During tough times, as we are experiencing right now, finding new customers to your business is equally tough'in some cases even impossible. But this doesn't mean that you cannot prosper and be profitable. And this can be done only by retaining your current customers, and possibly asking them for more sales or increasing the frequency of their purchase. Remember, it costs twice as much to gain a new customer as it does to hold on to an existing one.

Below are seven steps that you can undertake to retain customers and win even during a recession.

Meet face to face with customers. By meeting in person, this shows your customers that you are interested in their business. It also provides you with an opportunity to see things on the customers? end, and allows you to proactively address any issues before problems arise.

Ask for feedback. Take comments from customers and make sure to follow up on issues that need your attention. This shows to customers that you value their opinions and cares for their concerns by taking actions on what's needed, required and important.

Give extraordinary service. Outdeliver your promise to customers, and they will be delighted to come back for more business from you. Also make sure to provide after-sales support and customer-centric guarantee of your products and services.

Revisit your offerings. Determine what customers truly want and need from your products and services, not what you think and believe they can do for your customers. Customers? tastes change; your product and service offerings must reflect these shifting demands.

Be open to changes. For your offerings to continue being successful and marketable, you must heed the current needs of your customers. Be willing to work with your customers. Undertake necessary actions to address their needs in your offerings, and customers will reward your willingness to change and work with by buying more and being loyal to your business.

Be honest and transparent. Avoid using terms and wordings that customers cannot readily understand. This could potentially turn-off customers because those terms and wordings may be perceived that you are hiding something from them. Make customers feel comfortable, and make every effort to show them honesty and transparency in everything that you do.

Provide progress report. Show your customers the work you've done, especially highlighting the results you achieved. This will keep customers updated, thereby easing concerns and issues, or answering questions and suspicions. If customers can see tangible results from what you are doing for them, they are more likely to work with you next time or continue doing business with you.