8 Strategies To Retain Customer
What does customer retention mean? And how can you achieve customer retention?
Customer Retention is the effort that the company puts to keep its existing customers so that they continue to use its products and services. Because several studies found that 68% of sales comes from existing customers.
Retaining customers is not an easy task it takes a lot of efforts and techniques. You can achieve customer retention by following below effective strategies:
- Set High Standards For Customer Service
- Provide Special Offers
- Appreciate Your Customers
- Being Honest With Customers
- Understand & Solve Customer Problems
- Loyalty Programs
- Use automation to re-engage customers
- Customer Feedback
Set High Standards For Customer Service:
Companies that take care of their customers have more growth rate than companies that don’t. According to the State of the Connected Customer report, 66% percent of consumers say they are likely to switch brands if they are treated like a number instead of an individual. So raise your service standards and live up to customers expectations.
Provide Special Offers:
In today’s dynamic, competitive markets, a great product isn’t always sufficient to retain your existing customers and new ones you have to go extra by providing offers like Buy one get one free, Free Delivery, Gift Vouchers, Discount, Free Trials, Cash Back, etc to attract them.
Appreciate Your Customers:
Appreciation is key to any relationship. Appreciating your customers make them feel that they are valuable to your business and build a stronger relationship. It has many benefits because happy customers promote your business with word of mouth this will build your brand’s reputation in the market.
Being Honest With Customers:
It is always better to being honest with customers and tell them the truth because a customer will be loyal to you if you are being honest with them. They have a number of choices against you, give them the reason to choose you. Don’t over-promise if you know that you can’t so sometimes it’s better to say no. You must always be above the expectations not go below expectations.
Understand & Solve Customer Problems:
You have to listen first to understand the nature of the problem and continue hitting those pain points throughout your marketing campaigns so your customers know that you understand them. Over time, a strong relationship will be built with you and your customer.
Loyalty programs improve customer service and increase the revenue of the business. In order to retain customers, and build long term relationships, you can invest in loyalty programs. In fact,49% of consumers agree they spend more after having joined a loyalty program.
Use automation to re-engage customers:
Automation saves a lot of your time by the faster response and easy monitoring. You can not remember everything when you have contacted your customers for the last time and what you have contacted, automation saves your customer data and improve customer service and company performance.
By collecting customer feedback you can draw a clear conclusion of customers’ needs and retain them along with that it will also help the business to decide which features to build, and what improvements should be made to make your business better.
According to the Harvard Business School study showed that increasing customer retention by just 5% can lead to a 25-95% increase in profits.
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