Thanks to the advent of the internet, the business landscape is more competitive than ever before.
Unique ideas are extremely rare, which means that whatever product or service you are offering to your customers, there may be someone offering the same thing, possibly in a more lucrative manner.
While such competition is great for consumers, as they are presented with an abundance of options for every one of their needs, the case is quite the opposite for business owners. In such a competitive scenario, the best bet for businesses is to build a loyal customer base. After all, the cost of acquiring a new customer is five times the cost of retaining an existing one.
While acquiring new customers is an essential part of business expansion, retaining and delighting existing customers is equally essential. That being said, retaining customers in a competitive business environment requires constant efforts and innovation from business owners.
Here are three things that you can start doing for your customers today, to make sure your business always remains their preferred choice:
The Devil is in the Detail
As mentioned earlier, several businesses in the same niche are offering the same product or service to the same set of potential customers. In such a scenario, for a business to succeed, the most important thing to have is a unique specialisation.
While claiming you are the best at everything may seem like a good thing to do, it is an absurd and in most cases, an incorrect claim. For instance, a restaurant may serve a great Beef Wellington, but there is no way that customers will believe that they also make a fantastic pulled pork burrito, lamb tikka or chicken pad thai.
Similarly, your business or product needs to have a unique specialisation that appeals to the consumers. Not only would this help you stand out of the crowd, this approach will help you carve out a specific niche that is attracted toward your particular offering.
Surprise Surprise!
Who doesn’t love surprises? Unexpected acts of goodwill will help your business forge and fortify lasting business relationships. While this might seem like an added expense at first, the returns will be well justified.
In fact, not all your ‘surprises’ need to be monetary. For example, offering a personalised discount on one of your services on a client’s birthday would earn you some easy brownie points. On the other hand, if the client is big enough, securing a VIP box at a sold out football game for them may result in a long-term and profitable relationship. Corporate hospitality services, such as White Label Hospitality, offer such experiences customised to your needs.
Customer is King
76% of UK adults say positive customer service is more important than the product or service itself. For this reason, when it comes to retaining customers, your post-sale service will play a crucial role.
We are fortunate to be living in a world where everything is available almost instantly. When this is true, why make your customers wait for a response from your side? Make your customer service instantaneous and efficient, and your customers will appreciate it for years to come. Not to forget, a delightful customer service can be a great motivator in suggesting your brand to their friends.
Conclusion
Retaining customers does not have be difficult if you are following best practices when you conduct your business. While a customer does mean more revenue, it pays to not make it apparent, and try to genuinely add value to their lives.
