Friday, 23 February 2018

Information and commentary for the small business banking industry

Retaining customers in 2017

16 Nov

As small business owners get ready for the Christmas rush, it’s important for them to also look ahead to 2017 and their marketing strategies. All too often, customer retention is overlooked, which is a shame because not only is it easier to keep customers than it is to get new ones, but in many cases 80% of sales come from 20% of a business’s best customers.

So sitting down with their staff and reviewing their customer retention policies is something all business owners should do, ideally now, but it can be done after the Christmas rush too.

Word of mouth is the big one. It’s the most effective advertising tool out there, because people will trust what their friends and family tell them more than they will advertising from a business. That’s why it’s critical that a business is doing all it can to provide the ultimate customer experience. Even customer complaints, handled properly, can be used as a tool to enhance customer service and turn a negative into a positive.

It’s also important for businesses to remain engaged with their customers, asking them what they like and don’t like, taking their suggestions on board and continually thinking of new products or services to offer.

The below article looks at some more ways to maintain customer retention into the new year.

Read the full article at:

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