It’s a well-known fact that it costs many times more to acquire a new customer than to keep doing business with your existing ones. For this reason, the best way to become profitable is to have loyal customers who keep coming back again and again. It’s all about relationship building. So what can you do?
Customers Aren’t as Loyal as They Used to Be.
It used to be that customers would find one service that met their needs and stay with it for absolutely years. Now, though, customers are fickle, and can all-too-easily be tempted away by a competitor’s offer if they feel that it sounds cheaper or better than yours. So-called ‘loyalty management’ has become more of a science than it ever used to be, and it’s one that you need to make use of if you don’t want to be constantly failing to retain your customers.
Offer Discounts for Repeat Business.
You will see some businesses who give people a ‘first-time’ discount, as a hook to get people to try their services. This is entirely the wrong way to do it. What you should be trying to do is reward loyalty by giving people a discount each time they use...
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