7 Tips to Increase Your Customer Retention Rate
One of the most important parts of any business is customer retention. Whether it is a small-scale business or large-scale one, every businessman must retain their customers. In a study, it was found that on average businesses lose about 20% of their customers per year. Also, it is believed that this can rise to 80% in some industries. Just imagine letting the customer go and how badly your business will be impacted by it. Your business graph will decline like a steep slope downhill. And, now think of holding your customer back through retention strategies. Not only you get to stabilize your business graph but it increases your chances to expand and get more audience. It is very obvious that every business requires leads and new customers and it depends on how soon your brand/business gets these customers. There are strategies to retain customers so that your business can experience growth. Most of the times these strategies depend on what kind of business you do. Still, some strategies work for almost every business.
Tips to Increase Your Customer Retention Rate
So, here are some customer retention strategies listed which can boost your business:
1. Complaints and Bad Reviews must be welcoming
According to Indiashoppers, First things first, many business owners try to hire people or try to pay people to give good reviews to their products and services. But, we should not talk about it. It's bad publicity! If you are honest about your business, you must welcome complaints and bad reviews. Try to enhance your product, try to better your service. Not only these things will give you the chance to improve but also keep your customers connected in away. It will also purify or make the customer-brand relationship transparent.
2. Have a one-to-one relationship with customers
Customer care or helplines will be the best way to keep a check on customers - how is the product/service going for them? If complaints, try to solve them, etcetera, etcetera! Many companies think that it is useless but it isn't. It will broaden your reach as a company and you will get to know what customers think of you as a brand. This guide explains what customer relationship management is and the principles you should follow for better relationships to customers
3. Build a Premium Program
Yes, it might cost a bit extra for some customers but it mostly allows you to know your most loyal customers. Try to offer some discounts and special offers to those customers - try to make them feel special. Keep the VIP/Premium programs affordable, so that more customers can stick to them and enjoy the services. It will work definitely!
4. Social Media Engagement
This term "Social Media" entices everybody in current Internet times. So, chase your customer retention on social platforms, engage with them on messages, or engage with them on social posts. It will let them know that you are still with them. Also, they can get to know about your updates and new services where you can see better results.
5. Quality Must be the Priority
Most of the customers don't think about the speed of delivery, the cost but quality must be supreme. It is not that no customer thinks about cost and speed, still, quality must be the topmost priority. A study by HelpScout showed that quality matters more than speed. Customers don't want speedy evaluations when they feel any discomfort with the services or the brand's product, they want a quality service or response to be offered. Always choose to spend the quality time with a customer for retainment, rather than just getting over them. This way you will have more customers sticking around you.
6. Welcome your Customers
Whenever a customer becomes a premium member or VIP member or he/she can be your a frequent one, you should thank them. Send them a newsletter or thank you card for sticking around with your brand. It is a nice gesture! You can send them an email with some beautiful thankful lines. You can also send them a handwritten note when customers buy some product. Yes, it might not change everything for your business but subtle things matter - they matter a lot. When you are willing to take an extra step for your customers, customers will become happy and will be willing to go ahead with your brand.
7. Look for the future
As a businessman/business owner, you should not lock yourself at a point where you are most comfortable. Let's say, you are doing good business and you are earning tons - your customers are happy - everything is smooth. But, do you want to stop there only? No! You have to go for new challenges - bring something new for customers so that you can see more of the audience. Failures and success in the new releases don't matter. But, you have to go for those challenges. It is just you are going the extra mile for your customers and trying to go step further for retaining customers.