Strategies for Customer Retention, Customer Loyalty, and Repeat Sales | Brian Tracy

Your company's most valuable asset is how it is known to its customers. Hello, I'm Brian Tracy and today I want to share some strategies for customer retention, customer loyalty, and repeat sales with you. The three terms are all intertwined. True customer retention leads to brand loyalty, which leads to consumer loyalty. Consumers are more likely to repeatedly buy from a brand or company they trust. How does a company go about building trust? By developing a strong relationship with its clients? First, let's start with customer retention. What does it mean to retain your customer? These statistics are generally defined as the percentage of long term clients of a company. The long term clients are more important than short term because they tend to spend more money, cost less for advertising, and make references to new potential clients. Long term clients spend more money because they are familiar with the products and enjoy them. Short term clients may purchase a product one time and then not return again. Because of this, it costs less money to advertise to long term customers. They are already familiar with the company and its products. Lastly, because of their familiarity with and enjoyment of the brand, long term clients refer the products to new customers. Think about your favorite clothing brand. You probably buy most of your clothing items from this brand. Each time you shop, you are considered a long term customer. You are also more likely to refer this clothing brand to a friend because of how much you appreciate the products. Your value as a customer has doubled because of the profit made from your purchases and the purchases of your friends. In order to acquire these long term clients, there are a few easy strategies you can first, always provide support to your customers. They need to know that you're always available to answer questions or solve problems they may be having. Survey your customers. Measure customer satisfaction ratings and handle shortcomings. Make sure to require a reasoning section for cancellations or downgrades. It's important for you to know why the customer is unhappy to the point of cancellation. Also, it's beneficial to provide discounts for your long term clients when and where you can show them that their support has been instrumental in your business and it's your gift to them as customers. Once a customer is retained, the next step is customer loyalty. Loyal customers are arguably the most important factor in achieving business success. From customer loyalty comes repeat business and more opportunities for more sales. The major strategies in increasing customer loyalty is keeping it personal and always following up. Establishing trust with a client comes from forming a relationship with them. Start by developing a personal connection. After you finish talking, send a personalized email or a thank you note. It even helps to remember significant things your client has told you and follow up with them about it later. For example, you could add to an email how does your vacation go? This shows that you not only care about your client as a sale, but as a person. It's also crucial that you always follow up with your client. Make the connection right away. Do not wait until later. The moment you hang up the phone, send a follow up email re establishing what you've talked about and your next steps. This is especially important if the client has reached out about an issue or with a question. Make sure you provide solutions or answers to the questions that they seek. Forgetting to do so can lead to an unhappy client and decreased sales. Remember, loyal customers are your best salespeople. Spend the time developing a connection and following up to questions and you'll have a customer for life. If they are satisfied, they may provide you with opportunities you did not have access to beforehand. The last step is generating repeat sales. As I mentioned earlier, it's much easier to sell products to a loyal customer, someone who values and trusts your company or brand. However, generating repeat sales does not just happen. It takes deliberate action to create opportunity for repetition and loyalty. After all, repeat sales is one of the major factors in boosting profit and generating new leads. In order to repeatedly make sales, there are a few techniques you should use. First, always deliver on your promises, do what you say you're going to do, and make your first priority the happiness of your customer. If they feel you have their best interests at heart, they're more likely to trust you and your products. Also, always make sure to say thank you. It sounds simple enough, but make your customer feel valued and important. Find a way to show appreciation for their business like customer loyalty techniques. Building trust and following up with your customers are incredibly important for repeat sales. Constantly reinforce your relationship with your customer by ensuring quality of products, answering questions, meeting deadlines, and so on. Closing the deal is high priority, but not as high as exceeding customer expectations. Follow up with your customers so that they know you are constantly thinking of them, offering values and insights whenever possible. Now, if you enjoyed this video and feel it was valuable in teaching you how to gain customer retention, loyalty and repeat sales. Share it with your friends or anyone else who might benefit from this information. Before we wrap up, I'd like to leave you with a thought to share with your friends and collaborators. Your company's most valuable asset is how it is known to its customers. Now I'd love to hear from you. So my question today is how do you build trust with your customers? As a customer, what makes you trust a company or brand. Leave a comment below and I'll be sure to follow up with you. Thanks for watching. And remember, if you want to change your future, take action. And take action now. If you enjoyed this video and feel it was valuable in teaching you how to gain customer retention, loyalty and repeat sales, subscribe to my channel like this video and share this video with your friends and click the button on the screen for a free gift. Thanks again for watching.