Customer loyalty is an invaluable component of running a business. Many businesses think that the customer interaction ends when the sale is complete or when the customer has walked out the door, but (if you play your cards right), that’s actually just the beginning! Studies show that the cost of keeping an existing customer is 10% of what it costs to gain a new customer. As a bonus, satisfied customers are much more likely to recommend you to friends and help you increase your customer base.
So how do you encourage customer loyalty? Here are 5 tips:
- Offer great customer service and go above and beyond what your competitors are offering. Set yourself apart and make sure you’re offering the highest level of service possible for your customers.
- Employ empathetic and enthusiastic staff who will engage with customers and get them excited about doing business with you.
- Listen to what your customers have to say and use their feedback as an opportunity to improve.
- Reward loyalty by incentivizing return visits. This can be through coupons, loyalty punch cards, special prices, VIP bonuses, or simply a hand-written thank you note.
- Be realistic about what you can offer. Don’t promise customers the world if you can’t follow through. Be transparent and genuine with your customers and they will respond in kind.
What do you do to encourage customer retention? Learn more about how you can use GWIG’s referral app to track and reward your most valuable customers.