In the era of competition One thing that many businesses should focus on is managing the relationship between their customers and the business. Also known as CRM marketing to keep customers in our business for a long time. These will create good results for many organizations. For example, long-term business loyalty, more customers buying and looking forward to new services that will happen in the future, widely spread, Reduce the loss of old customers each year, etc.
Customer retention can also increase a business’s profitability in a number of ways. Here are five reasons why customer retention is the key to business success.
1. Save money for marketing budget.
Acquiring new customers costs significantly more than retaining existing customers. So keeping old customers who are already familiar with your products and services. This allows businesses to save money and reduce marketing costs.
2. Repeat purchases from existing customers are more profitable.
Existing customers (old customers) are 3 to 10 times more likely to buy and spend more than prospects (new customers). They are 50% more likely to buy new products and spend 33% more than new customers. This group of customers have trust and believe that the business they used to use products and services. able to offer something superior compared to competitors. Therefore, attention should be paid to the product. and the use of services that this group of customers like as they are likely to buy more in the future.
3. Free word-of-mouth advertising.
“Word-of-mouth is the most cost-effective and low-cost advertising” that only comes from existing customers who are satisfied with the product or service. They often tell friends or family about the product. And the services they love from direct experience.
4. Old customers will give useful feedback.
Customers who regularly purchase products from your business will know which parts of your products and services should be improved. Asking regular or current customers how your business can better serve them will lead to new opportunities. To develop business and increase customer retention rates including increased sales as well.
5. Old customers can pay a higher price.
Old customers or existing customers are less price-sensitive than new customers. Because they have trust in the business that used to use the service to be able to deliver superior quality than competitors and therefore willing to pay for your goods and services. Whether the price is higher or not.
It can be seen that retaining old customers will help the business to benefit in many ways. We just care Satisfying customers to feel brand loyalty. That’s it for both old and new customers. It will stay with your business for a long time.
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