Add Value with Customer Retention Program

Every businessman is aware of the fact that the success of any business depends mainly upon the satisfaction of the customers. If the customers have positive attitude towards your product then you are sure to survive and flourish in the near future. So the business organizations conduct consumer satisfaction surveys from time to time. This way they are able to study the minds of their clients. They are able to acquire information about what the customers think about their services and goods they purchase.

With the help of these surveys, the owners get to know what their ranking is compared to their business rivals. They get the chance to improve their weak areas and drawbacks. By applying various marketing strategies, they try to increase their sales. Consumer satisfaction survey should be the top priority and most of the decisions should be taken based on the client’s feedbacks. These types of surveys provide an appropriate tool in improving organizational performance and thus profitability. You are able to know what makes your customers loyal to you and thoroughly understand the consumer’s issues and problems. Try to find out what is the relationship with their employees, whether customer service is up to the mark or not.

Smart business competitors that are prospering in the present economy have recognized that measuring consumer satisfaction survey is the key. Only by doing this, they can retain their loyal customers and understand how to attract new customers. All the businessmen know very well that it costs a business about 5 to 10 times more to attract a new customer than it does to retain a loyal one. The existing customers even spend 70% more than a new one. Some of the companies lose money and time to lure new clients and thus the loyal customers get no extra benefit or value for their loyalty.

They tend to divert towards companies that offer them special benefits and discounts. So it is extremely important for a company to implement customer retention program in order to hold on to the current customers. The present customers demand extra attention and value for their loyalty. Using a point system is the most common retention program. With the purchase of every product, customers earn points, which translate into some type of reward or special discount. Try to connect with your consumer by providing value in various ways other than cash. Companies that have high retention grow faster!