What Can You Do to Retain Your Current Customers?

In today’s fast-changing, hyper-competitive business world, retaining the existing customers is as important as aiming for new leads. Whether you are running an online retail store or managing a big chain or brick and mortar outlets, ensuring that your existing customers are satisfied with your products and services is critical for the long-term success of your business. Harvard Business Review statistics reveal that it costs 6-7 times more to acquire new customers than to retain the old ones, this is the reason more and more businesses have now shifted their focus on developing long-term business relationships with their existing clientele.

Another study reveals that 68% of the sales actually come from the returning customers since they feel more confident about the products or services whereas first-time customers may feel hesitant to spend more. But how do you go about retaining your current customers? Well, the best way to retain your customers is to prevent them from leaving, and here is how you can achieve this goal:

Get to Know your Customers

The more you know about your customers, the easier it becomes for you to design and implement a targeted marketing campaign. It is the human psychology that everyone likes to be known and understood. If you address a customer by his or her name, you are likely to get a much better response. The only way you can achieve this goal is by spending more time with your customers. There is a very thin line between getting to know your customers and getting personal with them. Make sure you do not cross this line; otherwise this strategy may backfire on you. You can always take advantage of a good CRM software to help you increase customer retention. You can use a CRM software to record all the important data about your loyal customers. The software will be able to provide you all the tools and important data you need to manage your marketing and selling activities around your customers.

Have an Efficient Feedback System

One way of getting to know your customers, their personal preferences, their shopping behaviour and their likes and dislikes is to ask them. Another way is to give them the opportunity to share their personal experiences with you. Having a good feedback system is therefore considered as an effective way to retain current customers. The information shared by them in their feedback can help you turn your weaknesses into your strengths.

Keep in Constant Touch with Your Customers

Never lose sight of your customers or else they will make the switch. One of the best things you can do to create an impact on your customers is to get in touch with them on regular basis. In order to do this, you can send them thank you notes, promotional emails, newsletters, event invitations, discount coupons or anything else that makes them feel a connection between them and your business.

Find out more about our in-house developed, super easy to handle CRM system, QuickDesk: