Successful customer retention doesn’t have to be a mystery. When your business is well established, you can focus less on reaching new customers and instead tap into the pulse of your current ones. Contrary to popular belief, money and time spent on the customer base you currently have is a much better recipe for success. According to multiple studies, it is 6 to 7 times more expensive to acquire a new customer than to keep a current customer.

At the BLOQ parq (tBp), we believe in loyalty and authenticity, which also happen to be two qualities that successful entrepreneurs are likely to possess. If you’re looking to build lasting relationships with your customers, you’ll want to keep the following 5 tips in mind.

1. Understand where gaps exist

There are benefits to digging into your retention rates as it can show you where you are losing customers. Identify the areas that need improvement and lack brand-inspired reach. Consumers should have consistent opportunities to connect with your brand and to feel valued as a loyal customer. You can make headway in this area by utilizing customer feedback via online reviews and surveys. If customer experience seems to be the root of the issue, crafting better practices for your team can turn it around.

2. Make an effort to build personal relationships

Customers are looking to support businesses that are authentic and offer transparency. They want to connect with the human element behind your brand. To elevate your company’s reputation and build trust, you must foster meaningful dialogue and relationships with consumers. Don’t overlook the finer details. Take the time to add personal touches such as gift wrapping, hand-written notes, and special birthday discounts or gifts. The small details can make a big impact.

The probability of selling to an existing customer is 60 to 70 percent, whereas for a new customer the probability drops to 5 to 20 percent.
Source: Altfeld

3. Include your customers in the big picture

Customers will lack commitment to your brand if they do not perceive a unique value to be gained. One way to create memorable value is to invite your customers to be a part of something greater by supporting a cause that aligns with your personal passions. Give them a purpose beyond the purchase by identifying issues that matter to your community and incorporating them into your brand mission. Look to partner with other local businesses or hold fundraising events for deserving nonprofits.

4. Bring it online

Online customer accounts are an effective way to invite and encourage repeat business. Although some customers may be hesitant to commit to an online account, research shows that this added level of convenience encourages repeat business. Executing strategically sound segmented and automated email campaigns is key to keeping the lines of communication open with customers. A good starting point is to look for online platforms that allow for an all-in-one approach and support emailed invitations to activate accounts after completion of a purchase.

5. Launch a customer loyalty program

Free stuff comes in the form of perks that keep customers coming back. Loyalty programs offer your most committed customers product discounts and rewards, deepening the bond you’ve built. Don’t hesitate to get creative when it comes to publicizing your loyalty program. For example, you can use your social media channels to cross-promote and drive home all the insider goodies being offered. Nobody wants to feel like they’re missing out on a deal.

Loyalty programs play a role in 76 percent of a customer’s relationship with a brand.
Source: Statista

If you express your appreciation for your customers, they will return the favor. The value of repeat business has long reaching impacts including reliable sales and positive word of mouth. As a market maker paving a new path in the real estate industry, tBp is building a loyal following of those looking to fulfill their entrepreneurial dreams. When you choose to join our innovative community, you’ll have the built-in confidence of knowing our micro-retail and office spaces are made to keep people coming back time and time again.

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