4 Time-Proven Customer Retention Strategies

Your customer retention strategies should be your top priority as a business owner.

Studies have shown that acquiring new customers costs around 5-7 times as much as nurturing existing ones. Factor in the potential for up-sells and cross-sells during a long-term sales relationship, and it’s clear that retaining customers pays rich dividends.

How do you get those customers to stick around with so much competition out there?

Doing your best—and I hope your customers will continue to do business with you—is not enough. It would help if you were proactive and had an effective system. Here’s a look at four key strategies and why they’re vital to your success.

Define and Exceed Customer Expectations

B2B contracts have certain expectations concerning delivery times, product quality, after-sales service, etc. The key is to underpromise and over-deliver every time. Remember that customers have long memories of negative experiences. But treat them well, and the word will spread.

Stay on Top of Customer Satisfaction

Surprisingly, few customers will tell you about any issues they may experience with your products. Most will keep silent and cast around for alternatives. That’s why you need to be alert to changes in customer usage patterns or buying trends. Use this information to act fast to correct problems.

Be Perceived as the Expert in Your Industry

Authority is highly valued in today’s complex and competitive business environment. Understanding the industry and your customers’ needs creates confidence and loyalty. One way to demonstrate your authority is to become the prime news source for your enterprise. Share knowledge via regular emails and social media to draw in business through inbound marketing. Always keep your website and blog up-to-date with key industry developments, trends, and analyses.

Keep Your Customers in the Loop

If your only contact with your customers is at sales meetings, it’s time for a change. Regular contact gets you vital customer feedback and keeps your name at the forefront of people’s minds. It also lets you educate customers on new product updates and ways to benefit from your products. Educating your customers on the best ways to use your products will help ensure that they continue to use them.

Automating with CRM

These strategies can be demanding. With the right CRM software, you can automate a lot. Such software gathers and analyses the information you and your sales team need to make informed decisions. It also creates schedules and tracking systems to ensure you’re doing everything to maximise customer retention.

Remember that acquiring customers is hard, and losing them is more accessible. It would help if you worked to keep them proactively. Ensure you have effective CRM systems and inbound marketing setups in place. Take steps to define and refine your customer retention strategies today.