Churn is the rate at which customers discontinue business with a company over a given period of time. Staying ahead of churn will grow your customer base and profits.
If you’re like most businesses, 20% of your customers represent 80% of your sales. Big brands know and embrace this which is why growing and maintaining your repeat customer base should be a priority of yours.
The first step in combating churn is to take a look in the mirror and identify what makes you better than your competitor? Why buy from you?
Outreach methods such as direct mail, a strong social media presence, and targeted advertising are just a few ways of keeping customers interested in your business. Educate your customers with relevent content to help them benefit from your product. Discover insight and gauge the strength of your products and services with surveys and interviews. If a customer is unsatisfied, take the time to find out why.
An obsolete or out of date product will send your customers elsewhere. Adding new, beneficial features without compromising quality will make you stand out and attract new customers.
Generate more customers by identifying and marketing to your best prospects. Keep in mind that generating new customers is much more expensive than retaining your current ones so it’s as important, if not more, to market to your existing members.
Over 90% of companies offer some sort of loyalty program. Incentives, such as frequent visitor discounts, special promotions, a loyalty or points program, etc., expresses your appreciation to your customers. Tailor your perks programs to attract your best repeat customers.
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