According to the numbers, increasing customer retention by 5 percent can increase business revenues by as much as 95 percent. And if that mind-blowing statistic isn’t motivating enough, it’s common knowledge that it’s often way easier to leverage existing client relationships than it is to build new ones.
Or put another way, long-term customer relationships make it possible for you to make more money while doing less work. Want to see these results in your business? Keep reading to learn how you can have better customer relationships while growing your business at the same time.
1. Create a Customer Loyalty Program
In 2021, Penn Medicine found that the combination of gamification and cash was enough to convince veterans to take an extra 1200 steps per day. If every mile requires around 2,000 steps, that’s roughly 18 extra miles per month. Now, you might be reading that and wondering how exercising veterans can help your bottom line. And the answer is in the gamification aspect.
People love points, apps with engaging graphics, and rewards goals. And if they can get free items and discounts in exchange for giving referrals and purchasing goods from you more frequently, that’s even better. Sometimes convincing people not to jump ship is as simple as giving people an incentive to stay.
2. Build a Content Map
Imagine looking for lost treasure in a dense forest without bringing a map or a compass. Most people would have a hard time finding their way back to the parking lot — never mind actually finding and digging up the gold. When it comes to marketing and customer relationships, many businesses get stuck in a loop of doing things that have always worked without stopping to think about why those methods are effective.
A content map is a relatively easy way to visualize the customer journey. Well-timed blog posts, for instance, will make it possible for you to improve customer relationships because you’ll be helping people maximize the value they get from your product or service. If you want to know more about content mapping, you can find a more in-depth discussion on the subject in this blog article.
3. Exceed Expectations
Raise your hand if you’ve experienced this before. You find an amazing product that you just can’t get enough of. But then, after a few years, the company reformulates, and suddenly the product isn’t nearly as good as it used to be. Sure, you might have bought the product a few more times, but eventually, your loyalties changed and you found a replacement.
Here’s the bottom line:
Even if you have all the bells and whistles, nothing is going to make up for a subpar product or service. But if you’re consistently delivering a top-notch result, your customers will have every reason to continue buying from you.
Develop Long-Term Customer Relationships With These Tips
For businesses in all industries, long-term customer relationships are essential. So much so, that if you’re constantly prospecting for new clients, you could potentially find your company treading financial water. In order to develop those strong relationships, however, customer relationship management is key. We’ve just listed three ways that you can quickly start to build your customer relationships. All you have to do is give them a try.