Renewal customers tend to cost less than new customers for most organizations; without the cost of acquisition, revenue dollars are cheaper to come by. But your customers won’t renew if you do something to lose their respect and trust. There are a few things you can do consistently to stay on their nice lists:
Don’t use the same resources to engage clients that you build to lure prospects. Create a set of resources geared towards customers that use your products and services to maintain a steady stream of communication, and to ensure that your customers know how to use your products.
In addition to product-centric resources, thought-leadership pieces can build brand value with your clients. Let them know that you’re an authority in your industry. Drown out the competition.
Listen to Your Customers
Remember when Bank of America tried to slap a $5 monthly debit card usage fee on its customers? Those customers were so livid that many threatened to pull their money out of Bank of America and sign up with other banks – banks that didn’t charge customers for using their debit cards. The debacle occurred during a time when consumer sentiment was boiling against big banks in general, and when Americans questioned the ethics behind big banks.
Bank of America redeemed itself slightly when, two months after their announcement to install a debit card when, they decided that keeping customers was more important than charging them an extra $60 a year. The outrage at Bank of America’s morally corrupt executives died down eventually, and customers kept their money in BofA banks.
However, Bank of America is a huge brand. We don’t all get CNN coverage for our missteps (thankfully), but we’re doing something wrong if we don’t notice customer feedback. Sometimes customer feedback isn’t an open revolt, but a positive suggestion for improvement. Twitter, Facebook, and other social media sites offer opportunities to hear our customers – big and small – and we have no excuse not to listen.
Promote Your Customers
Let your customers know that you think they’re awesome. If they use and love your products, they are.
Recommend their products and services on a regular basis. You can easily offer some endorsement through your corporate website or social network profiles.
Showing the desire to assist your clients and their businesses will always pay back. It shows that you are concerned and willing to undertake steps needed for the success of your customers. This is how great and long-lasting business relationships are born.