22 Customer Retention Strategies that Work
Recently, I was talking with a prospective customer about a problem he was grappling with. His business had recently won some new clients and yet, his revenue stream was static.“What is your customer attrition rate?” I asked him. “I’m not sure to be honest. We lost a handful of small clients in the last few months, but I don’t know the exact details.”
Here was his problem. He’d put so much effort into ‘selling’ that he had taken his eye off the most valuable asset he had – his existing customer base. And in his market, this can lead to defection – quickly.
Most of us are familiar with the the cost of new customer acquisition when compared to securing the same revenue from existing customers. As much as 3 times the cost!
There are many benefits to having a stable and loyal customer base, but it won’t just happen! With a bit of attention and effort, it can be an extremely effective way of growing a business – and it’s potential value to investors!
There is a great article, covering some of the key methods to consider – if you’re not already using them – from Help Scout. You can read it by clicking here.
Needless to say, if you want any help looking at your client retention strategies, I’ll be very happy to help you!
Just call me on 07590 661156 or email me at phil.partington@psalesp.com
All the best.
