CUSTOMER RETENTION STRATEGIES

Without customers, your business simply would not exist. Some businesses are so focused on winning new customers that they often neglect to put any effort into retaining the customers they already have! Winning new customers is often far more expensive than retaining existing ones. Winning a new contract may cost time in terms of developing a sales pitch and cash in terms of corporate entertainment in order to win over your target client. By contrast, retaining an existing customer might be as simple as sending them a thank you card with a voucher enclosed offering 10% off their next purchase!
Businesses constantly strive to grow their client base and to do this they must go out and put time and money into sales and advertising efforts. It's during these times that many businesses take their eyes off satisfying their current customers which can result in customers leaving. Customers of any business generally fall into three categories:

Loyal customers

Loyal customers won't leave for another product or service provider - even if a special offer is put to them. At the very minimum, they will give their existing supplier the opportunity to meet or beat the offer. Maintaining loyal customers is an integral part of any business. Over time it has been proven that loyal customers will spend more with you and they will refer new clients to you.