In any business, retaining customers is as crucial as attracting new ones. It is the essence of a company to succeed in the long run. Once companies gain that much elusive customer lifetime loyalty, they are in the winnable path.
It is far more prudent to retain a customer than finding a new one when the cost is involved. Loyal customers are the spine of any business since they tend to invest more money into companies. It is a known fact that 80 % of the business revenue comes from just 20 % of a company’s existing customers. Acquiring a new customer costs 5 times more than it does to keep an existing customer base.
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In this blog, we suggest ways to improve client retention without much cost involved.
Provide Exceptional Customer Service:
The primary rule to retain a customer is to provide him with a customer experience like no other, in the right way, of course. For that to happen, concentrate on your customer support and interaction and go the extra mile to extract the best customer experience (CX) possible. Always listen to your customers’ concerns and attempt to provide them with what they are looking for.
Loyalty Program Helps:
Most of the big companies have a reward points program. It is to instill loyalty amongst the customers. Basically, with these reward programs or loyalty rewards, companies are reminding the customers that their commitment counts with free stuff, discounts, or even special inside offers. It is a win-win for both customers and for companies.
Customer Advisory Panel:
Your most loyal customers are the most valuable ones, not just for the money they spend on your products and services, but also for the information/feedback they provide. It is their suggestions that make or breaks a brand. Delegating responsibility to your customer by creating a panel or a board to help fine-tune your products/services at your business works wonders for the growth of your business. It also retains the customers as they feel they are an equal shareholder in products and services the company delivers.
As against the popular belief, reaching out to existing customers through email marketing or any other means is a good thing, Rather than customers feeling annoyed, they appreciate your concern of making them a priority. Customers are happy to hear and learn about new information, products, or even services for business.
Having a customized follow-up message to your customer makes him/her feel treasured and valued. The effects of personalization cannot be understated since personalization is based on purchase history, user preferences, and other relevant information.
Corporate Social Responsibility (CSR) Program:
Your customers keep track of everything that your business buys, sells, and advertises to its target audiences. They are the best judge of your character. Inconsistency between your brand’s messaging and its actions could affect your business. Take the relationship you have with your customers beyond products and services. Think about customer’s core values and creates a Corporate Social Responsibility program to pursue a worthy goal.