Hi there this is Neil Kilby and Peter Schmitz from sunny Florida
Today we’re talking specifically about retention.
Retention for me is the most single important thing we do as business owners. The hardest thing to do is to get a customer to believe in us enough to pay for service. To start a relationship with us. What’s your definition then of retention?
Customer retention. Well, it’s to keep clients coming back to you for your goods or services because you have serviced them and looked after them better than anybody else has done. Okay, you’ve added something to it but basically, retention is how long you keep a customer. so in simple terms, it’s a measurement for a small business owner of how long you keep a customer.
And obviously the longer you keep the customer, assuming the customer is paying, the better it is for my business. I’ve obviously satisfied the customer if he keeps paying me over a long period of time and retention is strictly a number of how long on average customers stay a customer.
Just to remind everybody, they’re not a customer until they’ve paid. well, that’s true until they’ve paid no they’ve taken your goods and services up until the point that you they paid you.
What’s the best retention strategy for a medium-sized business owner?
Because that’s who we’re talking to The best strategy for improving retention without a shadow of a doubt, is about customer service. Looking after that person how they want to be looked after exactly and it goes back to treating people the way you want to be treated and many people would say the customer is always right even when they’re wrong.
Thank you
