Customer Retention Methods that can Boost Sales

Customer Retention Strategies that Bring in More Profit

Just because a client hasn't purchased something in a while does not always mean they are a former client. In reality, they may simply have not been motivated to make the trip back to your store or website. Looking at statistics, though, shows that there is a 70 percent probability of making a sale to a client you have already done business with. Selling to new prospective customers, on the other hand, only has a 20 percent chance of working at best. Always focus on reaching out to clients and bringing them back.

Set up a Customer Loyalty Program

Most people only think of sub sandwich punch cards when they hear about customer loyalty programs. The truth is, though, a business owner in just about any industry can easily create their own loyalty program. This will help keep customers coming back to your organization. Even better than that, however, is the fact that they will be driven to spend more so they can reach their loyalty reward.

Reach Former Customers

Clients who haven't made a purchase in some time are not necessarily former customers. In many cases, they simply have not been properly motivated to come back in. Research has shown that the likelihood of an existing customer making a purchase is upwards of 70 percent. In contrast, the probability of selling to a new prospect is 20 percent at best. Utilize as many plans as possible to bring back those who have already made a purchase.

Provide Better Customer Service Training

Even if they do not provide it, most budding entrepreneurs understand the importance of great customer service. Those who do provide it, though, probably don't realize the full scale of how important it is. Statistics show that people are four times as likely to go to the competition if their problem is related to service rather than your product or price. From additional training to addressing negative online reviews, do what you can to offer outstanding customer service.

Keeping customers satisfied is necessary for making a profitable business. Luckily, customer retention isn't an exercise focused solely on keeping people around. If performed correctly, you will hold onto loyal customers while consistently increasing revenue.

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