Reasons Why You Should Focus on Customer Retention

NextBee Media

Are your customers leaving you in droves?

Obvious Questions

Are your old customers switching on to other brands even when your business is receiving new customers?

Obvious Questions

Is Your Sales Graph Declining?

Obvious Questions

Want to regularize sale from existing customers?

Want loyal customers who would stick to your

brand to purchase?

If your response to any of the questions asked is -

YES

You are seeking Customer Retention

Reasons Why Your Business Needs Customer Retention

Retaining Customers Costs Less than Acquiring New Customers

Acquiring new customers can usually cost your business 5x more than retaining your old customers

No cost of ads

Low efforts in spreading awareness

Less targeting

Every effort you make towards retaining customers by offering them attention and better services, develops in them an affinity for your brand.

Easier to Upsell & Cross-sell to Existing Customers

Selling becomes easier with old customers

Old customers are already familiar with you

They have a certain level of trust in your brandYou already have the customer information, so it becomes easy for you to pitch the right product or service through the right medium

New customers will generally be hesitant to trying new products. You may expect to waste a lot of energy and time trying new products. Profits margins decrease as you spend more on marketing.

Retained, Loyal Customers are Your Best Word-of-Mouth Promotion Tools

Real people cast more influence than ads

Customers who stick with you are happy customers

They can be motivated to share their positive experience with friends & family

You can also choose to reward your existing customers when they bring new customers to your business- this will motivate them to refer you more

Retained, Loyal Customers establish trust within new customers

Keeps You Over Competition

Loyal customers come with an advantage They can be resistant to your competitors’ offers:

Customers stay with a brand for more than price discounts & offers

Often, it’s a bond between the brand and its customers

Customer service influences customers a lot

How important you consider your customers and how special you make them feel can keep your customers insulated from market competition

MARKET COMPETITION

Brand loyalty makes your customers somewhat immune to price slashes by others

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