Q1. How many emails are in your "Inbox" right now?
Q2. How many customers do you have (to the nearest 10 if less than 100 and nearest 100 if less than 10000)?
Hopefully you are not like many business owners and managers who only answer Question 1 correctly!
Customer Retention = Increase Profits in your business
It is cheaper to contact, and easier to sell, to an existing customer than it is to a new customer. Existing customers have demonstrated they like the value derived from your products and services. Depending on the time between purchases they are likely to return to you for at least a quote if not the next purchase. You know this already.
However, many businesses do not develop customer retention strategies specific to their business. The result is they do not maximise sales and potentially spend more on customer acquisition than necessary. Implementing customer retention strategies will increase customer loyalty and thus sales.
Research and Anecdotal evidence suggests:
- at least 20% of customers won't come back or will leave you within the next 12 months
- 90% of customers who leave you do so without telling you
- up to 30% of your customers may be actively looking for another provider
If this is the case in your business are you worried? What can you do about it?
The team at The Client Orchardist believe the answer is within reach of your fingertips because
You already have information about your customers, they are aware of you and your products and services and most are predisposed to buy from you again.
It is more cost effective to market to existing customers than to new customers. Therefore, it is time to take control and create Customer Retention strategies specific to your business.
To take control you will need to look at CRM (Customer Relationship Management) systems such as Nimble CRM and marketing automation tools like 366 Degrees. By using data in these apps, you will be able to develop effective integrated marketing strategies and campaigns
Business Growth Strategies
“Ross’ ability to break the ‘numbers’ down gave me clarity and a much better understanding of my operation and, most importantly, an actionable path forward.”
“Ross delivered a very informative presentation to our Franchise Partners and he clearly displayed that he is an expert in this field.”