A business’s customers are arguably an essential part of its entire operations. Simply for the reason that without them, no one would purchase their products or service, hence, no conversions and profits. The consumers are the main lifeblood who are driving organizations forward.
Many businesses strive every day to generate new customers and tap into new markets. This is an excellent effort to widen their reach. But this can also be costing them a lot. A much cheaper and more effective strategy, instead, is to work towards retaining the customers they already have. Studies show that trying to acquire a new customer can cost businesses five times more compared to retaining old ones. So it may be high time for businesses to retarget their efforts and resources.
If you ask successful entrepreneurs and lead marketers how they retain their customers, the answer is simple: giving value. In this day and age, customers are no longer after your product or service itself. There are so many companies in the market offering the same things. So why should they choose you? Customers choose to stay loyal to a brand because it gives them more than just a sale, but it helps them in other aspects of life.
It sounds easy enough to give value. Common steps undertaken by businesses is to shell out more capital for their marketing efforts. But there are less costly and more effective ways to provide value to customers and boost their loyalty.
Put yourself in your customers’ shoes
From a business standpoint, it’s easy to assume that the best way to market your business is to focus on price tags and tell your customers why your products or services are the best. But that’s not really what consumers want to see. They want to know how you can help them with the problems they face.
Once you come into an understanding of what kind of problems your customers face, you can better target your approach on how you can help solve them. For example, the health care industry needs to address medical emergencies better. Once you get a better insight into what’s causing this issue, you can create more effective solutions such as a mobile integrated healthcare and community paramedicine platform.
Offer on-going support
The customer experience doesn’t end after the sale has been made. It continues even post-sales. Make it an effort to connect with your customers even after they’ve paid for the products and services. Maintain a good relationship with them. Ask them for their feedback on how you could improve. It would also be a good idea to create a community where all your consumers can help and support each other. This will ensure that they keep coming back and staying loyal to your brand — for the reason that you offer them the value that they know they can’t find anywhere else.
Listen to your consumers
For years, people have said that the customer is always right. And there’s a point in that. They’re the ones using your products and services. They’re experiencing issues first-hand and noticing the points of improvement. So always make sure that you listen to their feedback. Not only that, but actually act upon them.
Giving your customers value is the key to making them happy. And when that happens, they become loyal and supportive of your business.