4 Tips For Retaining Your Business’s Most Profitable Customers
Dan Levenson December 13, 2016
Many small businesses are so busy acquiring new customers, they often forget to focus on the ones they already have. But if you don’t know how to retain your most profitable customers, it can actually hurt your company’s revenue in the future.
Not sure where to start? Below are several strategies you can use to identify and strengthen your relationship with your company’s most profitable customers now and in the future.
Finding Your Most Profitable Customers
Examine your company’s sales data and customer relationship management (CRM) tools to look for patterns. Do Baby Boomers make the largest orders? Are your Millennial or Generation Y customers more likely to refer others or share your social media posts? Who already loyally returns to your business time and time again?
After you have identified which customers bring in the most money or value, try to learn as much as you can about their demographics and pain points. What do they value most? What are their spending habits? What products or services are they most likely to buy? The more you learn about them, the easier it will be for you to give them exceptional service.
Building A Relationship That Lasts
Your churn rate refers to the number of customers who decided to stop buying from you after one or more purchases. Improving your customer retention strategy can reduce churn and lower expenses, since it costs more money to gain new customers.
Here are some techniques you can implement to improve customer loyalty and retention.
1. Find Ways to Delight Your Customers
Unfortunately, some companies become complacent after they have worked with a customer for a long time. It is very important that you don’t take your most profitable customers for granted. Look for ways to delight them and make them smile. For example, you can send them a free gift or surprise them with a discount on their next purchase.
Your customers will appreciate it if you continually find ways to demonstrate how much your company values them. Just one amazing customer service experience where you go above and beyond can make a customer become a loyal fan and spread the word to others.
2. Be Genuine When You Engage With Your Customers
Customers are smart. They know when your company’s customer service agents are reading from a script or trying to rush them off the phone. Give your customer service team permission to get to know the customers when they call in or email. They will notice that your company is making a genuine effort to engage with them.
3. Make it Easy for Customers to Reach You
Nothing is more frustrating than not being to ask questions or resolve issues with a company when you need them. You can prevent this by making it easy for customers to contact you and your customer service team.
Place your phone number at the top of your website, in your email signature, and other highly visible places that customers can see. Even better, add a short contact form or live chat system to your website. Customers will feel more at ease if they know they can reach you if there are potential issues.
4. Continue to Show Them How Your Company Adds Value
Lastly, never stop looking for ways to show them how your company provides value.
What are some issues your most profitable customers are currently facing? Is there anything you can do to make it easier for them? They will appreciate the consideration and the effort you put in to help them.
When they believe you have their best interests at heart, it will be easier to retain them as long-term customers.