Trying to get new customers is a full-time job. Potentially, prospective customers are everywhere, but getting their interest and attention can be extremely time consuming. Sometimes there isn’t much time left over to focus on other customer service and sales related aspects of managing your business. One strategy many businesses use is to try to obtain repeat business from former or existing customers. It’s far easier to get a sale from someone who has already purchased from you, especially if they had a great experience
When Was The Last Time You Checked On An Old Customer?
Existing customers can easily get lost (and forgotten) in the shuffle when a business is trying to grow. Unfortunately, when we lose an existing customer for a new one, we haven’t gained anything. We have however, lost time, money, and effort by letting one get away. With every customer that goes somewhere else, their investment (in you) goes with them. They will also be the hardest customer to get back. In Entrepreneur Magazine, Gary Vaynerchuk’s blog reminds us of the difference between farming and hunting when it comes to repeat customers,
“Farming is focused on nurturing your customer through a caring relationship. Hunting is trying to close another deal…”
In a challenging economic environment sometimes all you can hope for is retention, when it comes to market share. Customers will only be loyal to you if you are loyal — and attentive, to them. A loyal customer base is what creates the foundation for your livelihood. Without customer retention, you have nothing. The ability or inability to retain customers is the difference between life and death to a company. Remember, businesses need to participate in the lives of those whom they wish to participate in the lives of their business.
It takes …Read more