I have seen this happen many times with my clients who use their website as a source for new business; which in many ways is great - read 7 Ways to Increase Your Business Profits with a Website to see how great it is!
However, little attention is paid to using the website and internet marketing as a medium to get repeat sales from existing clients. This is such a pity since 80% of your company's future will come from 20% of your existing clients. Read more about the 80/2- rule in this article.
Customer retention is USEFUL for your business as:
- It is easier to sell to someone who has already worked with you.
- Existing clients can make better referrals than the ones who never worked with you.
- Increase your market share
- Manage your reputation - customers leaving you for your competition does no justice to your reputation.
- Keeping a customer takes only 15% of the cost and effort of making anew client.
- Bain & Co. discovered that a 5% increase in customer retention can increase a company’s profitability by 75%.
So HOW can you use a website & Social media to retain more customers?
- Keep in touch with your customers with a blog - staying in touch month by month make sure that your customers do not forget that you are there. The next time they need your services you will be the one they remember.
- Use your site for after sales service - you can dedicate a site in your website with tips on how to make best use of your products, answer frequently asked questions, create tutorial videos
- Show that you are grateful for their custom by sending vouchers and coupons redeemable on the site for the next purchase. Thus creating more sales!
- Share tips and keep them updated updated them with new stock, exiting items and gossip in your line of work
- Measure customer satisfaction by collecting feedback & act on it. Jerry Gregoire, Chief information officer of Dell Computers was quoted as saying, “The customer experience is the next competitive battleground.”
Are you well equipped?
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