|The Holy Grail Of Marketing: Customer Loyalty
Every CEO will tell you that having loyal clients is the key to growing a profitable business. While much of marketing nowadays is geared toward acquiring new clientele, it’s important not to forget the people who got you to where you are in the first place.
Existing clients are the livelihood of any business. Establishing an authentic bond to ensure reoccurring business simultaneously ensures the future of the company. Just having regular newsletters, “teaser” rates and discount programs is no longer enough. It’s common for businesses to lose 15-25% of their client base per year — a shame, considering it costs companies 6-7 times more to acquire a new customer than keep a current one, according to Frederick F. Reichheld’s The Loyalty Effect.
Fostering true customer loyalty and engagement allows your business to achieve healthy, sustainable growth. Investing time and effort to go above and beyond for your clients is not only worthwhile but strategic; your ideal clients will go above and beyond for you. Here are some of my favorite strategies to build customer loyalty.
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This article originally appeared on Forbes.com. You'll find a link to the original after the post.
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