Strategies for Acquisition and Retention of Customers
Customer acquisition and retention are popular buzzwords in the business world, but they are vital elements of a company’s success. A company’s revenue is generated by customers, and the key to building a business is attracting new customers, while maintaining and growing a relationship with current customers. If customers are leaving as quickly as new customers are coming onboard, a business cannot flourish. In fact, reducing customer attrition by 5 percent can boost business by as much as 95 percent!
So, what is the difference in strategy for acquisition and retention of customers?
- Acquisition of new customers is expensive. The cost is felt in terms of both time and money as you develop strategies, find target markets and invest in advertising and marketing.
- Repeat customers are your bread and butter. Happy customers who continue to use your service are important. It’s crucial to analyze what keeps them coming back. It could be your product or service, it could be that you have given them privileged prices or your delivery happens to fit their needs. Whatever the reason, you need to know, so that you can apply it to additional customers.
- Customer relations deserve a strong emphasis. Every member of your staff needs to be aware of the importance of making customers happy. Understand your customer base, and learn to anticipate their needs. Customer service training and monitoring are extremely important.
- A strong Web presence can help retain customers. Auto-response emails that seem personalized, an adequate FAQ page and easy-to-navigate contact information will keep your customers from becoming frustrated and taking their business elsewhere.
- Dormant customers can be an asset. Maybe they just need a reminder, and they’ll start ordering again. Maybe they need an incentive to start back up. Or maybe they were dissatisfied and can give you valuable feedback on how you can improve your operation. Whatever the case, it’s worth the effort to reach out to your dormant customers in the hope of making them repeat customers.
Keeping the customers you have is just as important as reaching the customers you don’t yet have. In the best-case scenario, those happy customers will do some of your new customer acquisition for you through word-of-mouth referrals. The most important thing to remember is to treat customers well throughout your working relationship.
Interstate All Battery Center
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