Customer retention can mean the difference between business success and business failure so working on it is of vital importance to any business particularly in tough times.
If your business is in financial difficulty, then your regular customers can provide some vital help in getting it back on track. Not only that, happy customers and clients will inevitably lead to repeat business and referrals which are a zero cost way of increasing income.
While customer retention comes at zero cost and requires a lot less effort and expense than trying to find new business, it certainly isn’t easy. The shelf life of customers will vary depending on the type of industry you operate in and of course whether they see using your services as a good investment.
Even then you may be up against other companies presenting a more compelling offer or a service that undercuts your own. Keeping on top of your customer’s wants and needs is essential if you want to prevent them going off elsewhere.
Ways to retain your customers include keeping pace with the latest developments in your industry as well as keeping in touch with customers themselves. Having an effective CRM system in place will also ensure all of your staff are on board and are able to respond to and solve any issues quickly before they become problems.