In a blacksmith’s home, there are only wooden spoons.
The plumber’s house always has a dripping tap.
Proverbs such as these are scattered throughout cultures around the globe. The phenomenon is quite universal: sometimes we become so consumed by our profession, so preoccupied with projecting our talents outward, that we forget to look inward long enough to provide for our own families.
Rapidly growing businesses often have impressive and proven strategies for customer acquisition. An influx of new customers is an exciting statistic glimmering with the promise of revenue and growth. It is so exciting that it can dominate all of our efforts and resources. But what about the customers we already have?
When customers choose to buy your product or service, they become part of your brand family. Whether it is reluctantly or enthusiastically, they take up your banner in some fashion. Nurture and respect a cohesive family unit, and it can bolster the brand’s image, value, and future prospects. Consumers see a proud and happy brand family and jump at the chance to join. Neglect or mistreat that family, however, and you may quickly find frustration and disillusionment that could lead to an exodus.
Retention is an integral aspect of growth. It is exhilarating to look outward towards prospects with an appetite to conquer new territory. Fail to take care of the folks at home, though, and you might have a revolt on your hands. Slowing down to make sure customers have proper care and attention will greatly improve a business’ odds of survival. A high retention rate ultimately drives profitability and increases the value of a customer lifetime.
Just like customer acquisition, customer retention needs carefully planned programs. For some insight, take a look at this webinar with John Schroeder of Nova Foresight and Angela Bossie of Listen360. Tune in to follow along as these two experts map out the path to higher retention rates with 3 essential strategies.
Watch the recording here.