| One of the easiest things a business owner can do is | | | | to the customer as an ATM machine. Treat the |
| to acquire or get a customer. It doesn't take much | | | | person with respect and carefully listen his/her |
| effort but it can be very costly. However, the hardest | | | | concerns. Ask him what his needs are and provide a |
| thing for a business to do with a customer is to keep | | | | quick and painless solution for them. If you do this, your |
| and retain a customer. The great management guru, | | | | customer will trust you even more and may refer |
| Peter Drucker once said that the function of a | | | | other customers to your business. The other positive |
| business is not to maximize profit but to keep and get | | | | thing about doing this is that your customer will do a lot |
| customer. Therefore, if you spend a lot of time | | | | of your marketing for you. |
| acquiring a new customer but you cannot retain | | | | 2. Provide a great service or product. This is a no |
| customer for long periods, probably means that you're | | | | brainer. There have been so many times I have been |
| business is suffering. One of the most expensive | | | | disappointed with a company service that I refused to |
| components of a business is to acquire a new | | | | do business with them. |
| customer but to retain a customer is perhaps the most | | | | 3. Perform surveys. Whenever you have the time, do |
| cost efficient. | | | | a quick survey on the customer needs and wants. |
| Here are several things you can do to increase | | | | This will give you a quick overview on how well your |
| customer retention and reduce customer acquisition | | | | business is performing and whether the customers are |
| costs. | | | | happy or not. |
| 1. Establish a relationship with the customer. Don't talk | | | | |