Statistics show that, on average, U.S. companies lose half of their customers every five years. Here are a few ways to keep your customers loyal.
It’s true that acquiring new customers will help your business grow. However, your current customers are the lifeblood of your business and keeping them happy should be your highest priority.
Here are six ways to improve your customer loyalty.
1. Understand lost customers
Many business owners mistakenly believe that customers choose to patronize other companies solely because of better prices. While pricing can be a concern, customers often head to the competition when they don’t feel valued.
A change of lifestyle may have also created a situation where customers no longer need your product. By staying in touch with their needs, you might be able to adjust your offering to continue servicing them.
2. Know your customer’s top priority
Maybe it’s reliability or speed or cost. Your company should know your clientele’s No. 1 priority and consistently deliver it. Remember, customers’ desires change frequently, so re-examine this every six months.
3. Acknowledge the lifetime value of customers
The lifetime value of your customers is the income you would gain if a customer stayed with you as long as they possibly could.
For example, the lifetime value of a customer employing a financial adviser could be several decades and could span several generations. Treat the parents well and you could win the children’s business.
4. Create a positive first impression
Good first impressions tend to generate loyal customers, and you get only one chance to make a positive first impression. Appearance is important. The exterior and interior of your business should be neat and clean.
5. Listen to the customer
Employees should listen actively to customers. Reassure your customers that you genuinely want to help them. Customers will judge your business based on the politeness, empathy, effort and honesty of your staff.
5. Address and resolve complaints quickly and effectively
Inevitably, your employees will encounter unsatisfied customers. Whether they’re returning an item or changing a service, customers expect a fair policy. If you cannot offer a resolution immediately, let the customer know when he or she can expect an answer.