We humans love new things. We’re constantly looking for entertainment through novel places, activities, people, and objects. It therefore comes as no surprise that marketers put more effort into gaining new customers than holding onto the ones they currently have. Unfortunately, research shows that giving consumers who are already committed to your company a reason to stay is more important than growing your buyer population.
For starters, gaining new customers is five times more costly for any given company than keeping old ones is. Not only that, but it’s also more difficult to sell a product or service to a newcomer than it is to sell one to a brand loyalist. Companies naturally spend less on hiring a marketing company and generate more revenue when they aim to keep the customers they’ve already gained.
Your company, like most, is probably putting the emphasis on obtaining more buyers even though it isn’t the smartest business decision. If you’re ready to shift your focus to maintaining the satisfaction of those who like and support your brand, there are many ways in which your business marketing strategy should change. Let’s take a look at what you can do to keep old-timers around.
It goes without saying that companies who promise less and give more have the greatest advantage. It can be very damaging to build yourself up only to let your clients down, so switching it around leaves your customers impressed instead of disappointed. Never be too arrogant or too specific in your offers, otherwise your audience will be consistently underwhelmed.
You can exceed your client’s expectations by giving them a response timeframe much longer than what it would actually be, a reward much smaller than you can provide, and more resources than they originally anticipated. These three elements combined make for a wonderful customer experience and boost the satisfaction of each of your buyers.
Another great tactic marketers use to keep their customers around is reciprocity. Offering something to someone out of the blue and completely free of charge gives them the incentive to return the favour, even when they aren’t told to do so. Giving your clients small gifts and repeating their interests back to them lets them know you care, and as the psychological phenomena goes, they’ll remember your gesture and want to stick around.
Demonstrate to your customers that you know them. Giving them a great purchase experience every time will encourage them to associate your company with kindness and contentment, so even if they encounter an issue, they’ll know you’ll handle it professionally and will continue to buy from you. Listening is a very powerful tool that marketers should use whenever possible, and it’s best used with the customers you already have. You’ll also have the added bonus of creating brand ambassadors who promote your company to others at no extra cost to you.
Although new can be synonymous with better, it isn’t always. Focus on the customers you do have instead of those you could have and great results will follow.