How to retain customers

By Koketso Mamabolo

What if we told you that you could grow your organisation with the customers you already have? 

Consider this: According to statistics from Invesp, attracting new customers can cost five times as much as keeping existing ones. The probability of selling to a new customer is 5 to 20 percent, whereas you have a 60 to 70 percent  chance of selling to an existing customer. When it comes to trying new products, existing customers are 50% more likely to do so - the number drops to 31% for new customers.

Still not convinced? Did you know that by improving your customer retention rate by just 5%, you could see your profits grow by anywhere from 25 to 95 percent?

By retaining customers you:

1. Get more stable revenue
2. Reduce the number of unknowns
3. Save time and money

What we’ll cover

1. Looking to the past
2. Getting the timing right
3. Listening to your clients and getting personal
4. Delivering on what you promised

1. Look to the past

The first place you should start when getting your customers to come back is to look at the previous transactions or deals. Who was the sales representative? What were the terms that were agreed to? What did the customer get? If it’s an organisation, who signed the deal? Who is the main point of contact? You don’t want to walk in the dark - before you go about retaining customers you need to get an idea of what they received in the past, and all the other details that will ensure you take an informed approach.