The typical business may lose up to 25% of their clients each and every year. Overhead associated with these clients decreases when the cost of marketing to repeat customers declines.
It costs five times more to acquire a new customer than to retain an old one. Creating higher revenue at the same expense directly adds to the bottom line as higher profit. Reducing turnover by 5% could add 100% to your bottom line.
Should you forget about cultivating new customers? Of course not, but it is important to understand the extra values in retaining customers. Remember that as customer satisfaction increases, added marketing savings increases with word of mouth advertising.
Lure them back with convenience and incentives. If they easily find what they're looking for and are given a good reason to return, they will be more likely to revisit your site.
Here are some effective methods to consider:
Bulletin Boards provide an outlet for customer questions and answers. They invite editable outside opinion and advice.
Chat Rooms/News Groups are organized centers of subject related discussion. By presenting yourself as a specialist in an area, you can advise others on specific concerns.
Contests/Giveaways generates excitement and entertains web site visitors.
Coupons are another future purchase discount offer. These can be used in several promotional variations.
Evaluation surveys can provide your company with important feedback to improve customer satisfaction. It also prompts the evaluator to reconsider their purchasing experience.
Free Gifts can be simple promotional offline items such as cups, pens, keychains, t-shirts and the like that will serve as offline reminders.
Frequent Buyer Programs offer growing discounts on future purchases.
Memberships/Clubs offer a sense of belonging, which can be used in conjunction with frequent buyer programs.
Newsletters are a good way to give readers information they may be interested in and provide an outlet for special offers and advertising new or different materials.
Refer-it Code is a simple form that allows the visitor to tell a friend. This can easily promote offline word of mouth.
Special Events can entice customer return if the topics are of related subjects of interest.
Thank You Notes/Cards offer a courteous way to inform your customers that you appreciate their business. Consider brief personalized holiday cards too.