TUESDAY CHALLENGE: CUSTOMER RETENTION

For many businesses the majority of their profit and growth comes from additional sales to existing customers and from their referrals.

Your challenge today is to first, identify what your current customer retention process is. The best way to accomplish this internal look is to write down exactly what you are doing.

The second part of today’s challenge is to review what you have written and rework the process  or establish a new one if one does not exist.

Consider the following:

• Do you have a tracking system in place to determine if your customers are coming back to you when they again need your products/services?
• What is your communication process (outreach) to your current customer base?
• Are you tracing the source of your new customers?
• How many are referrals?
• Are you using customer feedback surveys?
• Do you have or should you have a Loyalty Program for you customers?
• Do you know what your customer’s lifetime value is?
• Do you know your customer acquisition rate?

This challenge may be one of the most important marketing/growth tools that you can use. Don’t be discouraged if you do not have a customer retention process in place; start with one today.

If you would like help with this process please e-mail me. I can set up a small group session to discuss and develop an applicable system for your use.