Customer Retention Strategies for Your Company
In order for your business to thrive, you need customers. In order to grow your business, you need to grow your customer base, or do you? It is actually far easier to work on retaining your existing customers. Doing so is actually 5-25 times cheaper than trying to attract new customers.
Unfortunately, research shows that the average business loses around one-fifth of its customers each year just because they do not take the time to work on their customer retention techniques.
With all that in mind, let’s take a look at some of the best customer retention strategies your business can use to keep their customers happy, and more importantly, keep them buying…
Keep in touch
One of the simplest things you can do to retain your existing customers is to simply keep in touch with them. So many businesses spend so much time trying to get new customers to buy something, only to completely ignore them once they have made a purchase. This is so foolish.
The hard work in getting someone to biome a customer should not be wasted. You can build upon it by keeping in regular touch with your customers, sending them emails about special offers or new product launches so that they do not forget you exist, and you can convince them to make further purchases in the future. It really is that simple.
Create a company newsletter
Creating a company newsletter that is not only filled with your latest products and services or special offers, but which is also informative about the sector you are operating in, and which provides information and /or entertainment to your customers is one of the simplest things you can do to keep them interested.
If they like the content of the newsletters, they will open them and read them regularly, which means they will be frequently reminded about your company and what you do, and more likely to look upon your business as a part of their life, which can only be a positive thing in the long-term.
Ensure you offer great customer service
Most customers will not make a second, third or fourth purchase if they have experienced poor customer service during their last purchase. That is why it is so important that you do whatever you can to ensure your customers have a positive experience.
Start by optimizing your website so that it is suitable for all manner of devices and as easy and intuitive to use as possible.
Once you have got that sorted, focus on looking for the best live chat services for business websites, so that you can ensure a quick and convenient response to any customer queries online.
Of course, the most important aspect of ensuring that customer service is always excellent in your company is to ensure that your employees are thoroughly trained. As well as training them on how to interact effectively with customers, you should also take the time to train them in every aspect of your products and services, so if a customer calls up for help and information, they can answer their questions and queries, offer helpful suggestions, and ensure the interaction is a satisfying one for the consumer.
Reconnect with them
If you have customers who have made purchases in the past, but they are not currently active as consumers of youtube company at present, then it is a really good idea to try and reconnect with them.
There are many ways you can do this, but often, it is a good idea to start by sending them an email voucher or money off code with a “come back to us” message. This can be particularly effective because it not only reminds the customers of your existence but it also gives them an incentive to take action and make a purchase in the form of an irresistible deal.
If that doesn’t work, sometimes getting in touch with past customers to ask them what is preventing them from remaining a customer/ what they would like to see your business do in the future, can work almost as well as it shows them you care about them and wants to improve.
Of course, you should not spam your customers, so make sure that you space out any communications as much as you can to avoid annoying them and turning them off your company completely.
Take caste of customer complaints
Customer complaints are never nice to receive, but instead of thinking of them as a burden, it is a good idea to see them as a gift that can help you to improve as a person.
When a customer complains, take it seriously, listen to what they have to say, and ask them how they would like, it to be resolved. Do your best to come to a resolution that they will feel happy with, and despite things going wrong, it may well help you to retain them as a future customer because you will show them that you are a company that genuinely cares and goes above and beyond to help your customers.
Then, take the time to evaluate what things went wrong and put procedures in place to minimize the chances of them happening again. That way, you can avoid upsetting other customers, and losing them in the future too.
Create a customer education program
If you’re looking for a really interesting modern way to retain your customers for longer, then setting up your own custom education program is a really good way to do that.
Not only does it ensure that your company name is a prominent one in the industry, but it shows that you genuinely care about your customers and are willing to invest time and money in helping them.
What form does a customer education program take? It can be a series of online video lectures, a technical forum where questions can be answered by experts or even an online academy., What works for you and your customers will depend on the type of company you have and what works for your customers and niche. Just make sure that you take it seriously, hire experts to ensure that all materials are correct and above board, and take good care of your customers.
One of the most obvious, but also most effective ways to improve customer retention rates in business is to reward them for their loyalty. If customers have stuck with you through thick or thin, it is only right that you repay them by offering them rewards of some kind.
Whether you present them with a voucher for money off your services on their birthday or enable them to collect loyalty points that can be redeemed at a future date, you need to show your customers that you do not take them for granted if you want them to stick around and keep making purchases as your company grows.
81 percent of consumers say that trust is a major factor in their decision to buy something from a particular company. Where many businesses go wrong is that they believe that if a customer has already made a purchase, they automatically trust the company, but that is not necessarily the case.
You need to keep building trust by continuously doing what you say you will, never promising more than you can deliver, and working on making your company as ethical as it can possibly be. That is what will help you to retain your customers over the long-term of your business.
Find your unique selling point
Of course, something else that can work to keep customers on your side instead of leaving you for the competition is finding your unique selling point. It’s obvious, but if you do something that no one else does, and it is something that your customers value, they will stick with you.
So, whether you offer your products in a wider range of colors than the competition or come up with a completely new feature they won’t find elsewhere, you need to find your USP if you want to keep the customers on your side.
Develop your ethos
In a similar vein, you should work hard to develop your own ethos. Whether you make it your mission to run a sustainable company or you start volunteering to make your local community a better place, anything you can do that shows you to be an ethical company that really cares will help keep the customers onside too.
As you can see, keeping our existing customers on board takes time, effort, and no small amount of investment, but it is definitely worth it because you will not have to spend nearly as much on marketing to attract new customers, and when your existing customers are happy. They are more likely to spend more money with you, tell their friends to give you a try, and leave you lots of positive reviews too. So, what are you waiting for? Time to improve your customer retention rates today!