Not only is it easier to do, but—spoiler alert—it’s also cheaper. Research shows that your chances of selling to an existing customer are significantly higher (60-70%) compared to selling to a new customer (5-20%). Moreover, acquiring a new customer can cost five to seven times more than retaining an existing one, depending on the industry.
If you’re thinking, “how do I shift gears when all my marketing efforts are currently focused on gaining new customers?” don’t worry. Here are seven ridiculously simple keys to nurturing and retaining your current customers, all of which can be accomplished alongside your lead generation efforts.
1. Prompt and personalized communication.
Tailor your communication to your clients’ needs and preferences. Automated marketing can be a valuable tool in achieving this. It’s extremely important that your clients feel valued and listened to. A quick response can keep a complaint from spreading far and wide on social platforms, potentially affecting your business negatively. On the flip side, a quick response can turn an inquiry into a lead.
2. Proactive relationship building.
The key word here is proactive. Instead of only reaching out when there’s a complaint, make regular check-ins a habit, even when there are no immediate needs or issues. This approach goes a long way in establishing a solid and genuine foundation with your customers. Understanding their goals and challenges enables you to provide relevant support to your target audience effectively.
3. Delivering exceptional service.
Many companies say they go the extra mile, but do they? Do they consistently anticipate customers’ needs and proactively address them? It’s essential to set clear expectations aligned with your customers’ definition of success and follow through on your promises. Express gratitude in all communication, regardless of the circumstances. Strive to provide a positive, helpful, and timely experience.
4. Active listening and feedback.
What does it mean to actively listen to clients’ feedback, concerns, and suggestions? Simply put, it means to be fully present in the conversation, setting aside selling and marketing momentarily. The goal is to gain understanding and acquire information. Make it a practice to repeat back what you just heard, respond with empathy, and provide an action plan, if necessary. Note: Actively seek feedback through regular surveys, meetings, or informal conversations. However, it’s crucial to avoid listening and gathering feedback without taking any action. It suggests you don’t value your customers.
5. Offering value-added benefits.
No one knows your products, your services, or your business like you do. That puts you in the ideal spot to identify opportunities that provide additional value—at no additional cost—to your clients. Regularly share industry insights, relevant resources, or timely support. Adding this kind of value can give you a competitive edge.
6. Continuous improvement.
As mentioned above, if you’re not growing, you’re dying. Continuous improvement ensures growth. Learn from past experiences and implement improvements, from account management strategies and processes to customer communication and everything in between. Stay updated on industry trends and client goals to differentiate your company. Evaluate internal processes to streamline them, enabling employees to put more efforts into customer satisfaction.
7. Creating a client-centric culture.
Begin with defining your customer service vision, prioritizing customer satisfaction and retention. Align your company goals and processes with client-centric values, then communicate and train all employees on your vision. Provide the necessary resources for employees to prioritize customer service in their roles, and above all, lead by example.
If you can do these things—even taking them one at a time—you are taking significant steps toward caring for your existing customers. Investing in your customers sets your organization up for long-term success. By incorporating these ridiculously simple strategies, you strengthen relationships, foster loyalty, and drive continued success. At ddm, we’re proud to say we have client relationships that measure in years and, in some cases, decades.We understand the importance of taking care of our existing customers. Let’s chat about how you can experience that for yourself.