Are You Ignoring This Important Part Of Business Growth?

In order to grow your business you need to increase your sales. Simple right?

Getting new customers and keeping your current ones creates a steady increase of income.

This balance is how you achieve this goal. However, a recent study shows that just 6% of businesses focus on keeping their customers.

The majority of those surveyed are from small and medium sized businesses. 

That means that it’s very likely that businesses like yours are getting people through the doors, but not retaining their custom.

In essence: you might be treading water.


Is Your Business Treading Water?

The alarming statistic shows that there is a big emphasis on bringing customers through the doors, but not necessarily keeping their custom.

Lots of business work in different ways: some have clients, some rely on customers, so to make this clear to all different types of businesses we’ve illustrated the problem in terms of new staff members instead:

If you hire 3 staff members a month to help relieve the pressure on your team, but each month 3 other staff members leave as they are unhappy… you aren’t actually making any progress.

This example helpfully shows what might be happening with your business’ clients and customers. Your business might not actually be growing, and if it is, it could be growing far quicker!

If you are not focused on retaining customers you already have, then it might be jeopardising your business’s growth.


3 Ways To Retain Customers And Grow Your Business

It might be helpful to ask yourself: Am I one of the 6%? Do I focus on the ‘new’ and not my ‘current’ customers.

The success rate of getting a new customer is between 5-20%, whereas the chances of selling to an existing customer jumps up to 60-70%. 

This shows there are big opportunities being missed by business owners who spend most of their time looking out into the big wide world, instead of looking closer to home.

Here are some tips to help you focus on retaining your current customers:


1. Communicate With Them

You want to ensure that your customers feel valued! Nobody wants to feel like someone has grabbed their money and couldn’t care less about them.

Businesses that do well at retaining their customers express a desire to help them, and educate them on their product, service, or industry.

Of course this type of communication is great as it can also give you opportunities to sell more to them.

We personally try to communicate any big tax updates made by the government in the clearest way possible to help business owners that we work with.

That’s because we want to help grow their understanding and make them better business owners. Understanding tax rules is a big part of this!

It’s not the product, or service we offer, but it’s going the extra mile for them!


2. Answer Their Queries Helpfully

If you can offer to answer questions your customer or client may have, it will show that you genuinely want to help support them.

Often customers can have lots of questions, but they tend to not ask them. They can quickly stew on this, and feel like they aren’t being looked after.

If they then become unsatisfied they will likely go somewhere else.

Be on the front foot to offer support and answer queries quickly and helpfully.


3. Make Them Feel Part Of Something Bigger

When a customer or client buys from a business it’s often the end of the road. However, making them feel like they are contributing to something bigger really matters.

Thanking them for their support is a great and easy way to do this. People part with their money for a service, and often forget the knock on implications of this.

Their support helps keep your business doors open, it helps your business to grow and expand what you can achieve.

Make them feel part of something bigger by regularly thanking them, and showing them where your business is going and what it can achieve thanks to their support.

 

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