Customer Retention Strategies 101 – Ten Keys To Keeping Your Customers, Leads, And Business Partners
Thursday, May 14, 2009 at 09:54AM by David Lazear
One of the key issues faced by any business owner is keeping the leads, customers, and business partners they have already attracted into their business.
However, most small business owners fail to implement effective customer retention strategies. It's a hundred times harder to find a new customer, lead, or business partner than it is hanging on to the ones you’ve already got!
Statistics show that businesses that do not have a strong set of customer retention strategies in place will lose 67% of their business customers.
For every month that you are out of contact with your customer, leads, or business partners you lose approximately 10% of your influence over them.
"Let's hang on to what we've got, don't let it go cause we've got a lot . . ."
This line, from the song "Let's Hang On" by Frankie Valli and The Four Seasons, is the theme song for this article. I'm going to share ten keys for helping you make sure your customer retention strategies are on target.
Key #1 : Learn HOW They Learn (Customer Care)
Each customer, lead, a business partner is unique. They each processes information in slightly different ways. They'll express their concerns, issues, problems, and challenges in ways that are unique to their unique "learning profile".
When you recognize this AND tap into it, your customer retention strategies will build you long-term customer relationships because you'll understand how they learn and process information.
Key #2 : Stay In Touch (Building Healthy Customer Relationships)
Frequent contact with your customers, prospects, and business partners is critical for a thriving business. How frequent is enough? Statistics show that new leads or potential customers must view a product or message at least seven times before they make the decision to purchase.
Unfortunately, many business owners contact with customers, leads, and their business partners drops dramatically after this. Key to your customer retention strategies is communicating that you value them beyond the sale and beyond them joining your team.
Key #3 : Get Personal (Customer Relationship Marketing)
Find out everything you can about them. What are their hobbies? When is their birthday? What do they like to do for fun? What are the names and ages of their children, spouse, or significant other? Do they have pets? Do they like to travel?
The more you know about "what makes them tick" the more you can build a deep and lasting relationship with them. "Relationship marketing" is growing in importance, so don't skimp on this one!
Key #4 : Over Deliver On Everything (Customer Loyalty)
This is one of the cardinal rules of attraction marketing and attracting customers, leads, and potential business partners to you. It's also a key after you've got them!
Your customer retention strategies should continue to offer them insane value with every contact, every e-mail you send them, every mentoring, coaching or training session you provide. You want them to be SO glad they are aligned with you they wouldn't even consider going some place else.
Key #5 : "Plugged-In" (Customer Training)
On the very first day your customer, lead, or team member joins up with you, make sure you start offering them whatever free training is appropriate to meet their greatest needs, wants, and desires.
You also want to make sure that it is customized to their unique "learning style" so they get the most out of it.
Key #6 : FREE Stuff (Building Customer Value)
These can include almost anything as long as it's providing real value for them: eBooks, audio recordings, teleseminars, special reports, webinars, conferences calls, complimentary consultations, videos, and free product samples. The possibilities are only limited by your imagination!
Key #7 : Fast Cash Flow (Customer Experience Solutions)
One of the biggest challenges for home business entrepreneurs is generating a steady flow of cash so they can stay in business! This is especially applicable for your business leads and business partners.
There may be no more important thing for your customer retention strategies than to make sure you're teaching people how to generate an immediate cash flow.
Key #8 : Business Building On Shoestring (Customer Savvy Business Building)
Most people you attract to your business team won't have much money to invest in their business. They're looking for a home business opportunity to help them change their financial situation, not spend more.
To "retain" these prospects and team members, you've got to be able to show them how to build their business on a very limited budget. Show them free (or VERY inexpensive) methods of advertising their business and you'll have lifetime followers!
Key #9 : F-O-C-U--S (Customer Retention Consulting)
New customers, prospects, and team members WILL get overwhelmed. They'll be receiving tons of new information both from you and from your company. To keep them from getting paralyzed it's critical to help them focus.
Have them choose just one thing and master it. Ignore everything else. Then when they've mastered it, move on to one more thing and master it. A confused or overwhelmed mind does nothing. Focus will help them keep moving forward and it will keep them from quitting.
Key #10 : Generate Leads (Enhance Customer Experience)
The quicker you can teach your team how to generated their own, high quality leads, the quicker you'll create a lasting bond with them. A steady supply of qualified prospects is the life blood of any business.
The old Chinese proverb applies so well here: "Give someone a fish and you feed them for a day. Teach them how to fish and you feed them for a lifetime."
The home business corollary is "Buy leads and you can recruit till the leads run out. Teach someone attraction marketing and they can recruit forever."
Conclusion
Your customer retention strategies help you develop a professional and friendly relationship with your customers, leads, and business partners by building trust and making them feel valued and appreciated. This is essential to the survival of your business.
David Lazear is a mentor and coach for mentors, coaches, and trainers. He is an associate of Mike Klingler and Ann Sieg at the Renegade University and Renegade Professional.
David has written some 15 books and created numerous resources for home business entrepreneurs, coaches, and trainers. His expertise is training others in the practical application of "multiple intelligences" (a.k.a. The 8 Kinds of Smart).
Reader Comments (3)
I really enjoyed reading your article David. You make excellent points, definitely leading by example and over-delivering in the same way that Mike Klingler and Ann Sieg do. I love your rewrite of give a man a fish!
Your article is really very interesting david I really enjoyed myself while reading.
Acquiring customers comes from aggressive advertising, but retaining them depends on quality products, excellent customer service, and a well designed sales funnel with a solid back end system in place..