While top-notch marketing helps your business bring in new sources of revenue, quality communications and customer service help you maintain a high level of retention.
One of the best ways to boost retention and loyalty is by increasing regular engagement.
Our Axel & Associates Marketing & Communications experts are back with more Pro tips, tricks, and strategies to maximize and grow your customer base…
How to Boost Your Customer Retention
First: Regularly Reward Your Base of Loyal Customers
When most people think about growing their business, the automatic assumption is that this requires reaching out to new customers for new sales. This is not always the case.
In fact, it is cheaper, more reliable, and much more profitable to double-down and solidify your existing customer base. If they are already familiar with your brand and regularly purchase your products or services, they will be much more receptive to your new offerings and updates.
It’s important to start by rewarding them for their loyalty to show that they’re not being taken for granted. Consider beginning a customer reward program and begin tracking certain personalized data, like birthdays, to send special thank you messages and discounts. As a practice, training staff to be generally attentive to longtime customers is also important as this is something they likely won’t have if they consider looking at any of your competitors.
Loyal customers are not only more likely to make purchases of new offerings, but also to bring in other new (loyal) customers by way of word-of-mouth marketing! In short: it is always worth the time and effort to develop a customer loyalty strategy.
Then: Create (and promote) Added Value
Added value is something that both old and new customers will appreciate, and it encourages them to engage more frequently with your brand.
Here are three ideas to consider for adding value to your business’s services…
- Offer a regular (e.g. weekly) newsletter with exclusive offers and news relating to new product or service rollouts and blog posts
- Train customer service staff to personalize their engagement with people who reach out by finding and sending them relevant blog posts or other useful original content that relates to the customer’s issue
- Offer flash bundles of related products or services at a discount
Pairing a quality value-added approach with a strong customer loyalty strategy will make a big difference in helping your business solidify its hold on your market and build a more reliable customer base… and profit margin!
Stay tuned for more Customer Retention Pro-Tips from the Axel and Associates Marketing and Branding experts!
Need immediate assistance to boost your business’s revenue? Reach us at 866-DAVIDAXEL (866-328-4329) or firstname.lastname@example.org to schedule a free consultation and map out the best way forward for you and your brand.