Customer Retention: 5 Unique Strategies To Increase Profits
What’s better than acquiring one new customer?
This might sound like a trick question but the answer isn’t ‘acquiring two customers’. It’s actually retaining a loyal customer!
Once you get customer lifetime loyalty, you have hit the jackpot. Failure to do so will mean that your business is only trying to constantly win new customers while losing out on existing clients and customers, which can become quite expensive for the company in the long run.
How to build customer relationships?
Building customer relationships requires a keen eye towards the customer experience – once you get a new customer try to understand what value they are getting out of your business? Do they love your products and why? So to start, you won’t retain customers if they don’t see a value in what you’re selling, be it a product or a service.
But once you have this strong base, what should you do? Let’s take a look at some of the best ways to enhance your customer retention.
Excellent Customer Service
It’s easy to say that your business model is customer-focused or customer-centric but putting the same into action is what makes or breaks the game!
Keeping customers happy requires a robust and effective customer service framework. Here are some tips you need to keep in mind:
● Give customers options. Make sure that they can reach out to your customer service in some way, and ideally, multiple ways — phone, email, or a live chatbot.
● Create a great customer experience, which is unlike any other brand or your competitor. Give your customers a unique experience while shopping with you.
● Make sure that customers are routed to the right point of contact in the company. Nothing is more frustrating than poor customer service.
Business owners wear a lot of hats – it’s easy to get wrapped up in the day-to-day of running a business. When you’re always focused on doing, you’re not focused on listening. Getting customer feedback can remove pain points and help you improve the customer experience, ensuring that more customers stick around.
Another thing to consider is to develop surveys that let customers tell you what they like and what they dislike about your business. This feedback can help you streamline your processes and remove any loopholes. Great surveys use a mix of multiple-choice questions and text fields to let customers quantify how they feel and provide written feedback about what you’re doing.
Acting on insights from a survey shows customers that you’re listening and you care, keeping them invested in your business for the long term.
Social media does a lot of things these days, but when used correctly, it can improve your customer experience and serve as a customer retention tool for your business. Connecting with customers in an authentic way can do wonders for your business.
Use social media for more than just selling – highlight your products’ USPs, showcase how to integrate all the products into your daily lives using influencers and key opinion leaders, field customer service inquiries, and create beautiful content that works on each platform. Social media gives you the chance to be more than a faceless brand – embody your brand and show it off to the world.
Connecting with people gets them involved in your brand and your story. Once they buy your story, they’re more likely to keep coming back for more – so flex your storytelling muscle.
Dale Carnege said that a person’s name is to him or her the sweetest and most important sound in any language — use this to boost customer retention for your business. You should leverage your existing customer data to create highly-personalized marketing materials whenever possible.
Research shows that using a customer’s name in an email’s subject line boosts email open rates when compared to non-personalized subject lines. Looking beyond the data, it makes intuitive sense. Customers want to feel special. The best marketing message is one that makes the customer feel like they’re having a one-on-one interaction with a brand. Using personalized messaging helps build up the relationship between your brand and your customers. If customers feel connected to your brand, they’re more likely to keep coming back
Loyalty & referral programs can be great for customer retention and to enhance your market share — they use rewards, referral codes, insider sales & deals, and special subscriber-only content to keep customers coming back for more. There are a few important factors you should consider if you want to launch a loyalty program for your business.
Great loyalty programs make customers feel like VIPs – don’t just slap “1% back in rewards points” on your email list and call it a day. Consider perks like free shipping or 24/7 priority customer service. Run loyalty program-exclusive sales and create program-exclusive content. Whatever you do, make sure your loyalty program makes people feel special and provides value.
Source: Digital Agency Network