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Customer Retention: Doubling your profit by retaining past, current customers

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Your past customers are a huge asset to your business, so it’s crucial to maintain a strong relationship with your past and existing clients so they stay loyal.

Acquiring a new customer can cost five times more than retaining an existing customer. It is important to learn customer retention. If you do not have it, you will continuously spend more time trying to convince people to buy, than having returning customers.

In this same vein, I recently wrote a guide on how to use a unique 80/20 strategy to build good customer relationships. You should read it.

Some stats that back it up are.

  • Acquiring a new customer can cost five times more than retaining an existing customer
  • Increasing customer retention by 5% can increase profits from 25-95%.
  • The success rate of selling to a customer you already have is 60-70%, while the success rate of selling to a new customer is 5-20%.

Those stats show that retaining customers is just as important as, if not more important than, acquiring new ones. So why do so many businesses focus mostly on acquisition and neglect marketing that keeps customers loyal?

The last two vendors I bought things from left a bitter mark on me and if not that i have been buying things online for over 10 years now, i might just have lost interest and joined the gang of people that say – “I can never order anything online again”.

It is the strength of your customer retention that would determine how new customers come in. no matter how much you fake it, there’s only so many people you can pretend to. If 100 people have the same experience buying from you, getting 10 new customers would be a hard task really.

Maintaining a professional appearance all the way to the inbox and beyond is key to retaining customers. 

Your language, choice of words, how you relate with them, and keeping your ego and emotions in check when dealing with them, all helps in making first time buyers, returning customers.

And no, it is not even about if they would need your product again. I might not need to buy a TV again, or a weight loss product again, I could certainly refer people your way. And you do not need me to explain the merits of referrals to you. Not at all.

There’s a higher chance of someone that was referred to you buying without stress, than someone that just happened to discover your business.

You should focus more on building loyal customers. Adopt customer retention marketing more than customer acquisition marketing. It costs far less time, effort and finances.

Be the smart seller.

To your success.

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