How to Retain Customers

Eric Priceman is President of Victory. In his almost three decades in the awards and engraving industry, he has traveled extensively, both domestically and internationally, visiting customers and suppliers. He is happy to share his unique perspectives of the industry, both past and present. Please feel free to contact Eric by email at ericp@buyvictory.com or by phone at 773-637-7777 ext. 228.

In an effort to retain customers, a business needs to undergo constant activity and action. Failure to do leads to a low retention rate. Look at this water bucket with a slow leak. You can continue to fill it up with water as the level goes down, or you can get to the source of the leak, patch it up and figure out what caused it in the first place so it does not happen again.

It’s easy to talk about customer retention, but how does one go about it? The simplest way is to get down to the basics. Why has the customer come to you in the first place? This could be a variety of things but probably involves some or all of a combination of things: a product or service you offer that the customer was interested in, exemplary customer service, a networking relationship that gained you the business in the first place, etc. Whatever it was, it needs to be built upon and sustained. Organizations and customers evolve constantly. In order for an organization to maintain its customer base, it needs to evolve with its customers and make sure that any different needs from when the customer first came aboard are met.

If customers know that you care, they are less apt to look elsewhere, and even if they have problems with your organization, they will probably communicate and give you a chance to fix them instead of going elsewhere right away. Customers that feel less engaged by an organization that they deal with are less loyal and more apt to seek change. Remember, it is easier and far less costly to keep a customer than it is to acquire a new one.

—Eric Priceman, Victory