Posted on Aug 28th 2015 under Customer Loyalty
As you build up your limousine business, it can be tempting to focus your attention on bringing in as many new customers as possible. That's natural, since you need to develop a solid customer base to keep the lights on and provide sufficient revenue to maintain a crew of happy employees.
The healthier your company is, the better employee morale will be because they will have a sense of greater job security. However, the long-term success of the company requires everyone to do their part to improve customer retention.
After all, increasing your customer retention statistics by just 5% can increase the profitability of your limousine business by 75%, noted a recent Bain and Co. study. With that in mind, here are some tips for retaining customers that you can begin implementing today.
Nurture with Promotions and Loyalty Programs
An important aspect of your limo marketing campaign should include well targeted promotions. You'll need to have a thorough understanding of your user demographics in order to come up with the most enticing offers. For example, offer customers a coupon for a discount or upgrade on their next ride in exchange for providing their email address and signing up for your newsletter (you do include a newsletter in your regular marketing efforts, don't you?).
A loyalty program that offers rewards (such as to turn in your points for an electronic gadget) will also boost retention. The longer customers stay with you, the more points they earn. They should also get points and rewards for each referral they send your way.
Engage with Social Media
It's important to be social with your customers, but your social media updates shouldn't be about what you had for breakfast or your opinion on a new movie. Write thoughtful posts that will improve the lives of your customers, such as sending them a link to an informative article about their industry.
You also will use social media to listen to what customers are saying (both good and bad), and then respond immediately to praise and criticism.
Use Analytics to Understand Customers
You cannot possibly get a clear view of your customers and their buying habits if you don't keep track of the data. Use analytics to monitor how they respond to your emails, Website and social media.
How many customers click on links you send them, how many of them forward promotional coupons to their colleagues and what differences can you spot in their behavior when you break down the stats by gender, age, location and other factors? Analytics will show you the truth, so you see how well your customer retention and limo marketing efforts are going.
From setting up new promotions and creating a customer loyalty program, to improving your engagement with customers via social media and then analyzing the numbers on an ongoing basis, you will be making positive changes at your limousine company designed to retain more customers going forward.