“Make new friends, but keep the old. One is silver and the other gold.”
Did you just sing that in your head? We all learn that limerick at a young age in effort to invoke lasting friendships, but the message can be applied to your business as well.
There’s nothing wrong with acquiring new customers; in fact, your business probably depends on it. But, successful business owners know that their existing clients are the real source of profit. Studies show that increasing your customer retention rates will drastically increase your profits — and with the ever-rising customer acquisition costs, there is no time like the present to start taking a proactive approach to customer retention. The most important (and arguably, the easiest) way to retain your clients is to form a personal, lasting relationship. You don’t have to wine and dine them (although it doesn’t hurt), but you do have to show them you care. Here’s a few tips on how to create a lasting bond (no, not the 007 kind):
Get your clients to care about you.
Forge a lasting connection with your clients by adopting the powerful strategy of sending out a monthly newsletter. As they become more acquainted with you on a personal level, their inclination to stay loyal to your company grows. To fortify this connection, ensure that your values align seamlessly with those of your clients, and let these shared values shine through in your newsletter. The bedrock of a robust business-customer relationship is the alignment of shared values.
Picture this: your monthly newsletter landing in their mailbox regularly. It’s not just a communication tool; it’s a tangible gesture that you’re actively reaching out, keeping them informed, and making them a part of your business journey. Beyond the informational content, it’s a subtle yet impactful reminder that your company is invested in staying connected. When competitors come knocking, your name will be at the forefront of their minds, solidifying your position as their go-to choice.
Care about your clients.
Show them you actually care about their business by acknowledging them by name or sending out a personalized, handwritten thank-you card every now and then; these small, but meaningful gestures will make a huge difference when your client starts wondering, “Should I stay or should I go now?” After all, it’s the thought that counts. Providing reciprocity out of nowhere will make a strong impression on your loyal clients. If you’ve lost a client and caught yourself serenading them with “baby come back, you can blame it all on me,” you’re on the right track. It’s easier to woo pre-existing clients back into your loving arms than it is to woo new clients. Let them know you care about them and you’ll do anything to get them back; then, actually do it.
Provide top-notch customer service.
Recall that dining experience when you encountered less-than-stellar service? Chances are, you vividly remember the waiter’s name, appearance, and even their attire. Now, reflect on all the other instances at the same restaurant with flawless service. It’s likely those memories aren’t as crystal clear. The tendency to recall negative experiences over positive ones is a common quirk of human nature, even when the positive far outweighs the negative.
To stand out, consistently provide not just excellent but personalized service. Going the extra mile for your clients not only ensures satisfaction but also establishes a unique one-on-one connection. Keep this pro-tip in mind: demonstrating genuine care and exceeding expectations is a surefire way to make your clients care in return. After all, when they sense your dedication, they are more likely to reciprocate with loyalty and genuine connection.
If they can tell that you care, they’ll care.
Gain their trust and you’ll gain their loyalty.
Transform into the go-to authority in your field by first becoming the expert in your customer’s eyes. It’s imperative to convey that you are a reliable source of information when it comes to your business, service, or product. Genuine interest in your clients and a demonstration that you align with their values create a powerful foundation of trust. As you consistently prove your dedication, their trust in you deepens, paralleled by a heightened likelihood of securing their lasting loyalty.
Remember, trust is delicate. Once established, it’s akin to winning over John Cusack with a boombox — a gesture that, if broken, is challenging to repair. Make it a mission to not only gain their trust but to nurture it continually, solidifying your status as the trusted expert in their eyes. As you do, watch the bonds strengthen and your reputation as an industry authority flourish.
When it comes to your customers, if you follow to the sound advice of Rick Astley, “Never gonna give you up, never gonna let you down, never gonna run around and desert you,” they’ll never consider leaving.
