By ShaDrena Simon, Inbound Marketing Expert for Yokel Local
While bringing in new customers is an important part of business, the latest numbers suggest that retainingcustomers is even more valuable to today’s companies. The benefits of going the extra mile for your first-time clients make it well worth the effort.
Today’s businesses are focusing on customer retention more than acquisition because it costs five times less to keep current clients than it does to acquire new ones, meaning greater return on your investment.
Your repeat business could be worth ten times more than your first-time clients, so a plan to create loyalty is crucial to your company’s success.
The first time a new B2B customer uses your service, will they leave feeling like while they had a good experience, they could have the same experience with one of your competitors? If so, there is room for improvement. Mediocre service is for mediocre businesses. Show your customers you are a cut above the rest by exceeding their expectations at every turn.
To delight first-time customers and keep them coming back for more, put the following four tips into practice right away.
1. Provide an Exceptional Customer Experience
Providing a top-notch customer experience is essential to retention. Business has become increasingly competitive and being average is no longer enough. When you consider that increasing your retention rates by a mere 5% can increase your overall profits by up to 95%, the importance of standing apart from your competitors becomes clear.
Recognize and acknowledge that the client is new, and make sure your team is on the same page and ready to promote a positive and helpful experience. You only get one shot to nurture and grow the first-time customer relationship, so make it count.
2. Be the Solution to Their Problem
Solving your customers’ problems the first time will create a lasting impression. Instill confidence in your first-time clients and they will trust you to make things easier for them again in the future. Show new customers that you are knowledgeable about how their needs and your industry intersect. Ask questions about your first-time customer’s situation that shows them you are knowledgeable about how your products and services can make things easier for them. They will appreciate your insight into your base and come back to you because they know you can be counted on for delivering results.
3. Give More than What’s Expected
Want to dazzle first-time clients? It’s time to get familiar with the concept of under-promising and over-delivering. Anytime a company does business with you for the first time, consider that they are taking a risk and most likely wondering if it will pay off.
Set reasonable expectations that are clearly laid-out, and then double down on delivering. Promise two-hour turnaround if you know you can do the job in one. Include personal touches like thank you cards and discount codes. This shows your first-time client that returning to you down the line is a risk-free proposition and a gamble worth taking.
Embrace the Art of Following Up
Where your first-time clients are concerned, follow-up matters. Strike a delicate balance between showing that your company is worth doing business with again and not coming off as pushy. After an initial sale,delight a new customer with a carefully crafted e-mail. You can increase your click-through and engagement rates by placing your clients into categories based upon their first purchase.
Targeting them with relevant content that specifically meets their needs at this stage of your relationship means better follow-through than you could hope to achieve with a generic welcome e-mail.
If you are the owner of a B2B business and you are making increasing customer retention among your first-time clients a top priority, you are not alone. An increasing number of businesses have implemented loyalty programs because research has consistently shown they work. While there is just a 32% chance first-time customers will purchase from your company again in the future, by the tenth purchase there is an 83% chance they will buy from you again. A customer’s first visit is an opportunity to grow your business, and smart owners will have a plan for success.