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Pegasus Blog

Improving customer retention: our 7 top tips


September 9, 2014

The phrase “the customer is always right” really does ring true. Why? Because it costs 7 times more to acquire a new customer than it does to keep an existing one, so it’s vital to keep your existing customers happy.

Does your business have a high turnover of customers? Customers should be at the core of any business; without customers there simply is no business. It’s time to act! Here are our top tips for customer retention.

1. Check in every now and then

You’ve done the hard part and gained new customers. What now? Don’t just abandon them; make regular courtesy phone calls to check how things are going. Find out if they’re happy with the product and service and if there are any areas for improvement. Not only does this build a relationship, but it gives you a valuable opportunity to uncover problems and resolve them before it’s too late.

2. Engage with your customers

There are lots of tools to help you build relationships and engage with your customers. Why not send them a regular e-mail newsletter or communicate with them via your social media channels? Tell them your company news, industry news and any special offers they might be interested in. You might also want to think about reinforcing trust with a company blog and give customers a reason to keep returning to your website and engaging with you.

3. Conduct regular customer surveys

Don’t be afraid to ask customers how they feel you’re doing. Regular customer surveys will tell you what you’re doing well, help identify gaps in your product or service offering and highlight crucial areas for improvement. When customers leave, ask them why. If you know the common issues causing customers to leave then you can try and address them to reduce customer turnover in the future. Remember not to view complaints negatively; they’re valuable insights that can help grow or improve your business.

4. Customer service is key

A massive 89% of consumers have stopped doing business with a company in the past after receiving poor customer service. Your customer service personnel are your front line point of call between you and your customers and if they’re not delivering the standards you promise it can cause big problems. Ensure all customer service representatives are fully trained, motivated and observed on a regular basis to make sure you’re delivering the service your customers expect.

5. Know your customers

Know what your customers want and deliver it because if you’re standing still and not delivering the products they’re looking for, they’ll go elsewhere. Have you thought about developing your key products or expanding your offering?

6. Say thanks

It doesn’t hurt to say a little thank you once in a while. Show your appreciation and thank customers with loyalty discounts and free gifts. Don’t save your best deals for new customers, a mistake that many companies often make.

7. Give yourself the tools you need to help manage customers more efficiently

For companies with a growing customer base, keeping on top of customers and managing relationships can be a big task. Have you thought about investing in a CRM or service and helpdesk management solution to give you a helping hand? Many solutions can help you stay on top of customers by giving you a comprehensive picture from quote and order through to delivery and installation. Calls, issues, notes and documents can be saved against customers so you’ll always know the status of your customer relationships.

To learn more about how Opera 3’s CRM and Service & Helpdesk Management can help you manage and retain your customers, contact us on 0800 919 704.