10 Simple Ways To Retain Customers Without Breaking The Bank

In this economy, it may seem like the competition for customers is stiffer than ever. Businesses are going to great lengths, and incurring great expense, to retain their customer base. When they are unable to financially sustain this practice, some are forced to close their doors. Here are some ways to retain customers without breaking the bank. The corporate account will remain intact, allowing the business to stay in operation.

1. Make customer service priority number one. Linking business objectives to customer retention helps offset the cost of obtaining new business. This new business is what helps the company to grow, so having more money to devote to winning it is important. Keep current customers happy and the money they spend will increase the marketing budget.
2. Diversify communication tools to meet customer preferences. Some customers enjoy email communication, while others prefer a good, old-fashioned phone call. Still others are fans of Skype chat or Twitter communications. Businesses must change with the times, taking advantage of various forms of technology for communication purposes.
3. Simply communicating electronically, via mail, social media sites, and in person at trade shows and other local events is not enough unless it is done consistently. Staying in touch with customers through active communication is critical for retention. This might go without saying for some companies but others are sorely lacking in this department
4. Encourage customers to communicate by including requests for feedback in newsletters and emails. Give customers an easy way to submit comments via the company website and encourage product reviews on the company Facebook page.
5. When customers leave, they often do so because the competition has one-upped your company. Decrease the chances of this by developing customer loyalty programs and building brand loyalty by offering the highest-quality and most useful products or services. Keep promotions and special offers flowing and diverse. Everyone loves a great deal and these offers may keep customers loyal even when the competition is fierce.
6. If the competition offers a better deal, even a loyalty program will not retain customers. Therefore, it is important to maintain competitive pricing, which requires keeping an eye on prices offered by the competition. It may also be necessary to adjust prices according to the economy such as during periods of high inflation.
7. Staying relevant to customer desires helps maintain the customer base. Customer tastes change, as do societal trends, so be aware of these shifts before they happen. Once an opportunity is recognized, develop a product or service around it. Test it on a sampling of customers and solicit their feedback regarding improvements.
8. Look internally when trying to satisfy customers because happy employees lead to happy customers. Subject employees to ongoing training on customer service skills. Provide them with opportunities to present feedback and ideas, exercise leadership skills, and play an active role in operations. Implementing a corporate bonus program based on company performance gives each employee a reason to focus on retaining customers.
9. Offer products or services of the highest quality because these increase the chances of repeat business. No matter how happy employees are, they cannot make up for low-quality products or services. Whether a business is new or has been around for years, quality should be an ongoing focus.
10. Have fun! It is possible to be professional while at the same time loving what you do. A simple smile can diffuse an otherwise tense situation and make any interaction more memorable. People can hear the smile in your voice over the telephone, see it in person, and infer it through wording used in an email.