Customer retention shows how well a company has kept its paying customers over a period.
Though some businesses fixate on attracting more customers, the wise ones pay more attention to old and trusted hands with a focus on making them stay.
Obviously, there is a need to search for new customers, but you need to take care of your biggest assets: old buyers.
Customers who have shown loyalty should be treated well. Their power should not be underestimated because taking their money to a different brand may spell doom for a business, especially startups that are still new and struggling to hold their ground in the market place.
To this end, I’ll be sharing a few tips that could help you retain your customers:
When it comes to cherishing your customers, think about a valuable offer you can give them without their knowledge.
Surprise packages or offers do not have to be expensive. Moreover, if you truly want your customers to stay put and trust your brand, then you should do something unique or different to appreciate them.
This would also inspire them to leave honest feedback about your product and brand and also tell their friends about you.
Set customer expectations
Customer service has gone beyond attending to inquiries and complaints. You also need to meet client expectations even when you do not get their feedback. Try as much as possible to get to know your customers intimately and be conversant with what they desire most so that it’s easier for your brand to satisfy them.
Use automation to engage old customers
Automation, simply put, is allowing some of your routines to be handled automatically using computer software.
Monitoring and keeping your customers updated manually is time-consuming because there are so many procedures to be repeated daily in order to keep your brand fresh in the customer’s mind.
Automation enables you to engage with your customers effectively. Through automation, you can manage your customer contacts, educational emails, schedule promotional emails, text messages, and event notifications.
Successful businesses are built on trust. When people can’t trust your brand and its products, it will only take a while before you are out of business.
This is because trust is very important for business sustainability. You must consciously make efforts to promote trust especially as you establish relationships with new and existing customers.
The moment customers discover that you are not trustworthy, they will switch loyalty. Besides, nothing travels faster than a bad experience.
Have feedback surveys
Surveys are powerful tools for knowing and improving on your weakness and working more on your strength. Therefore, leveraging on customers’ feedbacks from surveys goes a long way in sustaining your business.
Actually, hearing from customers directly to know how they feel about your products and services is a great way to cement the bond that already exists. When customers are given the chance to express themselves, they disclose how they feel about your brand. You get to know what’s unsatisfactory and why. Adjusting in those areas will turn things around.
Remember, through feedback, you can also re-engage a customer that is about to give up on your brand.
Be in communication frequently
Develop a frequent communication calendar, as it would help you to keep in touch with your customers at regular intervals. Regular communication makes the customer feel appreciated and significant since you are keeping them informed of your processes.
Your communication could be through phone calls, special offers, handwritten notes, and so on, which you send to your customers from time to time to help keep the relationship fresh and sweet.
Resolve customers’ complaints
Learn from customer complaints because a customer who complains is still eager to stay. If you address customers’ complaints in their favour, a large proportion of them will do business with you again.
So, don’t see complaining customers as evil. They are sure better than those who leave without ever saying a word to you about their dissatisfaction.
In the course of a discussion, a complaining customer can make suggestions that could redirect your focus for good.
You can even host customer education events, with a bid to answer their questions in a personal manner and educate them more about your products and services.
Mind you, this also shows that you really know what you are talking about when you can give a voice to your answers.
Find the 20% that drive 80% of your revenue and reward them.
If you pay attention to the data in your business, it would conveniently reveal which of your customers are responsible for most of your revenue. Take note: rewarding them doesn’t have to be anything over the top.
Having a successful and profitable business is mostly about making your customers feel as special as they truly are. When you do this right, they will do you right.
To your #moneysense.
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