The High Value of Keeping the Customers You Currently Have

I’ve had a few people recently ask me about the benefits of focusing on your client or customer experience rather than keeping it more as an after-thought or something nice to have.

Keep in mind that all businesses have a client or customer experience (whether they think they do or not!) and this is one aspect of your business you can consciously design to be great. If you’re just starting out, you can think of it as a retention strategy, but it’s actually a whole lot more.

Some business owners do devote time to both the acquisition of new customers and the retention of existing ones. While it is understandably easy to get caught up in the excitement and hustle of acquiring new customers, we must not ignore the value of retaining them too.

Here are five things to consider when focusing on your existing clients or customers.

1. Customer retention costs less than customer acquisition.

According to Invespcro, acquiring a new customer can cost up to 5 times more than retaining an existing one. While new customers are vital to any business, it’s important to devote attention and resources to the ones you already have. In the end, this will not only save you money, but it can significantly result in higher profits too.

2. Your customers will be happier.

If the experience of your existing customers is positive and they feel nurtured and engaged, they will value and trust the connection they have with you. This will keep them interested and invested in your brand and company.

3. Marketing will stand out among your existing clients.

We are inundated with marketing messages, emails and advertisements constantly, and they are easy to ignore or delete. Since existing clients are already invested in your company, your marketing will stand out to them. They will be more inclined to pay attention and buy more and more often from you.

4. Existing customers are more inclined to provide feedback.

Give your customers a voice, listen to them, and make adjustments when possible. This will improve customer loyalty and retention and can transform your overall business. It tells your customers that their opinions matter and are valued.

5. Existing customers are more likely to give referrals.

A satisfied customer goes a long way. When asked what is the best way to acquire customers, 85% of respondents in this survey said word-of-mouth referrals. Retained and raving fan customers can vouch for your business in a personal way.

So, as a business owner, be sure not to forget this important aspect of your business. Because I believe in this so much, I’m finalizing an assessment you can take soon to see how you measure up to other businesses and your competition.

If you have any questions about this now, please do not hesitate to reach out to me.

Make it a great week!