Customer retention rates are so important for small businesses. However, the average business loses approximately 20 per cent of its customers per annum. One of the best ways to grow a business is to focus on customer relationships, and below we will provide you with some top tips on doing so.
You cannot grow your business by over-promising and under-delivering. This is where a lot of businesses go wrong. They over-promise in an attempt to secure more customers, but, in the end, the customers end up disappointed when the business does not live up to the high expectations they have set. You need to set accurate expectations, and you need to set them early. This will eliminate uncertainty and help you to hold onto your customers. You also need to show that you care about your customers as people. A personal touch can go a long way. No one wants to feel like they are simply a sales generating object or a piece of data; you need to connect with your customers on a human level. One piece of small business help and advice that is critical to success is to be an expert in your field. Don’t attempt to be a jack-of-all-trades, so to speak. If you become a trusted source in your area of expertise, customers will come to depend on you, and they will see you as an integral part of their success.
One of the best ways to grow a business is to remain on the radar even after a transaction has been made. A lot of businesses are guilty of taking the money and running. Once a sale has been made, you should continue to communicate with the customer. You can send them newsletters and special offers, for example. This can lead to more sales in the future, and you will be able to collate important customer data that can help to move your business forward. You should also send out customer surveys. After all, how do you expect to retain customers if you do not make an effort to find out what they want? Feedback is so important for every small business. However, customers often ignore surveys and, therefore, it is a good idea to offer an incentive, such as an entry into a prize draw. The final piece of UK small business advice for boosting customer retention levels is to implement a loyalty program. Loyal customers deserve to feel like they are getting some sort of special treatment, and this is guaranteed to make them come back time and time again. Too many businesses focus on enticing new customers with special deals, but they forget about their loyal customers.
Of course, there are many different ways to grow a business. However, without customers, you would have no business at all and, therefore, logic says it is always best to start here. Implement the strategies above, and you should notice your retention rates improve.