We all like to feel wanted. Especially when we are investing in a brand, yet it is surprising how many companies forget about retention.
So you are a startup and have made some good growth in your first couple of years trading and now you want to expand by gaining a bigger audience and grow sales with new customers. That’s all great and is important to keep up momentum but don’t make the mistake of forgetting the people who have invested in you to begin with. After all, they have provided leverage to allow you to plan further. By forgetting this basic factor of business, you are playing the short game not the long game. Showcasing this behaviour damages your brand reputation and eventually, those initial customers will drop off. Excellent product alone is not enough.
By marginally increasing your customer retention rate, you are guaranteed to increase sales by satisfied customers returning. Brand loyalty is everything.
So how do you go about this?
Well, there are many strategies you can implement in to your system. An absolute must is following up shortly after your customer has used your service or purchased something off you. By doing this you are gaining two things, one is brand value and two you are collecting imperative data.
Another great technique of customer retention is to provide more than they expect from purchasing with you. Display gratitude with a little something extra, you will be surprised how far this goes. A branded planner or exclusive service discounts are small initial investments for your business but will see great returns further down the line.
“The key is to set realistic customer expectations, and then not to just meet them, but to exceed them — preferably in unexpected and helpful ways.”
– Richard Branson
Customer retention is a fundamental practice in business marketing so make this a priority in your growth strategy.