October 21, 2021

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Top 6 Customer Retention Strategies

Customer Retention Strategies

Customer Retention Strategies

Customer Retention Strategies

You’ve heard it repeatedly. It is less expensive to get repeat business from existing consumers than it is to acquire new clients. This is true for a large number of companies, particularly in the competitive ecommerce space, where the cost of clicks and conversions continues to rise.

It costs up to seven times as much to acquire a new client as it does to keep an existing one. Despite this, 44% of businesses prioritise acquisition above retention, whereas 18% prioritise retention.

Existing clients seem to be taken for granted and ignored. However, it may be time to reconsider our marketing strategy, since current consumers are up to 70% inclined to repurchase.

Customer retention, in its purest form, is a collection of actions undertaken by a company to prevent its customers from defecting or leaving. It is the most successful approach for increasing a customer’s lifetime value and justifying the acquisition cost associated with acquiring the client in the first place.

Customer retention is the fourth and last step of the Customer Lifecycle Marketing cycle before the cycle resets to acquisition.

Customer Retention Strategies

Top 7 Customer Retention Strategies

1. Improve Your Customer Support

Support systems enable you to interact with your customers efficiently and offer the appropriate degree of support. A support system may aid in both pre- and post-sale communication by allowing you or a customer care representative to interact effectively with the client.

Having a live chat or help desk tool on hand may assist convert a customer inquiry into a sale or a customer complaint into a resolution, regardless of whether the consumer contacts you on-site, through email, or via social media.

Frequently, resolving a complaint or issue successfully may convert an angry client into a loyal, repeat customer. That is not to mention the importance of consumer feedback, which may assist you in improving your goods and entire shopping experience.

Customer Retention Strategies

2. Listen To Your Customers

Listening to what your customers are saying about their experience is an essential step in tackling churn issues at your business.

84% of consumers polled by 360 Presence say that after having a negative encounter, they will no longer use the brand that they previously preferred.

If you want to really understand how consumers feel about your business, the best approach is to ask them.

Investigate them!

Using unique factors, such as inactive customers, most active customers, and new customers, create a list of customers. To verify that everything is on track, follow up with a survey to find out where your company is doing well and where there may be room for improvement.

Customer Retention Strategies

3. Make Them Part of The Family

Be a family to them. Forget about the best customer service in the world. Make them feel like they’re a member of your family. When it comes to client retention, it helps to share the same beliefs. Making an emotional connection with your customers is extremely powerful. They’ll be eager to inform people about a business that they believe is an extension of themselves, in addition to generating loyalty.

By creating a lifestyle around your product or service, you may achieve this goal.

People are more likely to connect to and aspire to your brand if you set the atmosphere and demographics for it.

Customers are more likely to buy from you again when the time comes since your franchise was able to become so much more than the sum of its parts due of this emotional aspect.

Customer Retention Strategies

Customer Retention Strategies Customer Retention Strategies

4. Start a Customer Loyalty Program

Loyalty programmes, also known as customer retention programmes, are an efficient method of increasing purchase frequency because they encourage consumers to make further purchases in order to receive significant incentives.

This creates a win-win situation for both you and your customers: they get more value with each purchase, and you gain from their recurring business.

You may entice consumers to continue investing in the programme by rewarding them with welcome points upon account creation. When customers realise how simple it is to earn rewards, they’ll be eager to return to your shop and earn more.

Customer Retention Strategies

Customer Retention Strategies Customer Retention Strategies

5. Personalize Your Follow-ups

CRM software makes it simpler for you to see your client as a person, rather than just a number.

Use the information provided to customise future communications with the new client. When you have more information, tailoring follow-up tactics will be simpler.

Personalization has been shown to have a significant influence on the ROI.

EXAMPLE: In such case, you’ve previously met most of your clients when you arrange trade shows for your company. Though some decision makers still haven’t attended your lectures, you feel you should follow up with them to see if you can upsell them more or get them to come to another session. Please tell me how you managed to accomplish it.

The first step is to build a list of all of the contacts in the CRM programme that you’ve registered with. In the next step, you will be creating a list of all of your seminar attendees in the previous year. You’ve arrived to a group of contacts who have not attended your seminars because you’ve combined the two lists.

Customer Retention Strategies

Customer Retention Strategies Customer Retention Strategies

6. Utilization of Social Media

Through the introduction of social media, technological advancements have transformed the globe into a global village. The use of social media enables the establishment of trust, the response to consumer inquiries, and the ongoing engagement of customers. Among the accessible and most handy media are Twitter, Facebook, and Instagram.

Twitter is particularly effective when it comes to social customer care. It incorporates a personal touch while being succinct.

Facebook is excellent for engaging consumers and prospective customers through fan pages, communities, and groups, while Instagram is excellent for creating a lifestyle feel around your product.

Engage in the same manner as you would with friends on social media. By creating a sense of familiarity in a brand, you can be certain to retain consumers and prospective prospects.

Customer Retention Strategies

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Customer Retention Strategies Customer Retention Strategies Customer Retention Strategies