Just a small increase in the amount of time a customer remains your customer can drop huge profits to your bottom line. If you sell products or services that are routinely purchased, such as supplements, haircuts, consulting, golf, medical care, etc., a 10% increase in the length of time a customer stays with you equals a 10% increase in revenue!
There are many other important benefits to raising your customer service to a higher level. That same customer is more likely to refer others to your business – a form of marketing that costs you zero.
5 Proven Tips For Increasing Customer Loyalty:
Do some competitive research. Often competitors are serving their customers in positive ways that you can duplicate. Shop your competitors to determine what they are doing well, and adopt any techniques you are not using for your business.
Make it easier for customers to buy from you. Carefully examine the steps a customer is currently taking to buy from you and identify some ways to make buying easier. For example, you might eliminate some unneeded steps in the buying process or you might develop one or more ways for the buying process to take less time.
Provide a generous return policy. One chain, Bed Bath and Beyond, is known for taking any merchandise back for a replacement product no matter how long ago it was purchased. Although one would think there is a cost associated with this liberal policy, the benefits in terms of what other customers have to say to potential customers about their experience shopping at the company is huge.
One-Up Your Competition. Out-service your competitors at every turn. For example, provide a no questions asked one-year money back guarantee when a competitor is much less liberal. Or provide added value services that make doing business with you a stellar experience.
Make it More Convenient for a Customer to Do Business with You. For example, add delivery…bring take out order to their car…provide online appointment booking…pre-fill out their information on an application and so on.
Just remember, even 10% longer customer relationships are meaningful, much less the inevitable added referrals that will come your way.
To your success,
Scott
