retaining customers

7 Ways: Retention of Customers for Lifetime Value

Learn 7 customer retention strategies as you spend so much time getting new customers to purchase your products or services. Why not try to keep the ones you have? Retention of customers is key to growing your business. Customer retention will save you a lot of time and money over time by keeping your current customers now.

It’s much less money to keep current clients than to get new ones. According to Forbes Magazine, it will cost you 5X more money to get a new client than keep an old one.

Here are the 7 ways for your customer retention strategies to grow your small business:

1. Interact With Retention Customers Often

You may not have to meet with your customer weekly but interact either by phone, email, or social media. Get to know your customers preferred method of contact.

Reach out to offer advice, go over details, or at the very least check-in.

customer retention strategies like interaction
Interacting with customers is one of the best customer retention strategies.

Next, learn how often they liked to be reached. Some people love weekly chats, others prefer monthly as they are very busy running their own businesses as well. However, some may like a daily call as well.  

Following up with your customers is crucial to keeping them loyal to you over the years. Don’t let more than 30 days go by without any communication.

Get to know your customers preferred method of contact. #communication Click To Tweet

2. Help Your Customers Solve Their Problems

The best way to retain your amazing customers today is to help them solve their problems. It’s not about you or your problems! It is all about them and their problems. What can you do for them?

Therefore, learn what keeps them up at night. What is it that they cannot do alone or without you? Then go ahead and help them. Show them what you can do for them.

Always remember, that actions speak louder than words.

"The best way to retain your amazing customers today is to help them solve their problems." #customerservice Click To Tweet

3. Respect Customer’s Time for Retention of Customers

Most business owners today and regular people are really short on time. People seem to be so busy today than ever before, that they don’t have time to chit-chat for hours.

Take cues from their body language. Know when to leave! Or, know when to stay and chat.

body language to retain customers
One of your customer retention strategies can be to teach body language to your staff to retain more customers.

If you promise a product or service by a certain time, be sure to deliver that promise or overdeliver to them if you can.

4. Do What You Say – Not Say What You Do

Most people are leary of salespeople. But if you do what you say you will do, prospects will come to like and respect you.

Never give an expectation that you cannot fulfill. That is the quickest way to lose an amazing customer!

If I tell someone I will be there at 2 pm, I most certainly will show up by 2 pm or call them if I’m stuck in traffic. Therefore, it’s about being respectful of others’ time and space.

Never give an expectation that you cannot fulfill. That is the quickest way to lose an amazing customer! #smallbiztips Click To Tweet "But if you do what you say you will do, prospects will come to like and respect you." #customerservice Click To Tweet

 

5. Getting Personal for Retention of Customers

Most people like to do business with other people. People that they get to know and feel comfortable with.

Get to know a little about your clients. Do they have children? What are their favorite leisure activities? Maybe you can offer them special tickets, etc in time.

Don’t try to overcompensate in the beginning. They will feel like you are selling to them!

"Most people like to do business with other people. People that they get to know and feel comfortable with." #biztips Click To Tweet

6. Apologize if Necessary to Retention Customers

There is nothing wrong with saying you are sorry if you make a mistake. Many people will appreciate your honesty alone over an apology.

If you can make it up to them with something better, by all means, do it! Learn to let go of your ego to retain your customers.

say sorry to retain customers
Learning to say you are sorry when wrong to retain customers.

Customers love when they get more in return for an error. Think about it from their standpoint and view. Put yourself in their shoes.

If you can make it up to them with something better, by all means, do it! Learn to let go of your ego to retain your customers. Click To Tweet

7. Don’t Burn Your Bridges When Down

If the relationship must end do not burn your bridges over a disagreement. You never know who they know or who may take over their business one day. End the customer relationship on a positive note. 

Finally, never say never!

Your Turn on Customer Retention Strategies

Now, what are you doing for the retention of customers in your small business? Let’s discuss this in the comments below.

2 thoughts on “7 Ways: Retention of Customers for Lifetime Value”

  1. Excellent advice Lisa. Simple chatting with customers keeps you bonded, and as long as you bond, the customers remain, hiring you and buying your stuff. Never ignore loving customers! People want to buy your stuff and hire you but you need to keep bonding deeply by chatting up these awesome folks.

    Ryan

    1. Hi Ryan, thank you 🙂 That is true if we continue that conversation they won’t forget you or look elsewhere for those products or services. Sometimes they do just want someone to chat with and not be all business 🙂 Have a great day!

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