Four ways to retain your customers
Harnessing efforts for a sustainable growth and profitability comes on the backdrop of considerable key prepositions that must be carefully executed to achieve the business agenda of any enterprise.
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Businesses survive in this modern era only on the spending patterns of loyal customers and nothing more.
If an enterprise for a example were to have 500 customers and sells at GH¢100, given the gross revenue, it would make GH¢50,000. If for any reason, loyal customers drop to 300 but still sells at GH¢100, revenue would drop automatically to GH¢30,000.
However, if the customer base is to rise from the initial 500 to 800 and still selling at GH¢100, then definitely, the company will now rake in a revenue of GH¢80,000, far more than the initial gross revenue and realise a net growth of about 60 per cent in revenue.
A sure rise that could be seen in expansions, diversification and in sustained growth for all time to come. But this would not come easy unless some customer retention techniques are audaciously implemented in line with the policy framework detailed out in the enterprise’s mission statement. Here are just but four of them.
Go beyond their expectations
Customers are always happy to have their needs and demands met. Going the extra mile would be a plus for you if you take your time to ask them what other services could come in to compliment what has already been offered.
If delivery services could come in after purchases have been made and if after sales services being free could be part of the package sold out, then this would be more than an incentive to customers who will always keep coming to you for more.
Know that such customers definitely advertise for you to their friends and family and that is the beginning of the growth of your business.
Be abreast of time
Innovations and technology keep on changing so tailor your business to suit trends. Find out what matters most to your customers and supply to their taste.
New and quicker devices, equipment and skills keep on changing in almost every business environment; so stay focused and keep on doing what is important to retain your customers for the profits so yearned for.
Don't let go your brand
Having carved your product out there, consistently maintain the pace that brings you into touch with your customers and make sure to live by the standard you are made of.
That definitely will set you apart from your peers and rivals which will be by maintaining your market share, being your customer base.
It is really costly bringing in new customers on board than maintaining old ones so do not lose your guard. The brand you have created definitely will ensure your growth and profitability.
Surprise at times
By wanting to maintain loyal customers, go freebies sometimes. Offer rewards for loyalists and make available discounts and extend credit purchase terms.
This will make your customers love you and stay to do business with you.
Being personal and sieving through their data, remember their birthdays and send them birthday cards or call them on the telephone to wish them the best. They really do not expect all these and therefore would be surprise and grateful to you at all cost. The bond this will create will translate into the business’s success.
Conclusion
Retaining customers come with benefits in stabilisations in revenue base and increases in profits as well.
The end result on the whole, will be a growing business that should leap beyond its bounds for both shareholders and stakeholders. GB
By J.E. Crentsil (Jnr) / Graphic Business / Ghana
The writer is a Business and Financial Analyst
Email:[email protected]
