As you work hard to spur your company’s revenue growth, you could understandably focus the bulk of your attention on winning over new customers rather than nurturing existing ones’ satisfaction. However, acquiring customers can be seven times costlier than keeping them, says Neil Patel.
You might be underestimating the value of how you treat your current customers, so now’s the time to investigate how you can tweak your customer service to the potential tune of increased takings.
See If You Can Nudge up Your Pricing
If you have been at your company’s helm right from its conception, you might have set your pricing relatively low in a bid to attract customers probably tempted by big-name players elsewhere in the market. Even if you have occasionally tweaked that pricing, have you fundamentally rethought it?
If it’s been over a year since you did, look back at your pricing model, Inc. urges. However, you might need to give customers something in return to help them in justifying the price hike to themselves.
Feed Your Winners, Starve Your Losers
One of the many memorable quotes of poet Maya Angelou is “Never make someone a priority when all you are to them is an option.” It’s the kind of wisdom that can also apply to advanced stages of your business journey, once a noticeable body of your customer base has proved its loyalty to you.
Assign more of your marketing activities, company initiatives, sales staff and reporting to feeding your long-time customers; the resulting boost to your profitability will be significant.
Draw up In-depth Profiles of Existing Customers
You have an incentive to further your understanding of your customers and their needs – as, in doing so, you could more easily spot opportunities to market new products and offers to them.
As the Info Entrepreneurs website warns, you must adhere to data protection regulations when collecting, storing and using personal information about existing and potential customers. However, with that ensured, this data can help you to steer your customer service in the right direction.
Find New Ways to Enhance the Customer Experience
Even just having more customer information at your fingertips can assist you in resolving customer issues more quickly. Nonetheless, be careful not to go overboard with the promises you make, as regularly under-promising and over-delivering would leave a better lasting impression.
You should also stay in touch with customers, such as to notify them of upcoming renewal dates and improved deals. Learn how VoIP can transform your business by easing such unprompted contact.
Pleasantly Surprise Your Customers by Offering Freebies
When you do contact a customer, you could offer them a free gift, the choice of which might have been informed by preferences and needs that the person has previously imparted to you.
Be wary of choosing something overly obvious. If you’re short of unique but attractive ideas, you could attempt to find out whether the customer engages in particular hobbies or activities or often discusses specific books, films and games, such as on social media.