Expansion is a goal shared across organizations. Acquiring new customers is exciting, profitable and highly competitive. But keeping hold of your current customer base should hold equal importance. Without your valued customers, there would be nothing to build on, not much to work from and little hope for lasting success.
Importance of current customers
Despite often taking second billing to new prospects, the importance of customer retention has increased over the years. Companies employ customer success managers to make sure current clients enjoy their experience with a brand while also trying to sell new products or services to them.
In fact, the probability of selling to a current customer is between 60 and 70%, while 65% of a company’s business comes from their existing customers. Yet only 32% of executives place customer retention as a priority in their business setup.
Current customers also prove their value when it comes to word of mouth. Customer reviews are still one of the most important ways to gain new business, which means that positive reviews—online and offline—are worth their weight in gold for organizations.
Customer churn rates have an overarching impact on businesses. Not only does it increase the drop-off rate of customers; it’s also estimated that 91% of unhappy customers won’t do any further business with the same organization.
It’s clear to see the importance of maintaining current customers, especially as It costs a whopping five times as much to acquire new ones than it does to keep current clients. Whether you’re running a SaaS startup or own the local grocery store, having a revolving door of the same clients is vital to your bottom line.
willu for reducing churn
willu helps organizations reduce churn rates by using personalized hashtags as a gateway to more in-depth interactions with clients. No matter your business, you can use willu to engage with users who have opted into your service and provide them with valuable content that keeps them interested.
They subscribe to the hashtag for free and receive a direct notification when you want to update them—either through direct messages or broadcast updates. Ask for feedback on their experience so far, send them links to blog posts, give them special rates, or ask for their input of ideas for new products.
Use willu to empower your current customers and build a foundation to work from. Reserve a willu hashtag today and reduce customer churn rate.