BUSINESS GROWTH: CUSTOMER RETENTION

Bukola Olujobi
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The consumers of any product or service are the target audience, your customers: the ones that get the final satisfaction of a production.

As an entrepreneur, profit-making is important but pales in comparison to your customers because, without them, your business/brand has no relevance or bearing. As a startup, you must know the importance of your customers, hold them in high esteem.


In the world today, there is no business without competition. You realize that within a small circumference of people, you see five different persons selling or producing the same product or services. The internet has made the competition global because people all over the world promote and transact online, social media platforms are the marketplace.


As a result of the increase in competition, customer retention for business owners is very serious. This implies there is a single market audience but multiple value providers. You and your competitor can be producing and delivering the same product or services but definitely, the process and gestures used in delivery exchange cannot be the same thing. Your client relationship/service will make a difference and also influence your customer’s decisions.


Retaining existing customers is easier and cheaper than trying to convince or acquire new customers into your brand. It takes a level of conviction for a prospective customer to patronize your brand when they have not tried or experimented previously. However, existing customers have experience with your brand, testimonies about your product, and complaints in the past and you have dealt with them by receiving them well and rectifying whatever complains were raised. For one client, your brand is as a stranger and to the other, a family.


Acquiring a new customer is a sign of growth but losing existing and regular customers is a step in the opposite direction. In order to engage and retain your customers: work on this few things:


CSR – Customer Service Relationship:

Develop a good and hospitable customer service relationship. Manage existing and new customer relations well because how you relate with customers at the initial contact always creates an impression in the customer’s mind about your brand.


Know your customers: 

Acquaint yourself with them and let them know you are not in business just for the money (profit). Let them know that as a brand, you care about them, and meeting their needs adequately is your priority. Listen to them when they have complaints about their experience and the value they received.


Have a customer database:

Keep their customers’ records; identify active and inactive customers. Have a follow-up strategy, send them emails, identify well with them on your social media platform. 


Get feedback and Appreciate your customers: 

It will help your business monitor customer satisfaction and how you can improve your services. 

Appreciate your customers when they patronize your business regularly by creating loyalty programs, giving discounts, or added value when they buy your products.


Aside from the quality of products and services you produce, your existing customers are your fans, they will always defend your brand, they will help build a strong reputation for your brand; they always refer new customers to you and make your brand only stand out but also make more profit and growth.

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