In today’s fast-paced business world where competition rules, it’s easy to think that good old-fashioned customer loyalty is a thing of the past.
Loyalty used to come naturally, as services were far away from homes, so the local businesses and township were chosen out of convenience. Whoever could be the most local won the business.
Those were the days when the concept of neighborhood was more of an institution than a myth, and you knew your local shopkeeper by their first name. Relationships were close and casual; loyalty was simply a consequence of that.
Nevertheless it is these same principles of loyalty that rest at the heart of something that is still the lifeblood of business today: customer retention.
Loyalty is essential for business to survive and thrive. Statistics have suggested that a business is more likely to sell to an existing client with a success rate of 60-70% than to a fresh opportunity with only a 5-20% chance. This alone shows how customer retention is worth the investment.
No matter what product or service we are looking for, there are most likely multiple outlets competing for the customer’s attention.
Consider the fitness industry, as an example. Potential gym club members don’t only have access to the gym in their local suburb. Now there are fitness options where they go to work, where they pick up their children from school or even right in their own homes.
This wide range of choice has challenged the strength of the relationship between local service provider and client, making personal connections more difficult to initiate, let alone maintain.
To make the kind of strong connection that will build an unshakeable reputation that keeps customers coming back, a service provider must be offering more than the customer expects.
To gain that loyalty, you need to form a real emotional connection. Customers will think positively about your business when they feel cared for and understood. That comes from quick and efficient service, as well as consistency and reliability. This builds trust, and a credible reputation.
Putting yourself in the customer’s shoes, prioritizing customer values and dedicating your business to the client experience can help grow those long forgotten relationships. Every interaction from the small talk to the business discussion should be hassle free. The easier their experience, the easier they’ll come back.
As business moves increasingly into the online space, customer retention becomes all the more important. In contrast to the old days of centralized local business, customers can change their loyalty at the click of a mouse, so it’s vital that your business keep up with the technological play.
Debitsuccess’ payment services are technologically advanced, yet simple, direct debit systems that enhance your business by taking on the administration of regular customer payments.
As Debitsuccess handles all stages of the payment process on your behalf, it is more convenient for your customers to transact their funds. The easier this process is the more likely they are to continue using your services.
Debitsuccess has helped thousands of other businesses with their customer retention. The payment solution services we provide release time and cost for you to spend connecting with – and keeping – your customers.
For more information on how we can help with your customer retention, visit https://www.debitsuccess.com.au/direct-debit-benefits/ and call 09-4810498.