Business today is not just about sounding the sales alarm and drafting sales campaigns to generate leads and close deals. Most companies drown that relationship after making profit from the deal. Generally, most sales reps are trained to build stable relationship with customers/buyers. Moreover, trusting relationship is a significant part of every customer decision, and the messages they receive during the sales journey determines a continuous customers relationship. In other words, customer’s journey.
Today, most businesses throw all their effort on acquiring new customers than retaining a customer. Studies have shown that 44% of businesses focus more attention on getting new customers, around 18% focus more on customer retention and about 40% equally focus on both. Opening a relationship with a customer lead to customer retention that helps for repeated transactions and referrals, and a study trend also confirms that customer retention is cheaper than getting new customers. However, other people say since customer retention is cheaper than getting new customers, why is every company still focused on getting new customers. The obvious answer is that businesses still need both to complement themselves and survive in a balanced way. Because more new customers mean more customers to retain to keep patronizing your product and services.
Old customers make up a large portion of a company’s revenue, because the more times they purchase your product, the more they’re likely to make another purchase. Another study confirms that after one purchase, the customer is only 25% likely to buy from your company again. However, after two purchases, they were 45% more likely to make a third, and after 3 more purchases, there's 54% chance to make a fourth.
To set your business and your customers up for a successful customer journey, follow these four steps to quickly build lasting relationship.
• Improve continuity
Providing continuity helps new customers to build trust with your company and its mission. Every trademark peculiar to your company must be recurrent in every department. Every promise and information from all department, both online and offline must be in line with the values and purpose your company is serving. Getting the departments and ideologies sync has a way of retaining a new customer, because they want to trust a system that has every component on the same page.
• Transparency
Showing the work process taken to complete projects for the benefit of your customers helps your prospective or old customer see the mistakes and lessons and the efforts and passion your company put into serving the needs of the public. This is usually done through technological tools like the internet and social media. Customers appreciate viewing posts and warm messages and new updates on product and services.
• Connecting with People
Small talk is an invaluable tool for building customer relationships. It’s effective when you first meet with a new customer and you’re trying to build a relationship, endeavour to ask about their families, likes and dislikes, hobbies, and weekend plans etc. For instance, before meeting a potential customer you can investigate their LinkedIn or other social page of interest: what activities they enjoy, and where they reside. Then you can use that information to kickstart conversation
• Getting more data.
Data is the most valuable resource in the world. It recently overtook oil. Old customers can generate more data for your business which can be used this data to access more actionable insights that can generate more profit. When you get a customer, you’re likely to get complete information on them. Which means you can gain insights into who they really are, why they like your products and services, and if there is a pattern to their buying habits. You can then use this data to design marketing strategies for certain demographics of the population.
• Give aways and discounts.
Most companies are beginning to key into this strategy, especially real estate companies that attach gifts and discounts to the sale of their land during the holiday season. Customers tend to appreciate gifts and discounts, because they feel encouraged to refer more buyers from their friends and family.
Conclusion
The main aim of businesses shouldn’t just be about running marketing campaigns and meeting sales target alone. There must be an extended relationship with each customer or buyer to keep them happy to come back to make more purchase.
Reference
https://www.marketingprofs.com/articles/2021/45956/you-dont-close-a-deal-you-open-a-relationship
https://www.commbox.io/8-best-customer-retention-strategies-your-business-should-use/
