With the rise in targeted marketing and a shift towards subscription based models, there has been a huge focus on customer retention marketing. Smart brands know that customers are real value of their business. According to the latest marketing trends, customer retention is equivalent to customer acquisition.
Customers are primarily concerned about two things: your product quality and good communication. Do you have strong customer retention strategies?
A business loses valuable customers because they focus on gaining more business and not retaining the previous one.
Here are some sure shot methods that every entrepreneur should use to retain customers:
- Identify the valuable customers
Valuable customers are like an asset for the company. Valuable customers should always be seized with the company on the cost of loyalty programs and best services. Identifying a valuable customer becomes really important for a profitable business. Survey every customer and identify the valuable ones further introducing strategies for retaining them.
- Bring back the lost sheep
A customer who has already turned up or have decided to do so should be brought back. This needs a strategic planning and a survey that includes reason for churning and solutions for regaining the client. The customer can be offered with the best of loyalty benefits that he may not be getting from the competitor. Bringing back the valuable customer is also a smart customer retention trick.
- Mind your online image
Online image these days is one of the basic necessities of profitable business. Customer reviews, website image and a decent renowned image on social media platforms also becomes equally important. Customer reviews and comments should be taken seriously and needs to be instantly responded on if required.
- Complaint is gift
Complaints are actually good for your business if taken positively. All the complaints registered should be handled properly with patience. A complaint opens up the way to improve your services and offers a chance to know what customers are facing at their end. Complaints are gifts that have the capability to improve your products and services.
- Improve customer experience
Virtuous customer experience is the core of a successful business. Customer experience plays a vital role for customer loyalty and retention or even customer acquisition because good customer experience and feedback helps to develop a reputation that works to attract new customers and also helps in retaining the previous ones.
- Sell and then sell again
Selling initially is when you acquire or attract a customer towards your business. Selling again requires a strategic planning that works for customer retention. Selling again means offering rewards or benefits that forces the customer to stay for your brand constantly. Selling again prevents churning.
- Respond to negative feedback
Negative feedback leaves a bad impact on company’s reputation but if answered properly and taken care of with appropriate solution or response then it does not works in a negative way and gets neglected. Respond to negative feedback generates a sense of trust in customers towards the brand or company.
- Measure lifetime value
Customer retention is not just retaining the client for some time. It should be viewed from a long term perspective. Since acquiring the customer till managing his entire service lifecycle should be the goal for a business.
- Customer retention management
Customer retention management is the complete strategy that includes attracting the customers, maintaining their lifecycle throughout, loyalty marketing and client retention. You can consult a digital engagement firm for the complete package of these services and leave all the hassle of bulk client retention management to them. Lumata does the work for you. We at Lumata offers loyalty program benefits, customer retention management, subscription lifecycle maintenance and customer lifecycle management for businesses. Our suites of platforms are specially crafted with the ultimate features to provide these services.
The passage to success in terms of customer retention grows slowly and needs a lot of effort and business planning. These solutions will help you to fasten the things but your services and products plays a greater role. There’s no substitute for a great product or antidote for a terrible one. Your business reputation and customer value can be enhanced through great customer service but we can definitely help you with enhancing your services throughout.
THE EASIEST WAY TO GROW YOUR CUSTOMER IS NOT TO LOSE THEM…