The Art of Building Customer Relationships
By: Bianca M. Strzalkowski
Retaining customers is good for business … and your bottom dollar.
The cost of attracting a new customer can be six to seven times more costly than keeping a current one, according to research conducted by Flowtown, a social media marketing platform. This cost is a leading reason why building loyalty through an excellence in service and focus on customers’ needs can determine a company’s longevity.
Lakesha Cole, owner of She Swank Too – an online boutique operated from Okinawa, Japan – says word-of-mouth referrals are the lifeline of her success. She places high value on building strong relationships with her clientele, who often become like family.
“Customer relationships are what drive your business. Keep in mind your most profitable customers are repeat customers. Build relationships by rewarding your loyal customers,” Cole said. “Stay in touch often, and give them something of value in exchange for their business.”