Have you ever wondered what makes your business unique and stand out from your competitors?
60-70% of people say no and their question in return would be ‘’How I could differ from my competitors when the products we sell are the same and of same price?’’
But we say you actually stand out from your competitor on one particular factor which your competitors don’t and that’s your customer database. Yes, your customer database is unique to your business with which we are going to tell you how to double your business revenue.
If your business is say 3 years old, 30% of customers would have moved, 20% would be unlikely and 50% returning. This gives you a customer retention rate of 50%. Your loyal customers add to the fixed revenue of your business and they return to your service for reasons like quality, customer service, etc.
What if 50% grows to 80% and then to 100%?
While most business spend effort in nurturing new leads, they fail to realize or pay less attention in improving customer retention rate.
To increase the customer retention, first and foremost step is to segregate the customer database. To easily differentiate the customers, apply the two standard criteria as follows:
1. Customers by value of their projects
2. Customers by the frequency of their visit
Now that you have segregate your customers list. The next step is certainly to get in touch! There are plenty of ways to stay connected with your customers in this technological era. Few good and most recommended methods to engage customers are email, message, social networks, voice call and mail post.
To simplify, you could imply a CRM like Maxiclient (Built on the basis of enhancing Customer Relationship of Businesses)to set and get in touch with your customers at regular intervals on email and mobile.
Brands who become part of customer’s world are more likely to be smarter, faster and better. Building modest increase in customer experience improve your customer retention rate.
It takes months to find a customer but only seconds to lose one.