What’s better than landing one brand-new customer?
Retaining an existing one.
If you want to build and maintain a thriving business, you need to take care of your biggest and best assets: your customers. Marketing Wisdom discovered that around 20% of customers are lost annually due to a lack of relationship building.
To combat this, take a read through some of our favourite customer retention strategies that inspire loyalty.
Inspire with a mission.
Be vocal about what you stand for. Customers are much more likely to ignore you if you don’t stand for anything of importance. If you want loyal customers, you need to create real connections with them.
TOMS have built their entire business model on striving to make the world a better place. TOMS Shoes’ business model is called ‘one-for-one’, in which they donate a pair of shoes to children in developing countries for every pair they sell online.
The value proposition is straight, simple, yet powerful: improve the lives of millions of people around the world, whilst creating a sustainable business model based on a fashionable product for consumers.
And, it works.
In 2014, private equity firm Bain Capital purchased a 50% stake in the company, valuing TOMS Shoes at $625 million.
Pick powerful words.
Not all words are created equal. Helping a customer should start from a sincere and positive place, and they should be able to really hear that. Always remaining positive with the customer is a great way to connect with them, and an opportunity for you to show the customer just how passionately you feel about their business.
Certain words encourage customers to buy more than others. For example, when customers hear “free”, “new” and “instantly”, they are likely to enjoy their purchases more than they would have done otherwise.
“Once you replace negative thoughts with positive ones, you’ll start having positive results.” – Willie Nelson
Spread the word.
When exciting developments and changes are being made within a business’s walls, everyone in the business feels the momentum. But are your customers aware?
It’s imperative that your customers are in the loop with the exciting news and changes to a business, especially if it affects them directly. Reaching out to customers through text, email, social media or face-to-face meetings is a great way to keep them in the loop, and organically grow a great long-lasting relationship.
Do you have a spare 5 minutes? Pick up the phone to one of your customers for a chat!
Teach them something.
The world is constantly changing. So, the last thing you want to do is land a new customer and then leave them to fend for themselves until you’re ready to sell them something else. It’s all about making an impression once they’re on board, where you have the opportunity to set yourself aside from the competition.
Show your customers some love, send them news articles that they might be interested in and ask for their thoughts, share videos with them, invite them to events and even encourage them to attend any local classes and webinars.
Scientists say that surprises are good for the brain. When it comes to nurturing your customers, one of the most memorable things to do is gift them something they weren’t expecting.
Handwritten letters are a great way to give your customers a nice surprise, not only does it stand out from their other junk mail, but it shows the amount of time and effort that you, as a business, are prepared to put in for them for the long-term.
So, don’t wait for your customers to step out and make a request, spice up their life and surprise them with something special, such as an exclusive offer, discount, article or just to say hello!
In essence, if you want your customers to stay put, and put their trust in your business, you need to show that you appreciate them.
How do you show your customers you love them? If you’d like to hear some more retention strategies that suit your business, hit me up!
Lots of love,