Most businesses at least pay lip service to the notion that, "the customer is king." After all, it's just good business to minimize churn, and keep your customers coming back. Numerous studies have shown that it costs more (5-7 times more!) to sell to a new client than an existing one. When you consider that fact, minimizing client attrition, and maximizing customer loyalty is a business necessity.
If you want to keep your customers happy and get the maximum lifetime value from them, consider these 5 steps.
Identify at risk segments: Analyze your client file. Look for segments that are less engaged than they used to be. Maybe they’re not paying their bills on time. For corporate clients, there may be a new decision maker in place.
Set your priorities: While you may want to hold onto to everyone, you probably need to think in terms of what is profitable. Start with your highest value customers that you have the best chance of renewing. Once you have a sound estimate of lifetime value and the number of customers you’re targeting, you can budget for promotional products and other costs.
Find out why they’re leaving: Sadly, poor customer service is one of the top reasons customers leave and one of the hardest to remedy. On the other hand, maybe they were distracted by a shiny new competitor and just need a gesture like a free gift to show that you appreciate them.
Build sticky loyalty: Remind customers of the value you provide. Give them personal attention. They’re bound to like a free promotional product better than emails asking them why they haven’t made a purchase in 6 months.
Deliver what you promised: If you can quantify the reason why people buy your product and measure your success, you’re probably in good shape. It’s even better if you can throw in a thoughtful gift with a logo that makes your customers think about you every time they see it.
Custom promotional products can play an important role in any organization’s efforts to reduce churn, and EmbroidMe San Diego is here to help as your affordable branding partner. Contact us for personal service, great marketing products, and excellent value.