It is no secret… it costs more to win a customer than it does to retain one. You may spend considerable capital to advertise your product or service to fill your pipeline with interested prospects, with only a certain percentage actually closing. After all that investment, effort and manpower to get the sale, doesn’t it make sense to do what you can to keep them spending with you?
There are many avenues of creating customer retention; loyalty programs, coupons, customer referral rewards, auto drafts, subscriptions, to name a few very effective ways. However, you may want to consider adding another tool for your arsenal: Communities.
Providing customers a place to gather, whether online or in person, will create a bond around a common interest. This is the best way to turn Loyal Customers into Advocates. According to Dictionary.com, to advocate is “to speak or write in favor of; support or urge by argument; recommend publicly.”
Wouldn’t it be great if an undecided prospect read, or was personally given, a recommendation by one of your customers? In Fred Reichheld’s “The Ultimate Question,” he breaks down customers in to three categories; Continue reading