Adopting a Customer Retention Strategy

Posted on Jun 22, 2011

Customer RetentionOur economy is a volatile, ever-changing phenomenon that shifts between periods of feast and famine, sometimes predictably and sometimes not. These past few years everyone has been very hungry and every dollar has been incredibly important. Though always a valuable perspective to have, focusing on keeping existing customers has become imperative for several reasons including the fact that attracting new customers is so much more expensive than keeping existing ones. Fortunately, the recipe for boosting your company’s ability to keep customers around is a simple one. Here are some suggestions to help you get started:

  • Get organized: We are surprised by how many of our clients do not maintain accurate records of their past and current customer base. If you don’t know who to reach and how to reach them, you might never see them again. Starting a customer database can be as simple as putting names and phone numbers or email addresses into an Excel spreadsheet. Do this now and you’ll be happy you did later.
  • Communicate: Talk to your customers. Thank them for their business. Remind them of the great things about your company that brought them to you in the first place. Offer them helpful tips and advice on how to make your products or services more valuable. Whether you communicate via an email newsletter, letter in the mail, blog post, Twitter handle, or phone call, communicate and communicate often.
  • Go the extra mile: Do things for your customers that make them feel special. Give them a special deal. Go above and beyond every once in a while. There are plenty of other companies out there that are willing to offer a better deal than you’re giving to your customers, but if they feel like you treat them as if they’re special they will be less likely to be tempted to look elsewhere.
  • Keep the big fish in your pond: Each and every one of your customers is valuable to you and should be treated as such. But let’s face it, the ones who make a bigger splash will be missed the most if they leave. Make a list of your most important customers (it can be as small as 10 or as big as 50) and give them extra attention. Call them at least once every few months. Take the biggest of the big ones out to lunch. They’ll appreciate the attention and you’ll appreciate not having to fill the gap that they leave behind if you lose them.

At Growth Now, we specialize in administering uniquely-designed customer retention packages to meet the specific needs of your business. We understand that every industry, every product, and every customer is different. For more information on our plans, visit our Customer Retention dedicated website, www.growthnowmarketing.com.