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Customer Retention and Referral Programs

Written by Carrie Cadwell | Nov 16, 2017 3:08:03 PM

Every business owner and manager is aware of how important it is to acquire customers, but we sometimes forget how important it is to retain them. Obtaining customers is one part of growing a solid customer base, which is essential to any company's success. When it comes to long-term success, organizations that learn how to retain customers have an edge. The estimated cost of getting a new customer is 5 to 25 times the cost of retaining an existing client once you have acquired one.

It's less expensive to keep them. Bringing new customers through the doors is crucial but for your client base to grow, thrive, and secure your long-term success, it’s imperative that you have a plan on how to keep them.

There are several steps to take that will ensure you make the most of every customer contact that your company has. First, building strong relationships based on trust creates customer loyalty because your client knows that you have their best interest at heart. Second, exceed your customer's expectations by offering savings utilizing direct mail, email, or even a promotion. And don’t forget to keep track of birthdays, anniversaries, and other significant dates. Simple actions and acknowledgments let them know you thought of them and will keep your name at the forefront of their minds. To get the best performance, a customized Customer Retention Program will ensure that each customer has the best possible experience, and will maximize profits.

When it comes to acquiring new customers, the best ones are those your loyal customer are sending to you, your referrals. If you are doing things right, the customers you have invested time and energy in will not only be willing, but will readily send their friends, family, and close acquaintances to your doorstep. This steady flow of potential clients who are already aware of your reputation is critical to add to your growing customer base.

Contact us today to learn more about how your organization can benefit from a retention and referral program.