Are you looking for ways to stay relevant or keep your customers happy? Then it is very important to update and optimize your customer retention techniques or strategies. Everything right from the customer marketing with the campaigns based on the shopper feedback or improving the omnichannel strategy will help you to boost your customer retention as well as increase loyalty and trust among them.
Consequences of the customer retention compound with time, and at times in most unexpected ways. Even minute change in customer success will cascade through your business system and will multiply with time. The resulting effect on the long-term profit as well as growth must not be underestimated.
As there is a lot of noise about the customer retention strategies out there, we have come with the top 5 examples of customer retention strategies that really work:
1. Improved Conversion Rates
Your existing customers already have bought from you, thus unless they had some disappointing experience, they may buy from you once again. You already have established the trust and inspired huge confidence in the product, and know about them that makes it very simple to identify the needs or predict the moves.
2. Amazing Customer Service
This never-ending endeavor of excellence of keeping your customers highly satisfied and they tell others also how nicely they got treated while doing the business with you. Thus, moving your product and service you offer in the realm of an extraordinary by delivering much higher than predicted service levels to every customer.
The key facets include your dedication towards your customer satisfaction by each employee; offering immediate reaction; going above your call of duty; no buck-passing; consistent timely delivery; and delivering what you assure before & after the sale; zero-defects or error-free-delivery procedure and recruiting amazing people to deliver the customer service. The best customer success builds fortunes in the repeat customers, while poor service can drive away your customers.
3. Product & Service Integrity
Long-term customer success and retention belongs to people who don’t take any ethical shortcuts. There should be complete consistency at what you say or do and what the customer’s experience. Design and build quality, serviceability and reliability of the product and service should be of a standard that your customers need, want, or expect.
The service integrity is demonstrated in a way you handle small things, and large. The customers are attracted to you in case you are honest and open with them and take a genuine interest in them; do not let them down will go a very long way.
4. Decreasing Attrition
Virtually every business loses some of the other customers, however, only a few measures and know how many customers get inactive. Most of the businesses invest a huge amount of effort, time, as well as expense building the initial customer relation.
After that they allow the relationship to go unattended, in certain cases losing out interest when the sales are made, or worse, they abandon customers as early as the remedied problem happens, just to spend a small fortune for replacing the customer. The easiest way of growing your online business isn’t losing customers. When you stop leakage, it is possible to double and triple the growth rate as you are not forced to make your lost ground to a standstill.
5. Evaluate Lifetime Value
There is the vast difference between one-off profit that you will make over an average sale that ignores the bigger picture and total aggregate profit that your average client represents over a lifetime of the business relation with you. When you know how much of the combined profit the customer represents your business while they purchase, over months, years and decades, you will realize the significance of taking the right care of the customers.
Because you will know how much effort, time, and expense that you may afford to invest in retaining the customer, you will be in total control of the marketing expenditure.
Also Read: Top 5 Best Productivity Apps
In other words – customers that you have are the best shot in maximizing your revenues as well as making the business highly profitable! In many different ways, improving customer success and retention and improving sales comes down in creating and maintaining the bulletproof customer experience, which focuses on the customer communities and social evidence shared within them.