Customer Retention Strategies

Customer Retention Strategies

Winning new customers is important… but retaining them is critical to the financial health of your business. Retention costs are considerably less to a business, regardless of size than obtaining a new customer –FACT. Focusing on your retention strategy makes perfect business sense.

At Mulberry Hospitality we have helped our clients focus on retention through investment in their existing customers. The difference between hosting a good hospitality event and a GREAT hospitality event is not a secret - it's purely and simply how that event is delivered and what makes it memorable. Even if you choose not to use The Mulberry Group we are delighted to offer the following pointers in order to help you achieve customer retention:

Have you invested any time in finding out exactly what your customers want or like? A simple mail out with various hospitality options not only gives you accurate information for immediate and also future use, it allows you to tailor a programme knowing that 100% of those invited would want to attend.
Find out how 'Time Poor' or 'Time Rich' your customers are. It's pointless organising the best ever 4 day skiing trip over a long weekend only to find out that most of your customers prefer to be at home at the weekends with family!
Are you limited by geographical location? Undertake a quick study of where your best customers are based and deliver a programme that is convenient to them. If your planned event is based any distance from them, make life easy, put on a Chauffeur car, provide first class rail travel and a driver at the other end or even a direct flight. Whilst this may appear to be an unnecessary additional cost, these are the very details that make a memorable difference and ensures your event is a great programme, not just another hospitality event.
Consider Partners. All too often business customers are entertained by their suppliers but how often are their partners considered? It may have a short term impact on the programme costs, but from the customers point of view it takes away the problem of having to explain why he/she has to go away again with a particular supplier and a happy customer is more likely than not to stay loyal and undertake further business.
Do it professionally. From the moment you decide to run your programme ensure that each and every element of it reflects your brand values. How will you invite people? What is the reply mechanic? What follow-up information will they receive? Who do they contact if they need further information? A good event management company should outline exactly how they would prepare pre event information, handle enquiries and how they co-ordinate and co-host the event with you or for you.

If you would like to discuss any corporate hospitality programmes either sporting occasions or devising your own specific event please contact us:

info@themulberrygroup.co.uk or telephone 01869 277077