Customer retention strategies

Customer retention strategies

Retaining customers is just as important as acquiring new ones, if not more important. This is because unless customers had a negative experience with your company, they will use your services or buy your products again.

Here are some strategies you can use to retain your customers:

  • Observing customer behaviours: Analysing customer behaviour patterns will help predict customer needs and create services or products that respond to those needs. This could involve having a sale during periods when your customers show a tendency to engage with your company.
  • Targeted approach to customers: Collecting data can also help you personalise your approach to individual customers. For example, a certain demographic of customers may value free delivery, while others prefer discounted products. Ensure that you are making the best of the data you collect.
  • Create VIP programs: Rewarding customers that regularly buy from or use your services is important in making them feel valued. Create a VIP program that gives regular customers incentives and benefits so that they are encouraged to continue coming back.
  • Individualised communications: Interactions that are personalised have been found to be effective. This can start with something as basic as sending email campaigns that have the customers’ names.

If you believe the matters discussed above are relevant to your business, please contact Darren Smith of our office to discuss further.

Darren is a Chartered Accountant with extensive experience, including working in the big 4 and medium sized firms before becoming a partner of a city based firm in 2000.

He has gained much experience and has extensive knowledge in providing business and taxation advice, superannuation planning, negotiation of sales and acquisitions of businesses and property development. His client base covers a wide range of industry groups.

Darren works with business owners to grow their businesses and create personal wealth within and outside of their business.

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