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What are some of the best ways to strengthen customer relationships?

Customer relationship management is an essential aspect of your business operations. Aside from customer acquisition, companies must also invest in customer retention. According to the latest studies, acquiring a new customer can cost five times more than retaining a current customer. Here are some of the best ways you can enhance customer relationships. Send out regular emails Regular newsletters improve name recall and provide businesses with an opportunity to send out helpful content to their current customers. Even sending a simple greeting card during the important holidays, i.e., Christmas, New Years', and Thanksgiving can do wonders for your business. Your marketing department can easily program a Content Management System to send out automated newsletters. Ask for customer feedback Asking for customer feedback does two things. One, it lets customers know that the brand values their opinion, fostering a good reputation. The second is that customer feedback provides valuable insights on how companies can improve the product/service. You can send out a customer survey after they have tried out your product. Establish brand authority Invest in your online reputation management and establish your brand authority. You can run social media campaigns that are not purely geared towards sales and conversion. Just getting the brand story out there can establish your authority. Keep communication lines open You want to provide your customers with 24/7 support. This assures them that they can quickly come to you if they run into any trouble or have any questions. Integrating an online scheduler like Chili Piper on your website can easily do the trick. A case study recently reported that GoCardless, improved their time to value by 75%! Adjust to your customer's needs The survivability of your company depends on your market awareness. It is crucial to adapt to the market and adjust accordingly depending on your customers' current needs. Even household brands like Blockbuster and Polaroid eventually lost their foothold when they didn't innovate on their products.