There’s a saying in the business world: Customer acquisition is an investment, but profitability is built on customer retention. And with the economy in its current state, it’s more important than ever to keep the customers you have.
According to a recent survey of engineering, technical, manufacturing and industrial marketers, 13% indicated that customer retention is their primary marketing goal in 2009, up from just 5% last year. This increase can be attributed to the fact that companies cannot afford to lose customers now, and many realize it is easier and more cost effective to retain current customers than it is to find new ones.
So how do you retain your customers and earn their loyalty? It’s like any successful relationship: If you want customers to be loyal to you, you must be loyal to them. For starters, you must have a product or service that delivers as advertised, but that’s just the minimum requirement, kind of like dressing appropriately and smiling on a first date.
To foster a healthy long term relationship with customers, you must do much more than provide a good product or service. You must pay attention to your customer needs and meet them. There are always competitors ready to lure your customer away. And there are always customers who will switch given any slight, perceived or real.
Follow these strategies to keep your customers loyal to your company.