Businesses are now doing their best to gain new customers while putting key measures to retain existing ones as well. A 5 percent increase in customer retention can lead up to a 75 percent increase in customer lifetime value. Customers who are familiar with Cape Coral Towing more likely to buy from this company since they can relate to it. Returning clients provide a lot of value to your business over time.
But before we can discuss more, it’s good we understand what we mean by the customer base.
A customer base is a group of people who repeatedly buy your company products and services. They are customers who frequently engage with your business and provide the most financial value your company needs. Depending on the industry you are involved in, your customer base can be a specific group of people or a target audience in accordance with your buyer persona.
Companies need to identify their customer base because they are people who are incredibly valuable to your business. They buy your products and most of them rely on your products to achieve their goals. When you have a good recognition of them, it will help you in your marketing and sales as well as customer service.
Within a customer base, there is what we call an installed base. These refer to the group of customers within your customer base who are actively using your products. This group will exclude the people who are yet to make a purchase and are not engaging with the offers from your business. When you identify these customers, it will help your company in providing timely services and improving retention.
To Grow your customer base, there are a couple of tips you can follow;
Provide excellent customer service
This one goes without saying. Companies that fail to deliver exceptional customer service stand to lose a lot. Customers will stop doing business with you if your customer service sucks. Customers expect perfection in the whole process of doing business with you and will be more than ready to switch brands if you are not offering them what they need. Ensure you engage with all your customers and have their issues resolved.
Encourage Customer Advocacy
It will be difficult to attract new customers to your business if they have never heard of your products and services. Today’s customers are very skeptical of advertisements and will not be swayed by just marketing efforts. They need to feel confident in your company and what to be associated with one that is in line with their goals. One of the best ways to build customer trust is to leverage your customer advocates and encourage advocacy.
Additionally, you can create premium offers for your customers. With premium offers, you get a unique way to grab the attention of potential leads. With freemium offers, you will be giving out something valuable for free in exchange for some information. This information will be used to create your buyer personas.