How to retain your customers

In today’s economy, the dollar is tight. Everyone is making decisions with their pocketbook, and every dollar spent is competitive. Companies need superb customer service, high-quality products and the technology to perform business in the most time- and cost-efficient manner in order to keep customers.

Existing customers are of great value to businesses. Repeat customers spend 33 percent more than new customers, and it costs a company six times more to sell something to a prospective customer than to sell the same item to a current customer. Finally, it costs as much to gain one new client as it does to keep five existing clients, according to Marketing.About.com.

By far, the most common reason businesses lose customers is because clients perceive indifference. They feel unappreciated, unimportant and taken for granted.

Exceed expectations to keep customers. Do the unexpected and be passionate about their needs.

Your employees are the touch points to your customers; therefore, put employees first. A disinterested or grumpy employee can make the customer feel unappreciated and leave. Employee-customer interaction is your company’s “moment of truth.” Empower your employees so they serve your customers.

Keep up-to-date with technology in the front and back ends of your business. On the front end, put customer-management solutions in place, available through several software applications, such as ACT or Goldmine. Be able to communicate with customers in their preferred way, whether it’s text, e-mail, phone or fax. When you connect with customers, make sure you keep up with the trends. Paper is out, right along with black-and-white. Color is in; pictures are better; video is the best.

On the back end, find ways to make the dealer-fabricator supply chain more efficient. Use technology to reduce steps in the chain, eliminating human error, saving time and money, and reducing product costs.

In today’s economy, now more than ever, employees need to be empowered through team spirit and technology. Customers that feel truly valued will think twice before leaving a company due to a pricing or quality issue.