Why Is Customer Retention So Important?
Did you know that customer acquisition costs FIVE times more than customer retention? Customer retention is something that every business must value to grow and succeed in any industry. Whilst having an experienced and focused sales team is a huge driving force for your business, making sure retaining the customers you work so hard to get should be a top priority.
Retention Saves You Money On Marketing
Keeping current customers happy is a great way to save money on marketing. Marketing and re-marketing your business over and over will see you shelling out more and more money, extending your budget constantly and investing funds into marketing at a risk that can be hit or miss. Marketing is an investment of your time and money that can really pay off when it comes to acquiring new customers and building a customer base, however it is an expensive and time consuming area of business that requires experience and expert knowledge in your industry and target market. Retaining customers can be easily achieved with customer service and value that can’t be bought, less spending and an investment of time into your current customer base is proven to be worthwhile.
Retaining Customers Retains A Great Reputation
If you can retain customers, it means your product or service is something that is highly valued and incomparable to your competitors for them. Your service is giving them something that means they repeatedly continue to invest into your business and your product, and with retention comes reputation. A good reputation can be achieved easily if you put the spotlight onto your reoccurring customers who have experience with your brand, your products and your business in general.
Positive Word Of Mouth
When a customer is happy about a product or service, they will tell everyone they know about it. Word of mouth is the most underrated and undervalued marketing strategy, yet is one of the highest and easiest converters when a business makes a sale. Put focus on delighting your customers and offering them a fantastic customer experience that they will want to share with their friends and family and reap the rewards from a business promotion that has cost you nothing to gain.
Repeat Customers Will Help Your Business & Product Development
Business development and growth doesn’t just come from profits, your development in every area of your business from the product model to your employee development will be effected by customer feedback, with that feedback coming from the customers who invest in your business repeatedly. Staying one step ahead of your competitors and keeping your customer’s business is easily achieved if you are willing to listen and put action into feedback received, taking negative feedback seriously and developing on your product and service with the help of your customers.
Telemarketing is a great tool to take advantage of when it comes to customer retention, and Team Telemarketing can help you achieve your customer retention goals with an expert team that you can outsource for your business to make sure you’re always keeping your customer’s happy.
