Tips for Gaining and Retaining Customers

Without a customer base, a business isn’t a business, right? There must be a person or entity to whom you can sell your goods or services. A business needs a reliable revenue stream, and common sense says that revenue increases with the number of consumers. 

A customer base is multi-faceted and includes potential, new, loyal, low lifetime value and former customers. Each type presents an opportunity to increase your number of customers and therefore, boost your revenue. 

Potential customers are often the focus of marketing campaigns as they present the best opportunity to increase your consumer base. Marketing strategies, such as free trials or introductory discounts, should be designed to increase company awareness. 

There is the potential for new customers to become loyal customers. Feedback on what they like about your goods or services and what they would like to see from your company to increase their loyalty is valuable. Digital engagement helps foster company trust and convince new customers of your interest in their satisfaction. 

Loyal and repeat customers are those that already trust and have confidence in your products. Focus on keeping their business by recommending higher tier products that will meet their wants and needs. Show your appreciation and further strengthen their commitment to your company. 

Low lifetime value customers are those that only purchase goods and services intermittently but can become a higher tier customer. Try to determine why they aren’t buying more often by offering surveys or a similar tool and deduce if there’s a problem within a specific area that you can address. 

Former customers may have left your company, but there’s still an opportunity to win them back. Try and identify any potential negativity in their experience and maintain contact. If you think changes need to be made, make them and let the customer know. 

Regardless of the type of customer, it’s a universal truth that the more customers, the better. Be creative in your efforts to win customers. You could offer a free newsletter with content designed to identify your goods and services; to explain what your company is all about. Conduct surveys to get a feel for customer experience and satisfaction. 

Every customer is of value. Word of mouth is important. The best way to achieve customer satisfaction is to provide consistent and excellent customer service. Treat every customer with respect and appreciation. The news will travel. 

If you have a website, keep the content informative and fresh. Consider starting a blog with content about the newest, hottest topics in your industry. This also helps with search engines pulling up your website. 

Don’t overlook the importance of social media. You can connect with a target market on a more personal level and educate said market on exactly what you do, therefore increasing sales. Social media gives your business the opportunity to interact with your customers in real time to increase recognition of your company. 

Word of mouth has been mentioned. It’s free, yes free, advertising. Satisfied customers will promote your goods or services. Create a program that rewards customers who refer new clients. 

Consider collaborating with an influencer or industry expert with a large following. You can jointly work on projects, create content and have them recommend your company. This can help you reach a wider audience and gain credibility. 

Expanding and maintaining a customer base faces challenges such as market saturation, competition and evolving customer inclinations. Seek ways to differentiate your company, capitalize on excellent customer service to build loyalty and be prepared to change marketing strategies based on current customer preferences. Take these steps and watch your consumer base grow.