For a business to succeed, acquiring new customers is essential and can be difficult, but it can also sometimes undermine the importance of customer retention. Keeping customers is just as important (if not more important) as acquiring new customers, and takes much less effort. Essentially, the key to keeping customers is to keep them engaged, and with email and social media, customer retention and CRM has become much easier, yet there still remain some minor hindrances, one of which is trying to manage the number of customers on the many different social networking sites.

One of the primary services we provide at Local Measure is a platform that allows businesses to pinpoint their most loyal customers on different social media sites through one portal. For example, if a customer checks into a store multiple times, Local Measure informs the business of this loyal customer.

Another key element to customer retention is resolving issues quickly and efficiently. According to PeopleClaim, 95% of unhappy customers will return if an issue is resolved quickly and efficiently  while 90% of unhappy clients will not do business with the same company again. These stats show the huge advantage of real-time customer feedback for a business, which is another service that Local Measure provides. If someone mentions or posts a photo of an issue and a business is given that information immediately and can resolve it, then those customers can be salvaged. If, however, the issue goes unresolved for an extended period of time, as the stat shows, the majority of those customers will be lost.

One other point made in the same survey from PeopleClaim is that 89% of respondents said they would trust a friend’s recommendation over a review by a critic and 83.8% of respondents said they would trust a user’s review over a critic. Thus, considering these statistics, perhaps one of the best ways for a business to attract new customers is to keep current customers happy.