Statistics show that, on average, American businesses lose half of their customers every five years.
It is true that acquiring new customers will help your business grow. However, your current customers are the lifeblood of your business and making them happy should be your top priority. Here are some ways to make sure your customers keep coming back.
* Understand lost customers. Many business owners mistakenly believe that customers choose to protect other businesses solely for better prices. While pricing can be an issue, customers often turn to the competition when they don’t feel appreciated.
A lifestyle change may also have created a situation where customers no longer need your product. By staying in touch with their needs, you may be able to modify your offering to continue serving them.
* Know your customer’s highest priority. Maybe it’s reliability, speed, or cost. Your business must know the number one priority of your customers and consistently satisfy them. Remember, customer wishes change frequently, so ask yourself this question every six months.
* Recognize the value of the client’s life. The lifetime value of your customers is the income you would earn if a customer stayed with you while they could buy your product or service.
For example, the lifetime value of a client who employs a financial advisor could be several decades and could span several generations. Treat the parents well and you could win the children’s business.
* Create a positive first impression. A good first impression tends to generate loyal customers, and you only have one chance to make a positive first impression. Appearance is important. The exterior and interior of your business must be neat and clean.
* Listen to the customer. Employees must actively listen to customers. Reassure your clients that you really want to help them. Customers will judge your business based on the friendliness, empathy, commitment and honesty of your staff.
* Attend and resolve complaints quickly and efficiently. Inevitably, your employees will find dissatisfied customers. Whether returning an item or exchanging a service, customers expect a fair policy. If you can’t offer a resolution right away, let the customer know when to expect a response.