Your existing customers are gold. Not only are they currently paying you, but they are also a source of referrals and future sales. Losing an existing customer is a tremendous loss to your current and long-term business success. That’s why a customer retention program is a critical part of your marketing efforts.

Here are some of the key elements of successful customer loyalty programs:

1. Communication is key.
When developing a customer retention program, ongoing communication is key. Whether that means phone contacts, sending them materials or in-person meetings, it’s important to make contact and remind your customers why they choose to work with you.

2. Understand who your customers are.
Who are your customers? What do they buy from you, and what don’t they buy? Understanding their needs allows you to better target solutions that will help them accomplish their goals.

3. Personalize your materials.
An existing customer is different from a prospect, and so is your relationship with them. Make certain that every communication you have is personalized. Creating personalized materials that recognize the type of relationship you have with customers, is easier to create and afford nowadays. Use these communications to thank your customers, suggest other products to them and remind them of your history with them. If you treat them like prospects, they may become prospects once again.

4. Make sure your customers know they’re appreciated.
Think that most customers leave because they’re unhappy with quality or service? Think again. Most customers stop working with businesses because they don’t feel appreciated. So take time to make them feel appreciated — it doesn’t take extravagant or expensive gifts. A thank you card, gift certificates, discounts on additional services, appreciation letters and special events or offerings show your customers that they are valuable to you.

5. Get their help with your referral and references program.
Asking your existing customers for referrals is not only a great way to find new customers but it’s also an effective way of reminding your customers why they like working with you. Ask your customers, “We enjoy working with you, and we want more customers like you. Do you know of anyone else who we could help?” Also, ask them if they would talk to prospects as a reference for your business. They’ll tell others why they should work with you, and at the same time, remind themselves what they like about your relationship. Remember to thank them after each referral or reference.

Dentists say, “You don’t have to floss all your teeth, just the ones you want to keep.” The same can be said of your existing customers. If you don’t have time to make all of your customers feel special, concentrate on the ones you want to keep the most.

If you don’t continue to market to them, grow your relationship and offer them increased value, you will lose them. Don’t let a high customer turnover rate affect your business. Put a program in place and keep more of your customers.

360 Business consulting can help with retaining your customers and growing sales. Contact us for a no-risk, no-cost consultation.

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