Tips to Retain & Grow Customers in an Economic Crisis

Re-visit your best customers again

Go through your entire customer list and check for your best customers. Call them and offer them discounts and special offers during this time and tell them that they are your best customers.

If there is a way you can offer them freebies, now is the time to do it. They will remain loyal to you even after this crisis. Plus, they will be placing orders right now to take advantage of your offers, so this will add to your immediate bank balance.

Focus on cash sales

Offer good discounts for cash transactions and reduce discounts on credit sales. This will encourage more customers to buy on cash basis.

Annual packages or subscriptions

Offer annual subscriptions where people can buy an entire year’s supply at a discount. If you have perishable products, offer to deliver these products monthly on time, but take the entire annual payment now by offering irresistible discounts or freebies.

Conduct customer review

This is the best time to conduct customer reviews. With everyone at home, they have more time to respond to your surveys.

Plus, customer requirements might be changing, and it is good to learn about this first. Learn how you can better serve them from these surveys.

Take care of dissatisfied customers

If there is a list of dissatisfied customers, call them up and see if you can convert them to happy customers. They might be the key to increasing your customers in these difficult times.

Understand their fears and grievances, and it will help you improve your product and sales.

Prep the sales team

Identify one or two deals each sales team member can close by offering deeper discounts than usual. If each of them can close two or three deals which were not possible before, maybe you can lower the bar and close the deals now.

Re-evaluate how much stock you need in the new scenario

Stop holding huge stock and try to clear stocks quickly so that the cost of holding it comes down. Concentrate on lowering your stock in hand.

Offer more credit for critical customers

There may be customers who cannot pay now. If these are reliable customers, you can close the deal and offer a longer credit period, because your money is safe, but don’t lose the customer at any cost.

(Mr. Agnelorajesh Athaide, Serial & Social Entrepreneur, Real Estate Developer, Global Citizen, Educationist, Angel Investor, Motivational Speaker, Chief Mentor& Business Strategist -Business Opportunities Club (BOC))


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