Whoever said chivalry is dead, clearly does not know the facts.
Bain and Co. state that a “5% increase in customer retention can increase a company’s profitability by 75%.” It is commonly misconstrued that customer retention will be automatic when you believe you have an excellent product and customer service. However, it is important to remember that customers don’t owe you their loyalty, you need to continue to dress to impress and here’s how:
- Promote Yourself During Busy Times, Promote Yourself During Down Times: You can never stop getting your name out to your current customers and potential clients. Show them how much you care and what their continued loyalty means to you.
- Run Relevant Promotions: Set yourself apart from the competition. Know the holidays are coming up? Who doesn’t love sweets around the holiday season? Send out personalized candy jars with your logo and company name. These jars can be used in a multitude of ways and will leave a lasting impression in your customer’s minds.
- Use What You Have, Not What You Don’t: A simple and cost effective solution is to use social media to reach out to customers. Build a profile, build your traffic, and directly engage with followers. Studies show that those who directly engage with their customers not only have a better retention rate, but a better chance of building a direct relationship and opening up other business ventures.