A business without customers isn’t a business; if you can’t monetize it “the business” is just a hobby. In the competitive startup world, the entrepreneurs need to work hard not only on acquiring customers but also on retaining them.
Just because the paying customers have decided to give your product or service a go, doesn’t mean that they will stick around if they are not completely satisfied with what they get for the price they pay.
The cost of customer acquisition is a startup killer when it is too high. While many entrepreneurs focus on lowering the CAC, not too many startup owners focus on crafting a strategy to retain the acquired customers. This is why many startups find themselves in a difficult position of losing customers without knowing what exactly went wrong.
The reasons why your customers are leaving you can be many. It may not be you in some of these cases, yet if you regularly lose clients you need to look for a pattern that shows what is driving them away. To get a better perspective, here are three ways that you lose your clients and how to fix them.
You promise more than you can deliver
You may be motivated to get a new customer, but don’t let the excitement of closing a deal to make you set unrealistic expectations for your customers. Don’t promise more than you can deliver. Market your product with honesty and integrity.
Don’t focus on building relationships
Many entrepreneurs focus on the new clients and neglect the loyal ones. If you fail to build meaningful relationships with your existing clients, it becomes easier for them to lose their sympathy for the product. Nobody wants to feel neglected, right? Treating clients differently will backfire sooner or later, so avoid doing that.
Bad customer service
It is important that your customers feel comfortable doing business with you. They need to know that you think in their best interest; that they can contact you when they have a problem and expect an adequate and timely reaction from your team.
Startups must invest in hiring good customer service representatives, who have the right skill sets, knowledge and people skills. Good customer service is what will keep your long-term clients satisfied, valued, and respected.