With so much competition in the business world, it isn’t easy to retain customers. Nowadays, companies are always using different strategies to convince customers to switch to their offerings. Although convincing your customer for the first time is the most challenging part, it is crucial to provide benefits to your existing customers to keep them from leaving you.
The biggest mistake is that companies usually focus on acquiring new customers, abandoning the existing ones. One of the many reasons is that dealing with existing customers costs 25 times less than convincing new customers. Your customer relationship marketing strategy will define how well you keep your customers happy and how you build strong relationships with your new customers.
While working on customer retention, you also build trust and encourage loyalty. Once you convince your customers to be loyal to your brand and turn towards it, they tend to spend more.
Retaining customers is one of the most crucial aspects of running a business. There are so many steps that you should take in order to be connected with your customers all the time. For example, as it can be learned from Think Business with Tyler podcast you can use storytelling to be connected with your customers as storytelling evokes emotions and creates connections. Along with that, you should practice building such a mission-driven business that your customers will love it. In that case, it is much more guaranteed that you can retain your customers and let your business thrive thanks to them. Following are some tips to help companies keep existing customers happy and encourage loyalty after acquiring newer ones.
1. Customer surveys
Customer feedback is crucial for businesses because customers can guide changes in companies. If you want to retain your customers, you must listen to them. Ask them about business practices that they do not like. Customer surveys are not only going to make customers feel valued but will also provide beneficial insights.
You can use this feedback to improve your product and services, which is going to be helpful in the retention of customers.
But the core of this strategy would rely on your ability to analyze the feedback results and make decisions accordingly. To gain expertise in business planning, you can opt for an online MBA no GMAT to help equip yourself with the skills needed to understand customers in detail and use insights into developing a lucrative marketing strategy for your product or service.
2. Surprise gifts and discounts
People expect incentives for being loyal to companies. Discounts and giving gifts to customers are one of the best ways to show that you care about your customers. Including gifts and discounts for your loyal customers can create a reliable and intimate relationship with your company with customers.
It shows them that you care about your brand’s image and your loyal customers. To work on this strategy, many companies use point systems. With each new purchase, the customer receives points that they can use later for discounts, but customers appreciate surprise gifts even more.
3. Be active in your community
Customers like companies that are involved in many local events and projects for the betterment of the community. For this reason, businesses must be active in the community. Whether it is a charity or a community service, customers care about the role of a business. Therefore, it will help if you organize events for the local public and help them in some manner.
For example, if you have a food-related business, you can open your doors for students to visit and observe the whole process. You can also do charity work by providing meals to the homeless.
4. Maintain a customer communication calendar
It is usual for customers not to interact with businesses after their purchase. It is your responsibility to reach out to your customers. In such cases, you have the responsibility to reach your customers again and make your presence known.
This practice is known as re-establishing a relationship. You can also provide discounts for such customers to acknowledge previous interactions with your business. This experience can make customers more loyal to your brand and earn more purchases from your company.
5. Build trust with your customers
Customers are much more likely to purchase from businesses that they trust. If you want your customers to in touch with you, you have to be reliable and consistent. Although building trust takes time, it turns out to be quite beneficial for businesses.
Customers are less likely to be distracted by advertisements of a competitive company if they trust your business. So it would be wise if your business invests in building trust with your customers.
6. Onboarding programs
Customers will have a better experience if they’re well aware of using your products and services. To help customers with their knowledge and expertise, companies require onboarding programs. These onboarding programs make sure that customers are taking full advantage of a product. Thus, making the whole process less frustrating for them altogether. Customers with a memorable experience are much more likely to make future purchases.
7. Be personal
Big data allows businesses insights into a lot of the personal data of customers. This data includes preferences, their location, important dates. You can use this data to provide tailored experiences to your clients.
For example, if some customers do not like businesses to contact through emails or messages, use calls or personalized courier services if you can. If you interact with customers more personalized, customers are much more likely to interact with your business.
8. Provide excellent customer service
Customers face issues or require help in almost every business. It is frustrating as a client to deal with customer service. Customer satisfaction depends on the quality of service or a product and how businesses resolve issues.
If you cannot resolve the problems customers face, they’ll lose trust, thus making customer retention difficult for you as a business. So companies need to have excellent customer service if they aim towards brand loyalty. In most cases, clients shift to alternate businesses because of inadequate customer services, even if they cost them more.
For businesses to generate profits, it is essential to retain customers. There are many ways in which companies can stop customers from switching to alternate companies. The critical point in all the tips mentioned above is to make the experience more enticing and memorable for the customer by providing good customer service or surprising your customers with discounts and gifts.
The cost for some of the strategies is high, but it is profitable for businesses in the long run.