5 Amazing Customer Retention Strategies You MUST Implement
Marketers have long known that the time and cost required to acquire a new customer is significantly higher than what is needed to convince an existing customer to buy. Customer retention means winning more repeat customers and earning more revenue from these customers. The simple fact is that effective customer retention is very lucrative for a business; higher revenue with lower marketing costs. So, what are some of the top customer retention strategies that you can implement for amazing results?
1. Improving Customer Service
Supporting a customer before and after the sale plays a big role in building brand loyalty. The simple fact is that a customer who does not enjoy using a business’ products is unlikely to buy again. Customer support involves constant and smooth communication with the customer to understand his/her needs and fulfilling these needs as quickly and efficiently as possible.
Here are a few ways you can improve the customer service in your business:
- Implement a CRM system
CRM systems can improve customer service by helping your team to learn more about each and every one of your customers. It also enables your team to record every detail of interactions with the customer; meaning that your whole team remains on the same page and can handle customer complaints and enquiries more effectively.
- Ask For and Listen To Feedback
Asking your customers for feedback regularly will go a long way with your customers because it shows you value their opinion. Actually acting on their feedback will help to improve your product or service and in turn, your customer satisfaction.
- Analyse Every Touch Point
By analysing the key touch points in your customer lifecycle will help you to see where you may be falling down and the areas you need to improve on. It’ll also help you to provide a more consistent service.
- Build Processes
Processes are key to good customer service; think about the service we receive in McDonalds- ok it’s arguably not always the greatest customer experience but it is the same where ever you go, it’s what we have come to expect and it’s what makes the McDonalds franchise so successful. So be process driven in every area of your business and perfect that process over time.
2. Customer Loyalty Programs
A customer loyalty program is another one of many customer retention strategies that you can use in your business. It’s a win-win for both the business and the customer. The business gets more revenue from more purchases by the customer, while the customer gets more value by earning rewards from a purchase.
There are several strategies for putting in place a customer loyalty program. A points-based system is all time popular because it’s simple and effective. Other loyalty programs include rewards for spending over a specific amount and rewards for shopping the second time. You can analyse a customer loyalty program to channel even more rewards to your top customers and take brand loyalty to even higher levels.
3. Continue to Provide Value
Once a prospect becomes a customer, don’t just forget about them and move onto the next warm lead. Continue to provide your existing customers with valuable information, maybe reward them with free resources, pick up the phone and talk to them about their experience and don’t always try to sell to them. Make them feel like they’re a valued customer with an outstanding post-sale service.
4. Incentives for Returning Customers
Discounts for repeat customers encourages them to come back the second time, and once a customer comes back he is likely to come back multiple times. You can also send coupon codes to customers who have not purchased in a long time to welcome them back to you.
5. On-going Customer Engagement
Email marketing and social media engagement are two of the most cost-effective customer retention strategies. They promote brand visibility which in turn promotes brand loyalty. Informative and valuable content makes you an authority in the eyes of the customer, who will then be willing to stick by your brand.
So there are our top 5 customer retention strategies. What do you find works for you? Have you implemented any of these strategies? We’d love to hear your thoughts, leave a comment below!