Customer Retention Strategies That Work

By Thom Tracy

2 min read

The cost of keeping a customer is substantially less than bringing in a new one. Continuously losing existing revenue on one end and spending money to acquire new streams on the other is not exactly a recipe for success. Unless you have the market cornered, the competition is out there using all sorts of tactics to bring your loyal clients into its fold. Thus, it is vitally important to develop your own methods to keep those clients in the seats. Customer retention strategies range from tried-and-true personal meetings to more subtle online marketing campaigns. Whichever approach you choose, measure its effectiveness by getting client feedback and sticking with what works. The ongoing prosperity of your business depends on it.

Client Meetings

Face-to-face meetings do wonders for cementing your relationship with customers. The fact that you are willing and able to carve out time for these encounters conveys a special sentiment. It indicates to the customer that he or she is not just another number. That type of treatment is invaluable, yet it is not possible for business owners with numerous clients. The decision must be made to focus on patrons who comprise the top 20% to 25% of your base. These customers are the ones you cannot afford to lose and may be difficult and costly to win back.

It may not be feasible to schedule personal appointments with all of your clients on an annual basis. But there is a way to extend invitations to all customers on one or two days throughout the year. Seminars serve two purposes. They provide one more way to have personal contact with clients and give you an opportunity to educate the masses on products and services. Take it in another direction. Hosting parties and luncheons with a minimal business agenda allows clients to kick back in a relaxed setting, getting to know you on a social level and perhaps making some business contacts in the process.

Reaching the Masses

Online marketing campaigns with digital client contact platforms such as MailChimp are an essential method of reaching out to all of your customers easily and affordably on a regular basis. This application delivers slick email content that can be customized and delivered to customer or prospect inboxes with the click of a mouse. Furthermore, MailChimp can be readily integrated with accounting software such as QuickBooks Online. Each time a contact is initiated in QuickBooks, that date is automatically added to your email marketing list, effortlessly merging sales and marketing.

Social media platforms have gained a strong foothold in Canada and around the globe. Setting up a Facebook page for your small business requires a little time and no money unless you choose to pursue paid advertising efforts on the site. These outlets reach thousands of consumers who may interact with you and your customers on their own time, at their own pace. Through passive and active means, your business prospects should flourish, as well as your friendships.

References & Resources

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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