Customer Retention2017-05-13T07:04:17+00:00

Customer Retention Strategies

Is it better to chase new business or look after and retain your existing customers? Make customer retention a key strategy in your business.

What does it cost to retain an existing customer compare to the cost of acquiring a new customer?

Deciding whether to stick or twist isn’t just a problem for card players. It’s also a common dilemma for small and medium sized businesses.

On one hand, you need to expand your sales efforts to attract more leads and open up new customer groups. On the other hand, if you focus too much on developing new leads, you can neglect your loyal customer base, and they might go elsewhere next time they need to make an order?

So what should you do? Stick with your client base and focus on repeat purchases, or throw caution to the wind and constantly appeal to new customers? The right strategy is to balance the two.

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Perfect Your Sales Funnel to Consistently Attract Leads

Every business needs to have a lead generation and conversion strategy. You can’t survive forever by cultivating a few high-value customers and hoping that they will remain loyal.

Customer Retention Tips

In a competitive business environment, customers are constantly shopping around.

With this in mind, you need to position yourselves to appear on the radar of potential customers. This means building an online sales funnel that attracts attention to your products, draws people onto your website, entices them to connect with you, and converts that interest into concrete sales. It doesn’t matter how well you treat your customers if they aren’t turning up in the first place, to put some effort into attracting leads, it really pays off.

Make the First Impression a Lasting One

Having said that fresh customers are crucial, it’s time to backtrack a little. A stream of new clients is great, but only if they are treated well when they interact with your firm. A company that attracts a lot of attention and then fails to satisfy most of its customers soon develops a notorious reputation.

Treating your customers like cattle is not the route to sustainable revenues, and it never will be. Instead, when customers connect via firms, they want to be provided with useful information. They want to be impressed from the start by how they are treated. Think about it. We often develop opinions about people based on how friendly they are when they meet us, and companies are no different.

Link Lead Capture to Customer Management

Assuming you have collected a large pool of leads and many of them have already made a purchase. What now? Here’s where you need to balance long-term Customer Relationship Management (CRM) with an agile sales funnel.

Not unlike newly sprouted seeds, these converted leads have to be nurtured and protected. They require regular updates, via e-mails, social media, newsletters, and they want to be listened to when they have a complaint or suggestion. All of these things can be partially automated via CRM software, and they go a long way towards creating a community of regular purchasers.

Find a Solution That Retains Customers

The truth is, you can’t base sustainable business success purely on fresh leads or loyal customers alone. Both of them should be priorities for a thriving business, not marginal concerns.

The challenge is to find a solution that chases new customers and retains them when they make a purchase, which is exactly where Flowbird can assist. If you are looking for CRM and lead capture expertise, we will provide the advice and solutions you need.

Our Customer Retention Toolset

The cost of acquiring a new customer differs for every industry and to a degree every company. However the data seems fairly consistent. The general consensus is somewhere between 4-10 times more expensive to obtain a new customer compared to retaining existing customers.

Notifications & Alerts

Don’t wait until it’s too late - Our notifications & alerts, strategies provides busy people like you with the information you need, when you need it. It does this by sending you, your colleagues, suppliers or customers real-time email and SMS messages 24/7, 365 days a year.

Report & Document Automation

Produce and distribute dynamic reports and documents - Automating your reports and documents can generate relevant information without users being involved; saving you time and resources. Reports can be scheduled, ad hoc and/or on-demand, in the format you need.

Lead Nurturing

Do you have more than one system running your business? - Re-keying information from one system to the next is both time consuming and prone to inaccuracy. As an example, your customer information can be synchronised between your accounting,CRM and eCommerce package with little to no user involvement.

Lead Generation

Qualified Sales Leads -Our website marketing activities aim to deliver qualified sales leads in your inbox. We use inbound marketing to attract more visitors to your website.

Customer Retention

Develop Your Customer Retention Strategies – Integrate your systems and automate your internal and external communications can help develop your customer base, improve retention and ultimately profits.

With these figures in mind, what customer retention strategies do you have in place to proactively retain your existing customers?

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