Customers play a very important role in the success of any firm. Even though they have many other brands to choose from, your customers have decided to remain loyal to your brand. But is this enough?
Since the cost of retaining customers is greater than that of acquiring new ones, customer attrition is expensive for a company and therefore, it’s crucial for businesses to prioritize strategies aimed at retaining their existing customer base.
Furthermore, data reveal that only 20% of a company’s consumers generate 80% of its revenues.
This means that maximizing customer appreciation should be a top priority for every business because loyal consumers are the ones who will return and buy from you again and again. So, it only makes sense to make them feel loved, valued and appreciated. Even if you don’t have a large budget, you can adopt several low-cost ideas to demonstrate to your consumers that you value them.
Keep reading as we discuss the importance of customer appreciation, how to build a customer appreciation strategy, and a list of tools to help you do it.
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