Retaining Customers For Business Sustenance

For a business to survive,  such entity must have the ability and means of retaining its existing customers.

Though, it is good to woo new customers, but it is easier to retain existing ones. There is no gain in wooing a customer and later lost such customer to other competitors.

Hence, care must be taken to urgently address customers’ complaints as they fall due. Customers, these days, are in a hurry. So, if you fail to address their concerns, they move on to another competing brands and chances are that you may not regain them back again.

Speaking on this development, a customer relations expert, Caroline Entonu said, “brand handlers should ask their customers what’s going on. They should be gathering customer feedback on every step of the customer journey, from marketing to post-sales support – so if they are not, they should start now. Then make sure to include survey questions that gauge where their customers are at the moment. Try to find out if they have stopped using a particular social media platform. Is their business growing so quickly they no longer have time to open marketing emails?”

According to her, “it’s a common (and smart) practice to offer new customers some kind of incentive to buy from your company. But go too far with this and you risk annoying your existing customers – and existing customers are by far the most valuable to your bottom line. Acquiring new customers costs five times more than satisfying and retaining current customers.”

She further stressed that, “you might not think the inner workings of your company or organization have much of an impact on your company’s success because customers buy from you as a result of the likeness  they have for your products or services.

For her, “selling to existing customers is a smart business, but do so thoughtfully. Blindly throwing your products and services at them won’t get you very far. Survey your customers regularly and frequently to get a real-time understanding of their needs so you can make targeted offers to them. Gathering customer feedback and incorporating the results into your decision-making will help promote satisfaction, engagement and loyalty over time.”

While charging entrepreneurs to engage their customer service team to make sure customers’ needs are taken care of promptly, efficiently and with a positive attitude, she urged them to gather employees feedback as well to find out where there may be gaps in your processes

On his part, marketing strategist, Paul Amodu proffered that,  “find out what drives your customers. If you are touting low prices, but your customers are primarily concerned with service, you’re not meeting your customers where they live. What worked yesterday might not work today because of customers’ lives, and therefore needs, change over time.”