Your Loyal Customers or They Will Leave You! 6 Ways to Boost Your Client Retention
What do you do to let your customer know you have a crush on them? You tell them, of course. Much like how crushes can turn into mutual affec- tion, customer relationships, when cultivated prop- erly, lead to loyal customers. Keeping your loyal customers is profitable busi- ness, though not everyone knows it. According to research by Invesp, retaining an existing customer is five times cheaper than acquiring a new customer. Yet, over 44% of companies admit they focus more on acquisition than retention. Focusing your budget and energy solely on finding new clients may be a big mistake. Research shows
that increasing your retention rates by 5% can in- crease your profits anywhere between 25%–95%. If that doesn’t convince you, think of how hard you have to work to get sales from cold calls and con- stantly make first impressions. The success rate of selling to a new customer is often between 5%–20%. The success rate of selling to a customer you al- ready have is 60%–70%. While gaining new clients is important for growth, a significant percentage of revenue comes from existing customers — and that gets you more money and stable growth that’ll boost your financial plan- ning ability. This can make your anticipatory budget decisions much easier to make. So, how do you keep your customers happy? ❤ First , never underestimate the importance of your customer service experience. Over 82% of consumers in the United States say they switch products or services because of poor customer service. Don’t be that person who makes your customers feel ditched and alone after they buy.
Retaining an existing customer is five times cheaper than acquiring a new customer.
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