Finding a sales lead, negotiations, due diligence and closing a deal – all this process isn’t a new thing for sales professionals and those in client servicing. It takes around 4 to 6 months to seal a deal. Whether you’re approaching an enterprise or a retail client, closing a conversation always causes stress. We always hear that bringing new business sales is tougher than retaining an existing client.
According to studies, it’s up to 7 times more costly to attract a new customer than it is to retain an existing customer. So, what are the factors that influence customer loyalty:
A great product which you keep innovating with new features will always help to increase customer loyalty. For example: iPhone Whenever Apple rolls out a new version of iPhone, it comes with a slew of new features – both technological and software. It basically focuses on areas that drives value and allows loyal customers to renew, upgrade and never leave. Satisfied customers become a campaigner for your brand, which in turn advocates your business.
Did you know that 68% of customers leave because they are unhappy with the service they receive. (source: https://www.dmn3.com/dmn3-blog/5-critical-factors-that-drive-customer-retention-strategies). That’s why for any business, proactive customer service is important as it is a step ahead in building customer loyalty. It’s a great way to delight them.
Want to encourage repeat business? Rewarding customer for their loyalty will make them more likely to engage with your brand. A loyal customer will always be happy to receive rewards from their favourite merchants. The rewards can be given via social, an emailed coupon or a mobile app.
Social media is a great way to keep existing and potential customers updated on a regular basis. This allows customers to explore new facets of your brand, products/services, values or any other offers. Promoting them on social media is the key. This keeps existing customers interested in your products.
Though social media has taken over the traditional marketing thing, but email marketing is still considered as a great way to stay in touch with existing customers. Sending regular emails helps them to reconnect with your business.
A trusted relationship with your customers ensures that your brand taps new prospects recommended by your current clients, hence opening increasing the chances of growing customer base and capturing sales.
Would you like to grow your business sales? We will tell you how. Futurescape Advertising is a leading advertising and digital marketing company based in Navi Mumbai.