Want to know a fool-proof way to do business at a lower cost? Simple: nurture your customers. A lot of businesses spend so much time and resources trying to get new customers that they forget one of the most important and most profitable markets: their own customers.
And this is such a shame, because it costs seven times more to retain a customer than to get a new one. And also, 81% of customers are likely to give you repeat business if they get provided good service.
Now is the time to start nurturing those who have already patronized your business. Here are 5 easy ways to nurture a customer relationship:
1. Be Deliberate about Creating Relationships
It’s all about outlook and how intentional you are about things. The opportunity to engage and delight your customer is always around you. The question is whether or not you are willing to identify and act on them accordingly.
Whatever effort this requires is well worth it. According to Garter Group by Emmet C. Murphy, businesses that doubled down on customer relationships enjoyed 60% higher profits than their competitors.
2. Pay Attention
There are myriad touch points at which you can get relevant information about your customer which you can then use to build stronger relationships. You can start being strategic by documenting everything you know about each of your customers in a way that you can access at any time when you want to streamline your messages and emails. Another benefit of doing this is that you can learn how to better serve your customers.
3. Give Them Sneak Peeks
Who doesn’t love to be the first in on something new or something big? One of the most effective ways to whip up excitement in customers is to make them part of something by offering first looks into changes that could affect them as customers. Give them first looks into new products, new services, new features, and so on. This creates a sense of belonging and also some needed buzz about what you and your team are cooking.
4. Ask for Feedback
Asking for feedback is one of the most effective ways to find out what is going on in your customer’s head when they use your product or service. More to that, asking for feedback is actually appreciated by your customer. People want to know their opinions matter and that they are being heard. Make it as easy as possible for your customers to get in touch with you by providing forms, surveys, social media posts, and other channels through which a two-way conversation can be struck.
5. Keep Communicating
Many businesses make the mistake of cutting off communication after the purchase has been made. There is no good reason for doing this. You want to keep communicating in order to retain the customer for future business and referrals. Studies have shown that a 5% increase in customer retention correlates with a 125% increase in profits.
Staying engaged with your customers is simply a matter of focus and determination. You can get started today with these tips to start reaping the benefits.