The goal of most business owner when starting out their company is often related to growth whilst meeting customers expectations.

Getting new customers is however not the key to success when considering business growth. While we can all agree that getting new customers is great, positioning your business to attract new customers isn’t always as cost-effective and beneficial as you may think. It requires significant resources from identifying and nurturing leads to (hopefully) converting them into paying customers.

Rather than channeling all your energy towards getting new customers to hit your growth goals, why not invest your time in retaining your high-value, low-effort assets – the existing customers?

What Are The Benefits Of Customer Retention?

Repeat customers refer more people and bring in more business. Customer retention lends itself to customer loyalty, and with loyal customers comes word-of-mouth marketing which is highly effective way to gain referrals to quality leads.

Re-engaging existing customers saves you resources — once a customer converts, you simply need to tempt them to return and convert again (and again … and again) through engaging and delightful experiences.

4 Ways To Improve Customer Retention Rate

1. Adjust your pricing for returning customers: You can adjust your pricing in a way that makes it easy for current customers to return and conduct more business with you.
   
   
2. Create customer loyalty program: Implementing a program to reward your most loyal customers is an easy way to build on existing relationships and offer regular incentives for them to return to your business.
   
   
3. Meet your customers where they are: When you understand your customers to the extent of knowing who they are, what they need from you, what their challenges are, and where they spend their time – you’ll be able to meet them where they are.
   
   
4. Implement cross-selling and upselling strategies: A good way to do this is looking for patterns through your sales data. Ask yourself the following questions:

• Are there two or more services that customers often request together?
• Which of our services complement each other naturally and are even more useful when paired?
• Which services have upgradeable versions worth mentioning?
  

By implementing these, you’re guaranteed an improved sales which will be as a result of merely retaining your existing customers instead of wasting resources on acquiring new ones.