How come you manage to keep so many of your customers?
We recently renewed an energy contract for one of our long-standing clients and that was the question that the Relationship Manger fired at me as I was finalising the paperwork. Apparently, we rank as one of their highest customers in terms of retention.
It is said that it can cost up to 5 times more to attract new customers than it does to retain existing ones. Cultivating existing clients impacts more positively on the business and has a better Return on Investment (ROI):
- Staff have already built a relationship
- Trust is naturally built
- It is easier to cross and upsell products / services
- They naturally become brand advocates
- They are an excellent source of referral business
- They are more likely to stay loyal
What’s more, existing customers tend to buy more over time, naturally making them more profitable.
Of course, we all need to attract new customers. But why do we naturally tend to spend more time, effort and money on customer acquisition marketing when retention marketing is more profitable?
We’ve worked hard on our customer retention strategy, considering our clients from the outset. Understanding how important it is to strive to give our clients not just the best possible savings but also service, we took the time to invest in our internal systems and processes. We developed and built a bespoke CRM system, ensuring that important dates such as renewals are never missed. Realising that our clients may want to look at their records, we then designed a dedicated online portal where they can access their information at a glance.
We also provide a full on-going support service. Free to all of our clients, our dedicated Support Managers are on hand to deal with any questions or issues promptly and efficiently.
For us, communication, transparency and ultimately trust are key. We regularly communicate with our customers, keeping them up to date with relevant industry news.
But don’t just take our word for it. With a retention rate of well over 90%, our figures speak for themselves.
If you could like to find out how you could save money in your business, contact us on:
Tel: 0333 313 0091