As the new year approaches, I thought to myself that it would be right to engage in customer retention, because customer retention is a strategic and critical indicator of a company's ability to retain existing customers, and is fundamental to its success in the short term and certainly in the long term.
There are a number of reasons for this
It is much cheaper and easier to retain existing customers than to acquire new ones. The marketing costs and investment in acquiring new customers usually far exceed the costs associated with maintaining contact with customers, so ongoing networking and maintaining ongoing customer satisfaction is critical and important in my opinion.
Loyal customers who recognize the company's value tend to be repeat customers. Investing in customer retention increases the chance that a customer will become a regular customer, which can massively increase profits.
It is much easier to sell additional services around the service that has already been provided. At DVIEWSION, for example, if we started writing the program in the project and assumed that it was to the client's satisfaction, quite a few times this will lead to managing additional work packages, such as managing occupancy or supervising the execution stages, and all because we have a relationship built on trust and satisfaction from the previous service.
Satisfied customers can often lead to new customers through referrals.
In light of the points I listed above, it is clear that customer retention should not only be an important metric, but also an ongoing strategic plan for the company's CEO or his representative in order to maintain an organized customer retention program.
Here are some tips on how to implement this plan
Tracking all the data required to maximize customer retention is not an easy task and requires daily investment. Personally, I like to use an Excel-based CRM table. This table is very essential to maintain all the data required both for retaining active and strategic customers and for retaining customers who were in the past and with whom you want to maintain continuous contact, both as levers for additional projects and as a reminder that you exist and that you are in the background.
Leverage projects to connect clients or contractors to create a broader business network and thus create business success in multiple spaces beyond your company's narrow business field.
Create an ongoing communication network that will be reflected in maintaining continuous contact with customers in a number of dimensions
Coordinate periodic 1X1 coffee meetings with strategic clients for company status update meetings at all levels and stay updated accordingly with the projects being carried out at the client.
Share with clients current performance data and fluctuations of projects being carried out in the field via LinkedIn, Facebook, and Instagram.
Manage personal WhatsApp communication with strategic customers, both in providing business updates occurring in the company and on personal issues such as birthdays and celebrations, etc.
In conclusion: If it wasn't clear by now, customer retention and creating a strategy for conducting customer relationships and networking is an integral part of business management and should not be neglected under any circumstances, because only in this way can we maintain an ongoing business flame and introduce new projects in the intervals required for the company's survival.
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