Summary:
The retention of existing customers is crucial to business success. This article discusses a number of ways to improve customer retention and repeat business.

Details or Sample:
Continued Business Success through Customer Loyalty and Retention

Without a loyal customer base, a business cannot remain successful. Unfortunately, many businesses neglect their established customers and instead focus solely on attracting new ones. It requires considerably less money to maintain existing customers than it costs to attract new customers to your business. Building a loyal customer base should be the primary focus of your customer service and marketing strategies.

In a successful business, repeat customers account for approximately eighty percent of all business. Ignoring the customers you have already invested significant time and money in is unwise. There are a number of simple ways to build customer loyalty and ensure the continued success of your business.

Good communication and customer service are two of the most important aspects of customer retention. Reaching out to your existing customers, and keeping them updated, will encourage them to return to your company the next time they are in need of a service or product that you provide. Email newsletters and monthly fliers are both easy and affordable ways to keep in contact with your customer base. Customers who are treated well and made to feel important are much more likely to develop trust and loyalty in your brand. Customer service should center on meeting your customers’ needs and making them feel appreciated and recognized.

Employees should receive thorough training in all areas of their job duties and in customer interaction. Employees who feel capable of handling customer needs are more likely to make decisions beneficial to both your company and the customer. Because the knowledge of your employees directly reflects on your business, adequate training can improve your overall reputation and improve public perception of your brand.

For businesses with a lot of competition, customer incentives can offer a reason for customers to return to your company instead of choosing another brand. The type of customer incentives you offer should be targeted toward your specific service or product, and should encourage your customers to continue doing business with you. Coupons and discounts for repeat business are two effective forms of customer incentives.

Reliability and flexibility are two traits that encourage customer retention and repeat business. If you make a claim to deliver a product on a specific day, be certain to deliver it on that day. Failing to keep your business commitments will result in lost sales and angry customers. If a customer has a special need or complaint about your service or product, you must do whatever it takes to fill that need or resolve their problem. Strictly adhering to “policy” at the risk of losing customers is not a good business practice. Exceptions can always be made.

Understanding your customers is also essential if you hope to have them return in the future. Ask your customers for feedback, listen to their concerns, and implement changes when possible to address their problems. Keep products in stock that you know will be urgently needed, and arrange to provide other services to your customers that will make their overall experience with your company even more positive.

Most importantly, learn the names of your customers and treat them with respect. Your existing customer base is responsible for the sales and success you are able to enjoy today, and they will be the ones that carry you into the future. Focusing all of your attention on new customers will damage the relationship you have spent time and money establishing with your existing customers.

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Written by: sketcham
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