Customer retention is a major driver of long-term success. Yet, it can be elusive. Thus, today’s post relates to the goal of better retaining customers.
Before reading below, please check out these two posts. Great Post-Purchase Communication Is Essential. THREE Infographics to Help Improve Customer Satisfaction.
Better Retaining Customers
Thanks to Justin Green of M2onHold, an Australian communications firm, for authoring this section of today’s post AND providing the infographic.
“Many businesses make the mistake of undervaluing customer loyalty. Instead, they choose to chase new customers, often at the expense of loyal customers. Yet, building a steady base of loyal customers represents one of the most sustainable ways to grow a business. Repeat customers spend larger amounts, buy more often, and act as an advocate on behalf of your brand. The combination of these elements can boost brands. A 5% increase in customer retention results in a profit boost of between 25 and 95%! Moreover, it is far less costly to reach out to customers with whom you have already built a relationship than to convert new customers.”
“Often, businesses hope the quality of the product or service will be enough to generate loyalty. And to gain devotion. But, it is also key to maintain impeccable customer service. As author Rick Tate asserts, ‘Merely satisfying customers will not be enough to earn their loyalty. Instead, they must experience exceptional service worthy of their repeat business and referral.’ So, how can your firm optimize customer service to drive higher retention?”
The first step would be to check out this highly informative infographic from the team at M2OnHold. This handy infographic guide will prime you on everything you need to know about building customer loyalty. It looks at the main reasons why customers are lost. And it offers tips on the various things you can do to prevent customer defection. It also shows how to calculate your customer retention rate so you can monitor it and set goals for the future. To learn how to use customer retention to grow your business, read the infographic .”