The Power of Current Customer Retention

Every business needs new customers, but don't ever forget that the easiest and most cost effective source of new revenue is your loyal customers who already know your company. Acquiring new customers is expensive , in fact five to ten times the cost of retaining an existing one, and the average spend of a repeat customer can be as high as 67 percent more than a new one! So make sure your salespeople know that coming up with creative ways to sell more to your current customers is just as important as acquiring new ones.Think lifetime value, not transactional value. To keep customers coming back to offer a deal that they cannot pass up, so you may not make your profit on the first sale, but you will make more in the long run, and your customers are impressed enough with your commitment to service that they become customers for life.Go for an upsell. If your customers are interested in your products or services, chances are they will be interested in upgraded products or services you offer as well.Offer complementary products or services. Put a little thought into what your customers are buying and the other needs that those purchases might trigger.Stay in touch. Sometimes you may not see your best customers as often as you'd like, so you need to work extra hard to keep yourself on their radar screens. Have your sales people contact customers by phone, email, and even personal handwritten notes, but not trying to sell them anything, just letting them you’re available for anything they may need. Just make sure you know what method of communication your customers prefer.Practice the art of the perfectly-timed deal. Help your customers sell more to their customers. If you're selling to other businesses, the best way to get more revenue from them is to help them increase sales to their customers.Remind customers of everything you offer. Never assume that even your most reliable customers are completely aware of all the products and services you offer: you need to remind them regularly.Create incentives for in-house referrals.Give customers a say in what you sell. Encourage customers to comment about their experience with you online. It can encourage a high level of customer engagement with leads to repeat sales.Put a guarantee on it. If you don’t deliver, they don’t pay.Loyal Customers start with loyal employees. Word of mouth about what a great company you are can go a long way.Gain knowledge of the competition. The best way to differentiate yourself as a leader.CIM offers ecommerce solutions that deliver an impact on your brand and ROI. We provide concise data, with key recommendations and strategic insights about pivotal developments in your focus areas. Our vision is to be the most valuable source of web based consulting intelligence for our customers. Visit chiefinternetmarketer.com for a customized social marketing strategy that will drive your business forward.