17 Mar How to make money by keeping your current customers happy
How to make money by keeping your current customers happy
It’s often new customers this, new customers that.
“Here is an amazing offer” – but only if you’re new. Want the very best deal ever? Okay, as long as you haven’t bought with us before.
Sure attracting new buyers is important, but it can often leave your current customers feeling left out in the cold with a bit of a sour taste in their mouth.
Anyone who is a first child might remember seeing your shiny new plump little sibling get fawned over and get all of the attention.
Well, businesses can be a little like that too. All focus on the newcomer.
But what do kids do when they feel left out? They cry, they scream, they distance themselves, some might even run away.
And sometimes buyers aren’t far off this – everyone wants to be loved after all.
Making your current customers feel left out is a sure-fire way of losing them. And rightfully so. You sold them the world to get them here in the first place, you made them trust in you or your product or service enough to spend their hard-earned cash.
And I’m sure you didn’t mean to, but sometimes it just happens when your focus switches to something else.
The best way to remedy this? Give them some attention again.
Nurture your current customer relationship – like a house plant – maybe more than a house plant – like a friend. And friendship takes time and maintenance, and for each participant to gain something from the other.
Don’t get me wrong, sign-up offers are important, and we will get into that at a later date, but keeping and maintaining a good relationship with your current customers is vital too.
Not convinced? Well here are just some of the statistics on customer acquisition vs customer retention that might change your mind:
- It can cost five times more to attract a new customer than keeping an existing customer.
- The success rate of selling to a customer you already have is 60-70%, while the success rate of selling to a new customer is 5-20%.
- One customer experience agency found loyal customers are 5x as likely to repurchase, 5x as likely to forgive, 4x as likely to refer, and 7x as likely to try a new offering.
Those are some massive numbers that really shouldn’t be ignored!
And we aren’t saying you need to BUY their affection, just pop in once in a while, if you happen to bring biccies then great.
If you cant offer them something of monetary value offer them something that they find interesting, supportive, or fun.
Maybe this is a sneak-peek to the new season products or a VIP pass to the sale before anyone else or maybe it is an interactive ‘how-to’ guide to make use of the products or services they have already purchased. This along with a well-crafted ‘keeping in touch’ email can go a long way.
Think about a time where you felt appreciated by a company or business. Maybe you never have.
And that’s a shame really, but an excellent opportunity for you to stand out from the rest as a business that truly appreciates their customers and lets them know how you feel.
A loyal and happy customer will give you repeat custom, boost your reputation, and ultimately make you money.
So be nurturing, grow your base, and above all appreciate your customers.
This is just one easy and actionable way to keep your business growing and generating sales online. If you want to know more give the MBM Let’s Grow Podcast a listen. Episode 1 covers this, along with THREE other easy tips to help you get bring in more sales that you can action today.