A systematic approach to continuous, assured revenue involves developing a client retention program. By prioritizing communication with your existing customer base, you can be assured that you reap the benefits of having a strong base of loyal, committed customers.
If your business has yet to develop a client retention program, consider the ways you’ll benefit from implementing one:
- Lower costs – Acquiring new customers takes time — and a lot of money. One of the primary reasons that businesses put a client retention program into place is specifically because it generally costs more for a business to acquire new customers, which requires a heavy investment in marketing materials, advertising, customer education and brand awareness. Once you’ve acquired a customer, and they have gone through the initial steps of your sales cycle, they instantly cost less to keep.
- Increased revenue – Loyal customers offer businesses multiple perks in terms of revenue. They not only tend to make multiple purchases from your business, but a high level of satisfaction with a business directly correlates to how often a customer will buy from that business. Existing customers are also more prone to buying other products and services from your business, so cross-selling increases. These customers hold more value overall for a business, as the costs to serve the customer decline in terms of communication and support. Overall, the longer a customer buys from your business, the more valuable he or she becomes — and profits from this type of customer increase. And one final perk: A loyal, repeat customer is less sensitive to price.
- Growth – Satisfied customers are more likely to spread the good word about your business, a low-cost but highly effective way to gain business and increase positive recommendations about your business via the coveted word-of-mouth referral. You must have a system in place to ask your customers for referrals on a regular basis!
Need a client retention program that works? Contact Continuity Programs for more information about our proven, turnkey marketing programs. Call us today, or fill out the Request Information Form on our blog and we’ll help you develop a customized, personalized client retention program to represent your brand and your business.
Image via Shutterstock.com