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Three ways to stop losing customers and save money on lead generation

Published: Wed Sep 14 2022 07:26:29 GMT+0000 (Coordinated Universal Time)

A business can't grow without a steady stream of leads, but the same is true if it loses more customers than it gains.

The difference in spend between lead generation and customer retention is astounding: 80% of businesses spend over 70% of their marketing budget on lead generation. That means less than 30% of budgets go to customer retention and re-engagement, including upselling and cross-selling.

A bit more on long-term customer loyalty

Loyal customers don't just spend more, they actually drive business growth for you.

Tips for increasing customer retention

Give your customers a voice

Customers need to feel their voices are heard. Provide regular opportunities for them to give honest feedback so they feel they are in a partnership with real people, not a faceless logo.

We offer dedicated service call campaigns to keep your current customers engaged and regain lost business.

Start the retention process from day one

The most important day of your relationship with your new customer is the first day. This is when you begin your customer retention tactics by having excellent communication and establishing expectations about what your contact with them will look and feel like.

Customers need to be able to use your product or service to its fullest capacity and know that you can provide what they need. If not, they’ll likely leave for a competitor.

Prioritise your customer support service

Every minute and hour a customer has to wait for a solution to a support request, the more likely they are they go to a competitor.

As a minimum you should:

Generating loyal, satisfied customers almost entirely boils down to one common element: the customer experience. How do you deliver a great customer experience?

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