Every business needs new customers in order to grow, but it would be simply bad business sense to ignore an existing source of revenue, especially if it's profitable, and right in front of you. So how do you keep your profitable customers coming back for more?
Today, the dynamics of the customer/company relationship have shifted enormously so that customers have significantly more power. Given this, more value than ever is put on the customer data and feedback that customers are willing to provide as well as the attention they give. Here are five ways you can keep your profitable customers coming back for more.
Related content: How to acquire new customers and retain them
1. Spend more effort post-sale
Savvy customers today recognise their non-financial value and in return they'll expect more from companies - gone are the days of a simple receipt and thank you as the end of a transaction.
Likewise, profitable companies recognise that the whole customer life cycle is about the buyer’s experience from the beginning to the end, but then equally the "after". If you leave the part after the purchase out, you're making a huge mistake.
Most businesses are aware that customer acquisition costs more than retention (six times the cost1, in fact), but still it seems most (8 out of 10 according to a recent report2) companies correlate their business objectives with customer acquisition.
So, the moral of the story: companies need to spend more effort post-sales and even in between sales, to keep their customers happy and their brand name top-of mind. In other words, real customer service is what you do between sales.
Related content: The guaranteed way to get more leads and grow your business
2. Be helpful, instead of pushing the hard-sell
Customers will like your brand more when they feel they're not being sold to, or having your products or services pushed upon them. Make them feel like you're there to help, without trying to sell anything. If you truly care about your customers (which is what will keep them coming back for more), you'll take care of their needs even if it won't lead to more revenue. Chances are, when they need your services again, they will have enjoyed your level of service so much that they'll return to you instead of your competitors. Also, they'll naturally want to share their good experience with others they know, recommending your brand to their network.
It's crucial to respond to questions, criticisms and positive feedback as you would when interacting with a fresh business lead.
3. Be concise in your messaging
Most people today are consumed by and bombarded by massive amounts of media, messaging and marketing every day, as the result of having some sort of device near them almost all of the time. Subsequently, the attention span of a majority of us is diminishing and it's becoming increasingly hard to get people's attention.
For your messaging to work, it needs to me simple and memorable, and be effective enough to engage with a broad audience.
4. Tell engaging stories
Fact: people love a good story. With our aforementioned modern pandemic of inattention, telling your customers a story through your brand is a good way to keep them engaged, but also to tell the story of your brand in a simple way.
If you hear of any good customer stories, tell them. This is gold. In your newsletters, social media channels or blogs, share stories of when your customers have been helped unexpectedly or otherwise, by your reps. If your customers service reps have gone over and beyond the call of duty (as they should do!) this goes a long way to keep your customers staying with you for the long term, and recommending you to others, by for example writing positive reviews on websites.
Likewise, great pictures of happy customers engaging with your products or services, if a valuable piece of content to share and promote.
5. Make it a priority to customise and personalise
This strategy isn't new but the companies that can truly pull this off are few. When you know your customers well, you're able to provide them with more personalised experiences. Contrary to what you may think, people don't just want what "everyone else" has, or to do what Joe Bloggs does. They want to feel special and catered to their individual needs and wants.
This is exactly why brands like Nike lets customers build their own shoes, BMW lets customers create their own cars. It's proven that this is a effective strategy as, a study by Bain & Co found that 25-30% of consumers want to customise their purchases.3 They estimated that "If 25 percent of online sales of footwear were customized, that would equate to a market of $2 billion per year."
Your customers are real, living and breathing people, not mere data points. You will need to find a way to connect with them in a human and personal way. How? Well, by regularly reaching out to your customers to ask them for their feedback and collecting insights this way, you can strategically offer a personal and tailored experience.
Also, sending out personalised thank-you emails, offers and coupon codes to your past customers is a great way to make them feel remembered, appreciated and for your customer satisfaction levels to soar.
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1. CMO Network, Forbes, 2014
2. U.S. report by Marketing Charts, 2015
3. Bain & Co survey, 2013
