>> Oct 19, 2011
When it comes to customer retention strategies, keeping customer royalty is one of significant ways. Whether your business is a small or large one, customer loyalty is very priceless to your continuing business. When there is customer loyalty, the customer retention rate will be increased and the business tends to grow.
Since customer retention is about maintaining your customer, you should focus on developing programs that aim to enhance customer brand loyalty. Why is it essential to keep your existing customers? First of all, there are some marketing studies conveyed that creating new customers will need expenses ten times more costly. Fred Reichheld said -in his book The Loyalty Effect- that a 5% progress in your company’s customer retention rate will give about a 25 to 100% raise in earnings. Developing your company’s returns and productivity will be much easier if there’s high customer retention rate.
As mentioned before, keeping customer loyalty should be a fundamental element of your business marketing strategy. You can expand the business by reaching new markets, but don’t ever leave your existing and loyal customers. Loyal customers will apply your products (goods or services) many times. Since there’s trust and good relationship, it will be easier for you to sell higher volumes to loyal customers; and it also means larger sales and revenues.
Being appreciated is already becoming one of basic human needs. That’s why in maintaining your customers, applying customer appreciation program could be the most effective method that you should think about. The more your company appreciate the customers, they will trust more your services and products. Giving personalized holiday gifts for clients is only one idea in appreciation marketing.
If you have many loyal customers, your business will be safer in the competitive market. They can also become your brand promoters as every pleased customer will refer and recommend your business to others. Don’t underestimate the helpfulness of word-of-mouth marketing!
Holiday season is only a few months ahead. You can use this special moment to increase customer service and build brand loyalty to your customers. You can create customized christmas wrapping paper by mentioning company logos, photos and personalized greetings.
There are some other ideas, such as sending greeting cards, calendars, photo prints, candy bars and many other personalized items that you can award as a gratitude to your customers. For your successful customer appreciation program, you can get help from providers like CustomerRave that will advise the most proper reward program based on your company’s unique requirements.