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It is crucial for marketers and managers to focus on not only attracting customers, but lifelong customers. The old cliché, "a penny saved is a penny earned" could also be applied to your customers. After all, gaining new customers is more expensive than retaining the ones you already have. The five steps below will help to improve your customer retention.

Offer a Great Service / Product – This seems like a given, but you aren’t going to retain any kind of customer base by providing sub-standard products or services. Make sure you are worthy of those loyal customers before you set out to attract them.

Put the Customer First – Make your customers the most important priority. This should be standard practice within the company, as you should be training all employees to be respectful and polite when it comes to the customers’ needs.

Offer Specials and Discounts – Customers want to feel like they are getting a great deal, so offer regular specials / discounts to both new and repeat patrons.

Make Yourself Available – While your company may not be able to field calls 24 hours a day, your customer should feel as if you are reachable 24/7. Not only should you offer a customer hotline during manageable hours, you should also be available via email. The latter gives the appearance that you are always on hand.

Answer Complaints Immediately – This could be the most crucial step in retaining a customer. Complaints are to be expected, no matter how well you manage a business. However, it is how you respond and resolve this complaint that will determine if your concerned customers stay loyal. Respond to complaints with the utmost urgency.

Maintaining loyal customers takes a lot of time and commitment, which is why some companies falter in this department. However, this is truly the most cost-effective way to focus your time. A great service and effective marketing campaigns are worthless without successful customer relations.

Heather Johnson is a freelance business, finance and credit writer, as well as a regular contributor for Business Credit Cards, a site for comparing business credit cards. She welcomes questions, comments, and freelancing job inquiries at her email address