The probability of selling to an existing customer is 60 – 70%. The probability of selling to a new prospect is 5-20% – (Marketing Metrics).
Customer retention leads to higher ROI than customer acquisition, as customer acquisition requires to spend more effort and resources to get a new client than keep serving an existing one. You finally got some clients and someone else is trying to get their attention. It can be overwhelming to keep your established clientele from going to the competition.
The Foxynet Solutions team came up with a few tips to help you to increase your customer retention.
Customer satisfaction is N° 1
The n°1 reason for a client leaving is a negative experience, but often unsatisfied clients don’t speak out. Try to keep the communication open and even ask feedback to improve your service.
Show why you are better
Showing that you are an expert or offering a high-quality service or product will reassure your clients and prevent them to go to your competitors. This can be done with positive online reviews posted by your clients, labels, and industry related content.
Make them feel special
Listening to your clients create a relationship with them and make them feel valued. Customer Relationship management is key when it comes to customer retention.
Creating a loyalty program or simply make a gesture such as a waving a small fee is a gesture appreciated by clients.
Stay top of mind
It’s crucial to stay top of mind as it opens the opportunity of a new sale from an existing client or someone they can refer your brand to. Social media and newsletters are an efficient way to keep a relationship open and stay on the top of their mind!
If you want to outsource your marketing activities to the professionals, contact us today!
- 15 Statistics That Should Change The Business World – But Haven’t. (2019). Retrieved from https://www.linkedin.com/pulse/20130604134550-284615-15-statistics-that-should-change-the-business-world-but-haven-t/
- Bernazzani, S. (2019). The Ultimate Guide to Customer Retention. Retrieved from https://blog.hubspot.com/service/customer-retention