Increase the loyalty and commitment of your existing customers
Did you know that research shows that an increase in customer retention can increase profits by between 25% and 95%? With that in mind, it makes sense to keep your current customers happy so they stay with you. Here are our top tips on how to do this.
Understand their needs
Small businesses may have a less sophisticated approach to their advertising but will still need support. It’s therefore vital that you know what they want to achieve. If they hope to get a 25% increase in sales and the campaign is focused on raising awareness of the business, they may pull the plug before those sales materialise.
Make sure you know what they expect before they sign up and ensure the campaign is designed to match those needs.
Show them the value of advertising
For small businesses, every bit of money counts so they need to understand the value that it creates. But they often don’t have the measurement tools that big businesses take for granted. You can help them to understand the effect that their advertising can have. Explain how they can measure things like number of phone calls, increases in sales and enquiries and additional visitors to their stores to see the impact that their ads are having. Customers who can see the value are more likely to renew.
Offer something of value
Small business owners often struggle with juggling all their roles. They’re expected to be experts in sales, HR, accounts and marketing. Having a trusted partner they can turn to is a huge benefit, helping them to stay informed and make the right decisions for their business. Giving the right advice and explaining how advertising can fit into the marketing mix can be really beneficial. NRS Media has a library of advice pieces and White Papers that you can share. Be clear on why you are calling a client. If it is to invite them to a meeting or seminar, be precise, have scripts if necessary, but make sure you have a plan, sound professional and do not waste the client’s time when you make contact. We are all busy.
Keep in touch
Everyone likes to feel valued and business owners are no exception. Keeping in regular contact allows them to ask questions, understand their campaign and express concerns before they become an issue. If you wait until they approach you, it may be too late, even if it’s a simple thing to fix. Little and often is the key to maintaining a good relationship. NRS Media can help you with this. Many media partners are now outsourcing their small business customer retention to us, freeing your Local Advertising Teams up to manage the larger mid-sized accounts.
Small businesses are sometimes conservative, so providing proof is essential. If you can give facts and figures from other businesses, that can help. Social proof is a strong motivator and small businesses may continue to invest if they can see the value. Create case studies that show how similar businesses have achieved success. They often act as inspiration and motivation for business owners too. Be sure to include facts and figures to act as proof points behind the story.
Look for pain points
Any form of friction can affect business relationships. If things feel complicated, then that can be the final straw in cancelling the contract. Ask for feedback from your customers about:
• What they find good / what they like
• What they find difficult or don’t like
• What they think is missing
This information will help you to make changes to help retain your customers.
Whatever your business, we can help you develop an effective direct sales strategy. Make an enquiry