I bought a franchise…now what? Customer Nurturing

customer-nurturing

Customer nurturing is a pivotal part of franchise growth. The longer you keep a customer the more likely you are to profit from your investment. Your current customers are your best source of referrals and upsells because happy customers are more likely tell others about your business and ask you for more services. But, each time your business loses a customer, you also lose some value in your business, and it takes time to reestablish that value.

Consider these astounding customer behavior statistics:

  • You have a 60-70% chance of upselling more services to an existing happy customer.
  • After a single bad experience, it takes 12 positive experiences on average to make up for it.
  • It costs 6 times more to get a new customer than keep an existing one.

Your current customers are the building blocks of future business growth. Opinions spread fast, especially negative ones, so how can you start nurturing your customers?

  1. Ask Talk to your customers often. Have you heard that no news is good news? That’s not true with customers!  Find out what your customer thinks about your service. Is their experience with your company good or bad? Why? Don’t be afraid to find out the facts. 
  2. Fix Problems – Do everything you can to resolve customer complaints immediately. Listen to them and find a solution that will help. Above all, don’t get defensive! The customer is not attacking you, they are upset about an issue or problem, and you can fix it.
  3. Follow Up – Do what you said you were going to do to fix the problem, and don’t delay! By responding quickly and checking up on your customers, they won’t feel forgotten. It shows them you care about their experience and may open up more opportunities to grow your business through new ideas or referrals.

Read the first article on business growth in our series, “I bought a franchise…now what?”

 

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