The Business Bulletin
SALES
Customer retention – what does it mean for your business? Once you have a new customer, providing they are a good one you want to hang onto them, right? Selling and marketing cost time and money, so it’s much cheaper for your business to hang onto the customers you have. What do you do to keep yours? Here are 9 ideas for you to consider 1. Tracking your customer churn
gained. It’s worth including
rate. Pick a time frame, the
the revenue you’ve lost and
2. Make sure you ask your customers for feedback.
last month for example and
gained because of customer
You’re not going to be able
list all the customers you’ve
churn as well as the reason
to improve if you don’t ask for
had in that period. Be sure to
why people left. With this data
feedback and be prepared
make a note of who’s still with
to hand you’ll start to get an
to learn from it. It’s also vital
you now, who’s left and how
idea as to what’s going on in
that you share feedback with
many new customers you’ve
your business.
your team, they’re not going
Issue 20 | 15
