention only account for 12% of most marketing budgets?!
- How do top B2B companies ensure customer retention and repeat business? These 3 important ways they wow their customers.
For ongoing ideas to hold onto your customers be sure to follow Cultivate on LinkedIn.
Today, the decision to buy is no longer a moment–it’s a process. Are you truly connecting with your prospects? Are you engaging with your customers before, during, and even after the sale? Download our FREE White Paper on Growth Cycle Marketing and you’ll learn:
- 14 ways to engage your prospects to drive home the sale
- How to influence your customer’s decision to buy
- Why your current customers are your biggest asset
- The exact type of content your prospects and customers want
- How this proven, 5-stage process attracts new customers and grows your business
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