Singapore
Singapore
In today’s highly competitive business environment, building valuable and meaningful relationships with your customers is more vital than ever.
With the cost of acquiring new customers far exceeding that of repeat businesses (six to ten times higher), it makes perfect sense that customer retention should be an important part of your business strategy.
But how do you keep them coming back? Here are some concepts you can adopt to turn new customers into potential regulars.
You’ll be surprised how doing simple things like greeting customers and saying ‘thank you’ can go a long way. Let them know where they can reach you or whom to contact should a need arise.
Even better, consider face-to-face contact instead of the conventional phone call and email – ideal for today’s high-tech, low-touch world.
Sure, points and rewards programs encourage repeat purchases and a sudden surge in sales but they don’t build customer loyalty. This is usually evident by the drop in sales once the rewards are no longer offered.
If you want customers to return, start thinking: what added value can you give your customers that they can’t get from your competitors?
One simple way to provide added value is to understand the specific needs of your customers. Then, address how your products/services can help them achieve those needs. Show your customers that you care about them and they’ll care enough to stick with you.
Another great way to stand out is to understand the limitations of your competitors and shape your presentation around the strengths of your products/services and how you’re able to offer your customers more.
You’re only as good as your word. That’s why it is important to sell with integrity. Know the capabilities and limitations of each of your products/services and never overpromise.
Rather, focus on helping your customers get the best value for their money. In other words, don’t push a sale if you know the customer won’t benefit from it. Secure your customers’ trust and you will earn their loyalty.
Always make things easier for your customer. If you’re selling a product, don’t just sell its features, demonstrate its use. If it’s a service you’re selling, tell your customers how it benefits them and ways to maximise its value.
Also, don’t hesitate to share articles and information with your customers that you think they may find valuable or interesting. Customers appreciate when you help them learn.
Give your customers a chance to be loyal by offering complementary products or services that help enhance the user experience. Be attuned to your customers’ queries and comments, and keep track of their changing needs. The more responsive and better you are at anticipating your customers’ needs, the greater their loyalty grows.
Like any relationship, the key to making your customers return is to have good, two-way communication. Provide an array of easy-to-use feedback channels and encourage your customers to voice their opinions. It serves as a good source of ideas on how to improve your business, and shows your customers that you value their insight.
When it comes to handling customer complaints, treat each one as an opportunity to better yourself. Never sweep complaints under the carpet. Instead, address each complaint swiftly and inform the affected customer(s) of the rectifications that have been put in place. After all, being able to convince a dissatisfied customer to stay may make him or her your most loyal customer yet.