A Key Strategy For Turbulent Times: Customer Retention
Is customer retention on your mind these days? It should be.
Many people and companies are cutting back on spending.
In a recent post, Jeremy Horowitz asks:
"How worth it is new customers to my business? If it costs me so much more to acquire a customer who isn't going to spend a lot of money, is the marketing investment worth my time?"
Each business has to assess this for themselves,
But clearly, retaining an existing customer is less costly than attracting a new one.
And, your existing, best customers are a proven asset.
You count on them - and can't afford to lose them.
Especially in these uncertain times.
To identify your most impactful customers,
Use the 80/20 rule.
Roughly 80% of your revenues and profits come from 20% of your customer base.
These top-tier customers should be the primary focus of your retention efforts.
And to retain them, you need to invest time in getting to know them.
Reach out to your top customers. Talk to them and learn from them.
✅ What are their top challenges and frustrations?
✅ What are they looking to achieve?
✅ What does an ideal outcome look like for them?
✅ Why do they see your product/service as their best option?
✅ What would make their experience with your brand better?
✅ What other problems can you help them solve?
Armed with these insights, work to improve customer connection, experience, and satisfaction.
All of which positively impact customer retention.
Deeply understanding your best customers is wise in any economic climate.
But especially in a turbulent one.
When you're ready to understand your ideal customers deeply - Reach out, and we'll help you move in the right direction.