According to common business wisdom: It's easier and cheaper to retain existing customers than it is to attract new ones. Before you go in search of new prospects, therefore, consider whether you might be able to re-engage old ones.
"Increasing customer retention rates by 5 percent can increase profits by more than 25 percent," says Marketing Land's Loretta Jones. "So it makes sense that marketers should focus their efforts and resources on keeping current customers happy and satisfied -- especially those that are slipping away."
To rekindle relationships with old customers, be frank: Ask them why they disengaged, then determine whether you can make changes that address their concerns.
"Ask for feedback so you can make changes based on their experience," Jones says. "And be sure to share their comments with your staff members. Weekly or monthly internal meetings dedicated to discussing challenges … will only help improve processes. It also lets customers know that you still care about their opinion."
Questions, Comments, Suggestions?
Contact Successful Meetings Editor in Chief Vincent Alonzo with your "How To" ideas.