Winning new customers is a must for any business, but it is easy to forget your faithful and continuous customers. If you have only been giving out offers and discounts to new, potential customers, the ones who have been there and continue to be there might become a little sour. They might begin to feel “ignored”.
While getting new customers is a necessary business strategy in order to grow, it is still important to recognize the customers that have helped to build what you already have. A large portion of your time and energy should be devoted to finding ways to reward your existing customers.
The customers you already have are loyal and, if they are happy with their business experience with you, they can be a valuable source of advertising in telling friends and family about your products/services. From a business perspective, it actually costs less to keep existing customers satisfied than to have to replace them. Studies conducted across a number of industries have revealed that keeping a current customer is around 10% of the cost of attempting to acquire a new one.
So what steps can you take to make sure that you provide excellent treatment for your returning customers? Consider the following ideas:
- Provide them with a chance to gain early access to your new products and services – give them VIP treatment.
- Plan to have sales or special events that are exclusive to them, thanking them for their loyalty to your business.
- Offer your returning customers a chance to keep their current price, locking it in for the coming year when they go to renew their membership with you.
- Go the extra mile to implement technology that personalizes their experience with you. When they contact you for help, you will be able to quickly access their history with the company.
Implementing such strategies obviously involve time and money – two things that are often in short supply when running a business. If you are in need of funds to help you boost your business, a cash advance may be the answer to your needs. With First American Merchant Funding, you can expect a flexible, hassle-free payback experience as well as fast approval and funding; you can expect to receive your funds as quickly as 72 hours from acceptance. Continue building your business with both new and returning customers with a little help from a First American Merchant Funding cash advance.
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