Keep Your Low Hanging Fruit
It’s a new year and things are a bit unsettled, to say the least. Between supply chain issues (still), inflation, crazy weather, and world events, it can be hard to concentrate on your business. Take a deep breath, hold it and count to ten, and slowly exhale. Now pick up your coffee and take a sip. Feel better? Good.
Even though things are uncertain, and we don’t know what the future holds, growing your business should be your Number One priority. The question is, how to do that, even though everything is chaotic.
The answer is: Keeping Your Current Customers. That’s right, retaining your current customers is key to growing your business. What about new customers, you ask? They’re important, but retaining your existing customers is key.
Why? Two Reasons.
1) Because it costs less to retain a customer than to acquire a new one.
2) Keeping your customers happy is the best way to get great referrals – and new customers. Keep reading to find out why.
Why Do New Customers Cost More?
People are brand loyal. We all are. We all have brands that we prefer and usually are resistant to trying something new. It’s human nature. Change isn’t easy.
The same goes for HVAC contractors. People stick with the contractor they know. Especially if they’re satisfied with their contractor, they’re less likely to switch. The main reason people change contractors is they’re dissatisfied with their existing one, or they just moved into the area. The biggest cost in acquiring new customers is marketing. Since prospects aren’t familiar with your company, you have to invest in advertising and marketing to build awareness. This can get expensive. Advertising and marketing costs are continually increasing. And you can’t be sure if the new customer will choose your business. They’re being marketed to by your competitors as well. So, it can be an expensive effort. It’s not a bad idea, but it’s hard to do, without professional help. Retaining customers is easier and can be as much as 6 times less expensive.
Tips for Retaining Customers
Make Onboarding Easy – When you do acquire a new customer, make their initial experience with your business “hassle-free.” A smooth first experience will go a long way to retaining a new customer. As the saying goes: “You only have one chance to make a good first impression.”
Your Company Mission/Values – Having clear company mission/values can help retain customers. Having your mission/value statement clearly stated makes a good marketing tool and people connect with that.
Social Proof – This increases your credibility with customers. Social indicators such as customer ratings and reviews will show that others have had a positive experience with your company. It also provides insights and feedback into their experiences and your products and services. Lastly, complimentary reviews build credibility and authenticity to prospects very quickly.
Differentiate Yourself from Your Competitors – Differentiating your company from your competitors is vital. Prospects gravitate to compelling reasons and unique perspectives on your products and services. This attracts new and retains existing customers. Offering a unique product or having a reputation for high quality customer service will grab people’s attention.
Given that the public has options when choosing an HVAC contractor, making your company stand out from the crowd will make it easier for prospects to choose your company over a competitor.
Having a distinct difference between your company and others will make your customers feel confident in the quality and value of your products and services. This will make them more likely to continue as a customer and recommend your company to others.
Go Above and Beyond – By going beyond what your customers expect will give them an unexpected and positive experience. This will make it more likely that customers will continue to do business with you and recommend you to others.
This builds credibility, trust, and a positive and long-term relationship.
So, What Can I Do?
If you’re not sure how to proceed with a customer retention program, Bedrock Markets is here to help. Bedrock’s Automated Retention Plan called Lifetime Customers will make retaining customers for your business easy. To set up your program or for more information, call us at
530-345-3280 or online at thebedrock.com/lifetime/