Is It Cheaper to Keep Your HVAC Customers Than Find New Ones?
When it comes to heating, ventilation and air conditioning services, keeping the customers you have can be the mainstay of your business. You not only gain the value of handling their HVAC needs on a regular basis, but you can earn referrals to their friends, family and neighbors. Over time, the question becomes, “How can you identify your best customers, retain them, and find more like them?” Doing what you do best isn’t always enough, especially in the competitive HVAC services industry. One way is to use a customer retention marketing program. When you consider the cost of rolling out a direct marketing plan that includes a solid customer retention strategy with a referral and rewards program, it’s less expensive than seeking out and capturing brand-new customers. For example, finding new customers can cost five times more than working with your past customers, and people are four times more likely to buy when they’re referred by a friend.
At Continuity Programs, we focus on customer relationship marketing. Through our experience in the HVAC industry, we’ve studied the costs and rewards associated with retaining the customers you have and generating leads through marketing programs. We’ve discovered that every HVAC customer referral is worth $42,700! We’ve put together an infographic to summarize some quick facts for HVAC professionals, including how much customers spend on their home services over 30 years. To learn more, view our “Lifetime Value of HVAC Customers” infographic. Your customers are more valuable than you think.