4 Tips for Holding Onto Customers During the Pandemic
Ensuring retention is even more important than monitoring sales.
Opinions expressed by Entrepreneur contributors are their own.
As soon as crap hits the fan, most businesses look at what services to cut (to drop costs) or how to sell more (to generate more revs), but the most important and sometimes overlooked segment is figuring out how to retain and keep your current customers. For every founder, customer retention should be the name of the game. It's more important than sales because it's easier to keep a customer than to find a new one. In fact, acquiring a new customer can cost up to five times more than retaining an already established one. Unfortunately, in the age of Covid-19, many businesses (especially startup founders who have lower margins for error) are struggling to maintain profits and drive sales.
To help with that, I've created some quick tips to help other founders retain customers and drive revenue amidst this moment's obstacles.
Continue reading this article — and all of our other premium content with Entrepreneur+
For just $5, get access to a ton of exclusive content and resources that will help grow your entrepreneurial mindset. You’ll find:
- Exclusive content from our network of today’s leading CEOs and business strategists
- Receive our flagship Entrepreneur Magazine - free!
- No more ads, and get access to the Entrepreneur+ homepage
- Free E-books written by our staff and other industry thought leaders