With growth, businesses thrive; without evolving, they can’t even survive. Growing net new is important, but especially now, when consumers are more hesitant, we’re all reminded of how important it is to keep your current customer base intact. It’s crucial to have a customer retention strategy in place in addition to your plan for growing net new. Considering it costs at least 5x more to acquire net new customers than to keep existing business, it begs the question, are you focused on retaining current customers? Are your current customers aware of the breadth and depth of your service offerings? What do you offer that can help them succeed?
So how can you keep current customers engaged, satisfied, and loyal? Here are 7 ways you can protect your most prized asset—your existing customers.
1. Complete Quarterly Business Reviews (QBRs) with Your Customers
Consistent, well-prepared QBRs (or even periodic reviews) will reinforce the value the customer is receiving from your company and help you gain an understanding of their needs for the future. This ensures you remain aware of their challenges and growth plans and have the chance to remain relevant to their success. It can also be a great opportunity to share how your new offerings can help them overcome their business challenges.
2. Give Customers a Competitive Advantage
By upgrading your customers in a timely manner, you help them be as productive as possible with the most up-to-date solution. Staying on top of your upgrade schedules also prevents competitors from sweeping in and stealing your business. At GreatAmerica, we use info-zone™, a platform that offers many reports for managing contracts and upgrade opportunities. Browse a few examples of available reports here.