There is an often-quoted statistic in business that it costs six times as much to generate a new customer as it does to retain one.
why is that?
Well, there is no doubt that getting new clients definitely takes time, effort, and money, and therefore, old clients are really gold for a small business; They allow us to pay bills, hire employees and grow our business. It’s how entrepreneurs keep dreaming alive.
This begs the question: How do you actually create long-term repeat customers?
While a one-time customer is nice, it’s the repeat customer that really makes the difference. Customers can choose any business to serve their needs; They will choose you again and again only if you offer them something above and beyond the norm.
Here are five ways to keep customers coming back for more:
1. Be great at what you do.
People hire you to provide them a service, or they go to your shop or online store to buy something from you. If your product or service is average, they may come back, they may become regulars, or they may not. But maybe not.
But what if you are good at what you do?
They will certainly return.
If you sell flowers, make an exceptional bouquet every time. If you cook, use great ingredients and cook with love.
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2. Provide great customer service.
By the same token, clients love you when they know you love them back.
Nordstrom is known for its excellent customer service, and this is one of the reasons why its customers are so loyal. Costco, at the other end of the retail spectrum, has similarly great customer service and, again, exceptional customer loyalty.
This is how you create a great brand.
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3. Treat your employees well.
One of the most interesting small business surveys I’ve ever seen examined what made someone such a great franchise. What sets the best business franchisees apart from each other? The biggest difference wasn’t some crack marketing software or killer website, it was just how amazing the owner treated their staff.
It turns out that the better boss you are, the happier your employees will be, and the happier they will be, the better your customers will be treated. Happy customers, in turn, become loyal and repeat customers.
It’s a cycle of success that starts at the top.
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4. Add value.
Recently, I decided not to bill some longtime clients for the weekly content my business creates for them. I told them I really appreciated their care over the years and this was my way of thanking them.
Yes, they were happy, and I doubt they would go anywhere else for their content needs.
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5. Say thank you to your customers.
Most people, when they finish dealing with a mediocre shop, say “Thank you.” But when you leave a great job, they are the ones to say thank you. And this isn’t the only time they say that. They say it even when unexpected, or for no reason at all. Great companies genuinely value the people who patronize them and let people know.
So let me finish by saying one last thing: Thank you for coming here and reading my column. We sincerely appreciate it!