Tips for improving customer loyalty

Tips for improving customer loyalty

According to statistics, US companies lose on average half of their customers every five years.

It is true that gaining new customers can help your business grow. But your current customers are the lifeline of your business and making them happy is your top priority. Here are some ways to keep your customers coming back:

* Understand lost customers. Many business owners mistakenly believe that customers choose to patronize other companies just for a better price. Pricing may be a concern, but customers often go to competition when they don’t feel value.

Lifestyle changes may also have created a situation where customers no longer need your product. By staying in touch with their needs, you may be able to adjust your offering to continue the service.

* Know the customer’s top priorities. Maybe it’s reliability, speed, or cost. Your company should know your customer’s top priorities and provide them consistently. Ask customer questions every six months, as customer demands change frequently.

* Recognize the lifetime value of customers. The lifetime value of a customer is the revenue you earn when the customer stays with you as long as the customer can purchase the product or service.

For example, a customer who has a financial advisor has a lifetime value of decades and may span generations. Treat your parents with care. That way you can win your child’s business.

* Make a positive first impression. A good first impression tends to create a loyal customer and has only one chance to make a positive first impression. Appearance is important. The outside and inside of your business must be neat and clean.

* Listen to customers. Employees should actively listen to customers. Reassure customers that they really want to help. Customers judge their business based on staff politeness, empathy, effort and honesty.

* Handle and resolve complaints quickly and effectively. Inevitably, your employees will meet unsatisfied customers. Whether you return an item or change service, customers expect a fair policy. If you can’t provide a solution right away, let your customers know when you can expect a response.

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