5 Keys of Customer Retention

I’ve talked about the Stick Letter before. What happens after the sale is critically important to the life of the customer.

The rest of the business of “customer keeping” really boils down to these five keys.

Incredible Value & Satisfaction: The content you give in exchange for money needs to live up to expectations. (I often use content as a shorthand for whatever it is you do, sell, provide) You don’t always have to be “wow’ed” by the product or service, but at least satisfied. Think of your utilities. When was the last time you were “wow’ed” by your utility company?  That said, it still must meet certain expectations and hopefully exceed them.

Recognition: Customers want to be thanked for purchases. They want to be recognized for their loyalty. It still amazes me we needed authors to write books telling us to start saying Thank You again.

Rewards: Customers should be rewarded for good behaviour. Loyalty programs often automate the rewards. I suggest taking it to a much deeper level. Your other customers should see how your best customers are rewarded and recognized for their loyalty. You want to encourage the behaviours of your best customers.

Regular Communications: Getting in touch with someone every few months is analogous to your old girlfriend/boyfriends poking you on Facebook. It means nothing. If we’re friends, prove it. Friends make an effort to stay in constant, regular communication.

Pain of Disconnect: What can you create or implement in your business that causes me considerable pain if I end my relationship with you. I don’t mean torture devices and actual pain! I’m referring to value, benefits, utility, and perks, for example. Your goal is to make a) paying your business like paying the electricity bill and b), create a similar feeling of discomfort when the lights go out and the toaster stops working.

Start to think strategically about these 5 key areas and think about ways you improve in or or two at a time. Most business owners neglect to think about any of this. Their sole focus is often “how can I drive more customers through the doors?” I can almost guarantee focusing on these areas will create dramatic impact on your business growth.