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As a small business owner, you probably already know that customers are the bread and butter of your business; it simply will not survive without them. But how valuable is a “loyal, repeat” customer to your business? Have you taken time to really think about that? Successful companies all over the world recognize the importance of getting “new” customers. However, many of them almost ignore methods that help them keep their “existing” customers coming back to them on a long-term basis. This is either because they don’t know how to get them to come back or they don’t take the time and necessary actions to make it happen. Either way, in order to take control of your local market, your business must place some emphasis on building customer loyalty. If you stop to think about it, repeat business is much easier and less expensive to get than brand new business. In just about any industry that exists, it is easier to get a customer whom has already purchased from you to purchase again… than it is to get a cold prospect to buy from you. Wouldn’t you agree?
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By: Ed Burckhardt
(800) 520-9498
Boost Your Profits with Customer Loyalty & Retention
Why is Customer Loyalty & Retention So Vital?
Getting “new” customers is much harder and more expensive than getting repeat sales from “existing” customers
Why Should Customer Loyalty & Retention be a Top Priority?
Attracting a new customer costs 5X as much as keeping an existing one
89% of consumers began doing business with a competitor following a poor customer experience
Emails targeted to customer loyalty programs have a 40% higher open rate
Why Should Customer Loyalty & Retention be a Top Priority?
86% of consumers will pay more for a better customer experience
Poor customer experiences result in an estimated $83 billion loss by US enterprises each year because of defections and abandoned purchases
Why Should Customer Loyalty & Retention be a Top Priority?
Unhappy customers are more likely to talk than satisfied customers…
• 25% of customers say something positive about purchases
• 65% are likely to speak negatively
• 23% of customers who had a positive experience told 10+ people about it
• 48% of customers who had a negative experience told 10+ people about it
Why Should Customer Loyalty & Retention be a Top Priority?
Customers taking the time to post a positive review about your business, appreciate if you take the time to thank them online.
Customers who engage with companies over social media spend 20% to 40% more money with those companies than other customers
80% of a company’s future profits will come from just 20% of their EXISTING customers
Financially, Customer Loyalty & Retention Can Help…
Reduced Marketing, Advertising, and Acquisition
Reduced Customer Turnover Expenses Increased Overall Loyalty Equals More
Profits
Increased Up-selling and Cross-selling
Financially, Customer Loyalty & Retention Can Help…
Increase in Referrals
Boost in Brand Recognition and Awareness
Less Time Spent Creating New Relationships
More Feedback and Suggestions
What Makes Your Customers Come Back?
They feel appreciated
They received great service from you They find tremendous value in your
product or service
They can get special discounts going forward (by joining some type of customer loyalty and rewards program)
What Makes Your Customers NOT Come Back?
Your staff was not attentive or they were rude
They did not feel appreciated
Your product or service didn’t meet their expectations
Your product is not priced appropriately
How Can Your Business Start Building Customer Loyalty &
Retention Immediately?
Sign up at my Blog; www.autoshopmarketing101.com
to get my upcoming “Why Customer Loyalty” eBook Report, it’s FREE!
Email Marketing & Email Coupons
Most internet users use email
Easily personalize communications and build relationship with customers
Consumers love getting “deals”
Will come back to you if they like your product and/or service
QR Codes & Mobile Apps
Both are growing in popularity every day
Use them as ways to build your as well as make offers to your list
Give users something valuable to make them scan your QR code or download your mobile app
Mobile-Friendly Websites
Websites that are not mobile-friendly frustrate customers
Could prevent them from doing business with you while on the go
Could turn them off completely sending them to your competitors
Social Media Marketing
More than 1 billion social media users
Customers tell others what they think of you on social media
Monitor, engage, and respond to your customers to initiate repeat business from them
Online Reputation Management
Monitor and respond to customer reviews made on review websites and business pages
Publish informative content about your company online regularly
Maintain a positive image online to keep your happy customers coming back
Providing a Quality Product or Service
No matter how good your marketing strategies are… they won’t come back if your product or service is of poor quality
Always focus on providing excellent customer service
Keep all communications with your customers on a “personalized” note to build trust
Be Consistent and Create a Comfortable, Positive Tone
Stay in touch on a regular basis with customers – do some testing to see how much is too much or too little
Make sure your employees are happy and loyal; if not, their negativity could spill over to how they handle your customers
Maintain a clean and comfortable environment for your customers
Make it ALL About Your Customers
Target your marketing efforts to different segments of your customer-base
Ask your customers what they want via surveys – and then give it to them
Always under-promise and over-deliver to build credibility
Implement a Customer Rewards Program
Great way to generate repeat sales from customers
Costco, Staples, CVS, have very successful reward programs, why not you?
Customers are eager to accumulate reward points for future purchases
Implement a Customer Rewards Program
Plan it out
Implement it
Make it easy for people to sign up
Make sure your rewards are very valuable
Pick the right program and initiate it
Tell EVERYONE to join!
By: Ed Burckhardt
(800) 520-9498
Thank you for viewing my presentation!Contact me if you’d like to know more…
