Fact: It is more efficient to sell to existing customers than it is to acquire new customers. Customer retention can be summarized in one statement: Give your customers what they want. Maximizing your relationship with every customer is mandatory for sustainable success.
The small business owner has one unique advantage that big corp. can never match. That advantage is personal service. Personal service means knowing your customers well. It means understanding what value you offer. It also means high expectations and opportunity for premium pricing. Consider these three steps to customer better retention:
Layering is the strategy by which a company builds trust with a customer then offers the customer multiple product lines. Each new purchased product or service increases customer loyalty. That means To layer your products you must have a deep understanding what the customer wants. An excellent support process is one of the best ways to get continual feedback on your product’s performance.
Your idea on how your product is used might not be the vision of your customer. Be open to how your customer wants to use your product. Encourage creativity and input into your development process. Feedback likely comes in through your sales and marketing team. Be sure you have a constant flow of that information to the design team. Remember that this is also an excellent way to overcome unspoken barriers to purchase created by the customer.
These are the days where we can buy almost anything we want from our computers. We are no longer captive to the local hardware store or the nearest supermarket. Price or product will almost never be your advantage. Share your vision and mission with your customers. Be sure they know that you have an emotional connection to their success. Conduct quarterly vision reviews with your team and consider inviting your best customers to the meeting.
Give your customers what they want. Let your customers tell you how to improve your products. Stay finely tuned into how you are creating value. Maintaining personal relationships with every customer could mean maximizing products and enjoyment in your work.
- Continual Product Support and Service
- End-User Value
- Affinity – Your Goals are Their Goals