In a troubled economic climate where businesses of all sizes are tightening their belts including the amount they spend on marketing while at the same time still trying to increase their profits, customer retention which is cost-effective and a profitable business strategy is more important now than ever before.
Finding new customers is great, but keeping hold of the ones that you have got instead of losing them to your competitors and turning them into loyal customers is even better. A customer saved is a customer earned — with trying to entice new customers costing you five times as much as actually concentrating on keeping your old cones, and by actually just increasing your customer retention by one per cent can have a huge positive impact on your profits compared to spending money to attract new customers.
Most organisations understand the importance of customer retention but unfortunately knowing it and putting it into action is a different matter. It is a problem that is costing businesses of all sizes a great deal of money and that is why they should turn to experts like Datatrace who can help them with their goal of keeping their customers and turning them into loyal customers.
One of the companies out there, who do know how important customer retention is and how to implement it, is Tesco. When they introduced the Club Card loyalty card, it was a very clever idea. However, the loyalty card is even cleverer than you may think.
When you look at the Tesco Club Card, you think it is just about earning points each time you shop, Tesco encouraging their customers to shop in their stores to keep earning points so they can turn those points into vouchers off their next shop or on day trips with promotional partners of Tesco, however the Tesco Club card goes way beyond that and is a very clever piece of marketing that is used as a customer retention technique.
Each time a customer shops at Tesco and uses their club card; their clever computer monitors what you buy and makes a record of products that you buy on a regular basis. By doing this, they entice you to keep shopping at their store by sending you money off vouchers on the products that you buy on a regular basis. So say if you bought Nescafé Cappuccino each time you went to your local Tesco supermarket store, you will find you will receive through the post money off vouchers for Nescafé with a short time limit on them. This is very clever, and allows Tesco to keep hold of more of their customers instead of spending more money on trying to attract new customers.
It is a good idea no matter what size your business is, to look at the customers you have. Instead of launching a huge marketing campaign to increase profits by enticing new customers, it would be more cost effective to look at the customers that you already have and look at ways to make them loyal customers.
Positive customer retention is about listening to your customers, finding out what would make them loyal to you, what would stop them from going to your competitors. Customer retention is like a marriage, if you do not communicate then the marriage will break down and that is the same with your customers. If you do not listen to your customers then the relationship will break down and you have lost that customer and lost their business.
Imagine you have a customer who spends with you €70 ever week on shopping, that customer is worth to you €3640 per year, but what happens if you start to ignore that customer, ignore what they want and need to stay loyal, just like a marriage she/he will walk out and walk into the arms of another. It will not only cost you €3640 in the first year in lost business, it could cost you five times as much to get another customer to take their place, just like a divorce, very costly! This is why you need to take customer retention seriously, you need to work with experts to help you plan a campaign and find out what your customers want. Use this data to fight back and keep hold of your customers instead of wasting money marketing for new ones.
For those who are purchasing medications online, there are several momentous points that couldn’t being ignored. Several medicaments has been found to be effective in treating sexual health problems in patients who are taking several classes of antihypertensives. There are medications intended only for them. Viagra is a drug set to treat few infections. What do you know about “how much does propecia cost“? Sometimes, when humanity think about Viagra, they mean “generic propecia“. Also, think about “generic finasteride“. Some common medications can mean screwing with your orgasm. Like all medicines, Viagra can cause divers side effects. Get emergency help if you have any kind of an allergic reaction to the medication. If the therapy you are taking is not approved, your dispenser can prescribe another prescription curing.