As a small business owner, you probably already know that customers are the bread and butter of your business; it simply will not survive without them.
But how valuable is a “loyal, repeat” customer to your business? Have you taken time to really think about that?
Successful companies all over the world recognize the importance of getting “new” customers. However, many of them almost ignore methods that help them keep their “existing” customers coming back to them on a long-term basis.
This is either because they don’t know how to get them to come back or they don’t take the time and necessary actions to make it happen.
Either way, in order to take control of your local market, your business must place some emphasis on building customer loyalty. If you stop to think about it, repeat business is much easier and less expensive to get than brand new business.
In just about any industry that exists, it is easier to get a customer whom has already purchased from you to purchase again… than it is to get a cold prospect to buy from you.
Wouldn’t you agree?
Ed burckhardt Why Customer Loyalty and Retention Can Boost Your Profits
1. By: Ed Burckhardt
(800) 520-9498
Ed@ecommnow.com
Boost Your Profits with Customer
Loyalty & Retention
2. Why is Customer Loyalty &
Retention So Vital?
Getting “new” customers is
much harder and more
expensive than getting repeat
sales from “existing” customers
3. Why Should Customer Loyalty
& Retention be a Top Priority?
Attracting a new customer costs 5X as
much as keeping an existing one
89% of consumers began doing
business with a competitor following a
poor customer experience
Emails targeted to customer loyalty
programs have a 40% higher open
rate
4. Why Should Customer Loyalty
& Retention be a Top Priority?
86% of consumers will pay more for a
better customer experience
Poor customer experiences result in an
estimated $83 billion loss by US
enterprises each year because of
defections and abandoned purchases
5. Why Should Customer Loyalty
& Retention be a Top Priority?
Unhappy customers are more likely to
talk than satisfied customers…
• 25% of customers say something
positive about purchases
• 65% are likely to speak negatively
• 23% of customers who had a
positive experience told 10+
people about it
• 48% of customers who had a
negative experience told 10+
people about it
6. Why Should Customer Loyalty
& Retention be a Top Priority?
Customers taking the time to post a
positive review about your business,
appreciate if you take the time to thank
them online.
Customers who engage with
companies over social media spend
20% to 40% more money with those
companies than other customers
80% of a company’s future profits will
come from just 20% of their EXISTING
customers
7. Financially, Customer Loyalty
& Retention Can Help…
Reduced Marketing, Advertising, and
Acquisition
Reduced Customer Turnover Expenses
Increased Overall Loyalty Equals More
Profits
Increased Up-selling and Cross-selling
8. Financially, Customer Loyalty
& Retention Can Help…
Increase in Referrals
Boost in Brand Recognition and
Awareness
Less Time Spent Creating New
Relationships
More Feedback and Suggestions
9. What Makes Your Customers
Come Back?
They feel appreciated
They received great service from you
They find tremendous value in your
product or service
They can get special discounts going
forward (by joining some type of
customer loyalty and rewards program)
10. What Makes Your Customers
NOT Come Back?
Your staff was not attentive or they
were rude
They did not feel appreciated
Your product or service didn’t meet
their expectations
Your product is not priced appropriately
11. How Can Your Business Start
Building Customer Loyalty &
Retention Immediately?
Sign up at my Blog;
www.autoshopmarketing101.com
to get my upcoming “Why Customer
Loyalty” eBook Report, it’s FREE!
12. Email Marketing &
Email Coupons
Most internet users use email
Easily personalize communications and
build relationship with customers
Consumers love getting “deals”
Will come back to you if they like your
product and/or service
13. QR Codes & Mobile Apps
Both are growing in popularity every
day
Use them as ways to build your as well
as make offers to your list
Give users something valuable to make
them scan your QR code or download
your mobile app
14. Mobile-Friendly Websites
Websites that are not mobile-friendly
frustrate customers
Could prevent them from doing
business with you while on the go
Could turn them off completely sending
them to your competitors
15. Social Media Marketing
More than 1 billion social media users
Customers tell others what they think of
you on social media
Monitor, engage, and respond to your
customers to initiate repeat business
from them
16. Online Reputation Management
Monitor and respond to customer
reviews made on review websites and
business pages
Publish informative content about your
company online regularly
Maintain a positive image online to
keep your happy customers coming
back
17. Providing a Quality
Product or Service
No matter how good your marketing
strategies are… they won’t come back
if your product or service is of poor
quality
Always focus on providing excellent
customer service
Keep all communications with your
customers on a “personalized” note to
build trust
18. Be Consistent and Create a
Comfortable, Positive Tone
Stay in touch on a regular basis with
customers – do some testing to see
how much is too much or too little
Make sure your employees are happy
and loyal; if not, their negativity could
spill over to how they handle your
customers
Maintain a clean and comfortable
environment for your customers
19. Make it ALL About Your
Customers
Target your marketing efforts to
different segments of your customer-
base
Ask your customers what they want via
surveys – and then give it to them
Always under-promise and over-deliver
to build credibility
20. Implement a Customer
Rewards Program
Great way to generate repeat sales
from customers
Costco, Staples, CVS, have very
successful reward programs, why not
you?
Customers are eager to accumulate
reward points for future purchases
21. Implement a Customer
Rewards Program
Plan it out
Implement it
Make it easy for people to sign up
Make sure your rewards are very
valuable
Pick the right program and initiate it
Tell EVERYONE to join!
22. By: Ed Burckhardt
(800) 520-9498
ed@ecommnow.com
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