How many times have you changed your mind on buying a product or a service because you didn’t feel as well treated by the company’s customer services? The same happens to your own company’s customers.

So, what is customer retention and what does it mean for your business?

For an already grown business, customer retention refers to how long your company is able to keep an existing customer. If you’ve heard that it’s much easier and cost-effective to focus on retaining your existing customers rather than marketing and finding new ones, that’s because it is. While for a new business, your two main goals are to acquire customers and retain those customers. These two goals remain constant as your organization evolves and grows because every business strives to build a loyal customer base. As you continue to grow, you need to make sure that your customers are happy with the service they receive from your business.

Therefore, both kinds of businesses (new and grown ones), the first step is to identify who your best customers are—the ones who buy from you most often or those who spend the most money with you—and determine what makes them different from other groups of people. What do they like? What do they dislike? How can you make them feel special?

Once you know what makes your best customers tick, it’s time to create targeted strategies that appeal specifically to their needs and wants (and make sure you’re also doing this for existing customers who aren’t considered “best”). After these strategies have been created, start implementing them immediately! Don’t wait until everything is perfect; instead focus on getting them off the ground as quickly as possible so that when things do go wrong during implementation, nothing major has been lost yet.

To that end, let’s take a look at which strategies will keep your existing customers happy.