Alex Lawrence, Director of the Entrepreneurship Program at Weber State University, writes in Forbes that “when it comes to growing their startups, many entrepreneurs are so focused on gaining new clients and customers that they fail to effectively address the need to retain those they already have.” To help you keep your existing clients, Lawrence presents five customer retention tips.
First, Lawrence says, “never underestimate the value of retention,” and he points to a number of statistics that proclaim this value, including a Lee Resource, Inc. study that found that “attracting new customers will cost your company five times more than keeping an existing customer.”
Next, he writes, implement an effective and well supported customer retention program, and look at reliable like web analytics when making decisions on what your customers want going forward. Finally, engage customers through social media to stay connected, and offer relevant promotions to keep your clients coming back.
Read the complete post for all of Lawrence’s customer retention tips, and you’re on your way to stronger customer loyalty.