Customer Retention Strategies: 5 Inexpensive Ways to Appreciate Customers
Today’s tough competition is reason enough for business owners to prioritize customer retention. If in the past they simply focus on gaining new customers, today, it’s more ideal and profitable to invest in existing customers. Studies reveal that it’s more economical to advertise to existing customers than to ones. Small business working on limited funds can gain a lot from customer retention.
But how do you retain customers? Is there a formula to encourage customers to keep coming back? There is no single formula that business owners can do to retain customers. One strategy will be ideal for a business but not to others. However, there’s one thing that every business, company, or organization should do that will help them retain customers—that is to appreciate them. Showing customers that you appreciate them is not difficult to do and it’s something that everyone can do. Here are some creative and inexpensive ways to appreciate customers:
- Send postcards or thank you cards. If you can spend money on your advertising flyers, brochures, and posters surely you can spend some on postcards or thank you cards. These cards are actually cheap to produce so even if you are on a tight budget, you can effectively create them. A simple thank you written in a genuine manner will surely work wonders for your business. In time, you’ll see an increase in returning customers.
- Tell them personally. Right after a sale, don’t forget to extend your gratitude to your customer especially is the sale was done face to face. Tell your staff to say thank to each customer. This simple gesture will help a lot in encouraging customers to come back again. Regardless of the amount of purchase, extend your gratitude and the customer will surely come back again and again.
- Keep in touch with old customers. If you notice that your old customers have not made a purchase for quite a while, send them a postcard or invitation to come back again. Better yet, inform them of your latest offerings and you might be able to sway them to come back again. They might even appreciate the fact that you noticed them and take up your offer.
- Be sincere when you appreciate customers. Don’t just say thank you just because you are required to say it. Be genuine and your customers will appreciate your sincere thank you. Remember that a simple can do a long way so say it with conviction.
- Don’t forget to follow up. What do you once the sale is done? Do you just forget about the customer and move on to the next one? No you don’t. Remember that your goal is customer retention. So what you need to do is follow up on your previous customers. You can ask if they were happy with their purchase or if there is anything you can help them with.
Don’t forget to regularly update your previous customers of your latest offerings. If, for instance, you have new products or an upcoming sale order flyers and send them to your previous customers. These flyers might encourage them to visit you again and see what they can purchase.
Customers want to be appreciated. It doesn’t cost a lot of send thank you cards these days so you don’t have any reason not to do so. Show your customers that you are not only after their money and they might just decide to stay loyal to you.
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