Source: Intuit Small Business Blog
By: Lee Polevoi
Do you work to retain your current customers, or are you mostly focused on finding new ones?
Savvy business owners try to build relationships with everyone who visits their store or website. That’s because they understand the cost of new customer acquisition is as much as 5 to 10 times higher than the expense of retaining a current customer and that repeat customers spend, on average, 67 percent more than new ones.
Here are four tips for creating and maintaining a loyal customer base:
1. Provide exemplary service. Certain basic responsibilities come with running a business, such as ensuring that a customer’s order is correct and delivered intact and on time. But why simply meet customer expectations when you can exceed them? One way to do this is by following up. After a purchase has been made, email the customer to find out whether she’s satisfied with the experience. Ask if any problem has occurred; if so, take care of it immediately. Then follow up again, apologizing for the situation and making sure it has been fully resolved.