How loyal are your customers to you?
I’ve been with one service provider, AT&T, for years–dutifully paying my invoice month after month. They never really offered exceptional service, or even the best pricing. But none of their competitors had ever given me a compelling enough reason to leave, either. So, I stuck with the devil I knew.
Do your customers come back because they appreciate your products and service? Or, are you just the devil they know?
The mysterious customer retention department…
I recently learned that AT&T has what’s called a “customer retention department.” Apparently if you call customer service threatening to leave, you get transferred to another customer service department–one that tempts you into sticking around with a discount or a free upgrade.
I never spoke to the customer retention department, though. This time when my contract came up for renewal, sick to death of ever-rising costs and spotty service, I just left without saying a word.
Recommended for YouWebcast: The Art of Growth Hacking: Gaining Early Traction by Doing Things that Don't Scale
Your customer retention department can do nothing to retain customers they never speak to. That’s why your entire company should be a customer retention department. Your marketing strategy must include ways to keep your existing customers happy.
What’s your customer retention strategy?
It costs less to retain a customer you already have than to acquire one you don’t. So why do so many companies dedicate huge marketing budgets to customer acquisition, with a comparatively tiny (or even non-existent) chunk going to customer retention?
Friendly service, providing real value in exchange for your customer’s dollar, rewards programs, even a simple thank you note can go a long way toward earning your customers’ loyalty.
If you need ideas for what you can do to keep your existing customers coming back for more, give me a shout. I’m here to help.