GROW YOUR BUSINESS BY SELLING MORE TO CURRENT CUSTOMERS
Building your Future
CHERISH YOUR CUSTOMERS
You’ve heard it time and time again. It’s cheaper to get current customers to make a repeat purchase than it is to find new customers. And when it comes to growing sales, many sales people are so focused on gaining new clients and customers that they fail to effectively address the need to retain those they already have.
It’s a common mistake to think that if you have a great product or service, then customer retention will naturally follow. And while this might be the case in some instances, the truth is that it’s a short term strategy. Sooner or later, your customers will feel that you don’t care about them, and then they will eventually leave.
Attracting a new customer costs, on average, five times as much as keeping an existing one, and depending on the industry you are in, it can cost up to 30 times as much to acquire a new customer vs. retaining an existing customer! Increasing customer retention rates by just 5% increases profits by 25% to 95%.
client retention statistics
Sometimes it’s important we look look at the facts. Customer retention helps increase the profitability of your business in a number of ways that you might not realise.
MOST SIGNIFICANT RETAIL REVENUE DRIVERS
- 52% CUSTOMER RETENTION
- 45% CUSTOMER ACQUISITION
- 35% PRODUCTS INNOVATION
- 25% NEW MERCHANDISING STRATEGIES
WHY CUSTOMERS LEAVE YOU
- 68% CUSTOMERS BELIEVE THAT YOU DON’T CARE ABOUT THEM
- 14% customers are dissatisfied with your customer service
- 14% customers are persuaded to got to a competitor
- 3% customer leaves the market
5 reasons customer retention is key to your business
As a business owner, you surely appreciate customers who return to you regularly. There are obvious reasons to hold such customers in high regard. After all, the more often someone returns, the more sales you make. However, not everyone understands just how valuable repeat customers truly are, and how to make them keep coming back.
Save on marketing
So save your money and reduce your marketing expenses by keeping your old customers who are already familiar with your products and services
More profit for you
Loyal customers will use your business regularly . They are 50% more likely to buy new products and spend 33% more than new customers would spend
A little word of mouth
Loyal customers often act as brand advocates for you. If someone uses your business regularly, they are likely to recommend you to a friend.
Sell your new products
If someone has tried one of your products or services, they more open to trying others. . Once customers are sold on one of your products, they’re more open to trying others.
How we can help you retain your clients…
Consumer loyalty has a lot to do with human need and emotion. People have a desire to be loyal to local businesses. We can help you use this to your advantage with our easy and effective reward scheme for your most loyal and frequent customers.
The whole point in rewarding people is to get them to repeat their behaviour – which means providing you with more business. We help you do this with no effort required from your side. We will increase your customer loyalty and extend your company’s brand awareness and it will have a direct impact on your bottom line.
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If you have a question, want to tell us something or just fancy a chat then just drop us a line and we will get back to you as soon as we can.