A successful businessman knows the importance of building long-term relationships with its clients.
You would agree with the statement that it is cheap to retain an existing customer than to acquire a new one. Retaining customers is even more important for the services industry because switching costs are low, and loyalties are hard to earn.
Service firms like a software developing company, a car washing business, an accounting firm, or a carpet cleaning company benefit more in the long run from retaining customers.
The 20th century is a competitive business era, and the needs of the customers are changing every day. Therefore, businesses remain attentive to changing consumer priorities and needs to keep them engaged.
Following are the six secrets to keep your business clients for a lifetime:
1. Give the Right Product to the Right Customers
The first secret of retaining your customers for a lifetime is to provide them the right products. You might find this statement confusing, but in actual it is not.
Often businesses get carried away and lose their focus. No matter how innovative your product is, if you don’t market it to the right audience, you will never sell it.
A man living in Siberia does not ACs, no matter how good they are, and a student does not need to buy houses, no matter how good the deal. Therefore, determine your target audience and then offer them a product that they find valuable.
Hence, the first thing to do is to know who your customer is. To grow your business, it is important to know who your target customers are. Conduct market research and analyze your potential customers, and how can you cater to their needs?
• Outline the customers’ pain points:
Identifying the customers’ main point is the next step. A business shall know how its products or services shall cater to the needs of the target clients. Knowing about the customers’ main points lets the business know about its areas to improve.
• Use the right channel:
Using the right channel to reach your customers is the final step. What media do they use? What is the best way to gain their attention? Are some questions that you should ask yourself?
2. Value Your Customers
Customers are the most important assets of any business. So if you want your business to grow and run for longer in the market, your customers should be your priority.
By giving value to your customers means not only catering to their needs but also listening to their feedback. The negative feedback from a client should be considered as an opportunity and considered for improvement.
Also, welcome their questions. Stay in touch with your customers through your business social media tools. Besides, the customer services department of your business shall be available 24//7 to build a more trustworthy relation among the market.
3. Do Not Treat Your Customers as an Invoice
While most businesses treat their customers as invoices, but for a successful business, this shall not be the case. Remember to treat your customers as humans, and this is a key strategy to keep your clients for a lifetime. Of course, a business generates its revenues from its potential clients, but after all, they are human and needs to be treated like a human.
The best way to act humanely with your clients is to get in touch with them and share their sorrows and joys. For instance, the whole world has come to a pause with the sudden onset of Covid- 19. This is the best time to get closer to your clients. Provide them free home delivery services. Also, your business can contribute to some social causes, like distribute free masks or hand sanitizers.
Be sure the next time when the customer representative of your brand touches the client on a Zoom call, they also ask about how they or their family are living and what do they think about the global pandemic? What do they expect from your business? Questions like this would deliver a message that the business cares about them and make them loyal for years.
4. Admit Your Mistake
Anyone can make mistakes, but only the clever ones admit their mistakes. For a successful business, the management needs to admit their mistakes in the first instant. Remember, when your customer is not happy, you get an opportunity to retain them for a lifetime.
How? The customers remember bad experiences more than good experiences. They share the bad experience rapidly with their friends or families on even on social media platforms. This is the time to admit your mistake and give compensation immediately to retain them for a longer time. This initiative would make them happy.
5. Give Rewards to our Customers
People love receiving rewards, and it creates positive reinforcement. The 21st century is the time to reward your regular customers for making them stay with the business for long. This gesture shows that your business knows its customers more closely, values them, and wants to retain them.
Shape your loyalty programs on the demand of your customers instead of making a buy-one-get-one-free offer. Strategies like business coupons or discount vouchers, earning points, refer a friend, or a loyalty card can make them more inclined towards the business.
6. Maintain a Relationship with Your Clients
This secret works best for the services industry. If a business is no more doing business with you or if a client is no more taking your services does not mean that you shall stop greeting or texting them. A pause does not mean that they will not need your services in the future.
Even in the product selling industry, if a client visits your business page but does not make a purchase, it’s alright. Do not stop sending them advertisements and keep them informed about the latest additions or offers.
Remember, do not forcefully push your business on your consumer, and just send a slight reminder.
In the current century, with so many competitors in the market, it is important for a business not only to attract but also retain customers for a lifetime.
The most important fact to keep your customers for longer is to provide the right product to the right customer and value them, as they are the most important assets of any business.
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