Statistics show that, on average, American companies lose half of their customers every five years.
It is true that acquiring new customers will help your business grow. However, your current customers are the lifeblood of your business, and making them happy should be your top priority. Here are some ways to make sure your customers keep coming back.
* Understand lost customers. Many business owners mistakenly believe that customers choose to sponsor other businesses purely for better prices. While pricing can be a concern, customers often turn to competitors when they don’t feel appreciated.
A lifestyle change may also have created a situation where customers no longer need your product. By staying in touch with their needs, you may be able to modify your offering to continue serving them.
* Know your customer’s top priority. Maybe it’s the reliability, the speed or the cost. Your business needs to know your customer’s number one priority and offer it consistently. Remember, customer wishes change frequently, so ask yourself this question every six months.
* Recognize the value of customer life. The lifetime value of your customers is the income you would earn if a customer stayed with you for as long as they could buy your product or service.
For example, the lifetime value of a client who hires a financial advisor could be several decades and could span several generations. Treat parents well and you could win the children’s business.
* Create a positive first impression. A good first impression tends to generate loyal customers and you only have one chance to make a positive first impression. Appearance is important. The exterior and interior of your business must be neat and clean.
* Listen to the customer. Employees must actively listen to customers. Assure your customers that you really want to help them. Customers will judge your business based on the courtesy, empathy, commitment and honesty of your staff.
* Participate and resolve complaints quickly and efficiently. Inevitably, your employees will find dissatisfied customers. Whether it’s returning an item or changing a service, customers expect a fair policy. If you can’t offer a solution right away, let the customer know when to expect a response.