Entrepreneurs have had a common misconception that new customers contribute to the growth of the firm. And while there’s some truth in it, new customers do not automatically convert to business growth.
Customer retention is a better and affordable marketing strategy. If you are looking forward to expanding your business, you should understand how to retain customers without losing your client acquisition tactics.
Here are effective customer retention methods that you may use to increase your profits and grow your firm.
Provide Incredible Customer Service
Satisfy your customers by providing extraordinary customer service. Many businesses make a mistake by treating the first time customers well and then giving low services to the existing ones.
Remember that there are many businesses, and customers will only choose the place where they feel appreciated. You should therefore go the extra mile to provide the exact things which your clients need. If possible, you should even surpass their expectations.
Here are excellent customer service tips to help you retain your clients:
- Deliver what you promise
- Educate your customer service team on how to handle clients
- Provide immediate response to customer phone calls
- Be polite with your clients
- Provide free delivery services
The excellent service will attract more clients to your firm, and also make the existing ones more loyal.
Appreciate Complaints
96% of customers don’t complain. They don’t have the time to complain, and others feel that the complaints will not make any difference. And when they don’t complain, they don’t come back. They turn their back on your business and go to your competitors.
They also don’t keep silent. They spread complaints to other people to damage your reputation. So, what does this mean to your business?
You should encourage your clients to give feedback. You should also appreciate the complaints and assure them that you will work on the issue.
Create Loyalty Programs
Loyalty programs can help you retain a large number of your customers. The primary aim of these programs is to help you reward your clients so that they can come back.
When the customers enroll in your loyalty programs, they qualify for discounts and the other crazy discounts that your program entails. This special treatment makes them valued and appreciated in your business.
A great loyalty program should allow customers to get access to your rewards, even when they have not bought from you. However, the program should have better rewards for loyal clients who continuously purchase from you.
The right customer loyalty software should also be simple. A complicated program that requires clients to sign up and follow many instructions will be a turn-off.
Learn from your competitors with successful programs and implement better reward services. Update your clients too so that they can enroll for the program.
Be Honest
Provide the right information to your clients. From the prices to the cons of the product; the customers have the right to know the correct information regarding the items or service. If you lie, the truth will eventually come out, and you will have lost that customer.
People are very quick to lose trust in businesses, mainly if you run an online store. So, acknowledge the faulty products, avoid the hidden charges, and be honest with every aspect of your business.
In this way, you will win the heart of your clients and will gain more loyalty.
Keep in Touch
Show love and compassion to your customers. Let them know that you care for them and that you support the personal initiatives.
When they visit, take their contacts and call them often. Remember to keep your talks professional to avoid damaging your reputation. During your conversations, you may inform them of your news business initiatives, launches, and other things that concern them.
Let them know that you appreciate their loyalty and that you would like to have a long-term business relationship. Here are other tactics for keeping in touch with your clients:
- Contribute towards their birthdays, wedding anniversaries, and other events
- Send regular email updates
- Follow them and comment on their posts
- Meet in person
- Ask for feedback
- Invite them to parties
You may also embrace other effective methods that help you get in touch with your clients.
Thank Your Customers
How many times do you thank your clients after promoting you?
Remember that 20% of your current customers are responsible for 80% of your future profits.
It’s by luck that you get repeat customers in today’s competitive business environment. So, you shouldn’t take them granted.
A simple thank you can make a big difference. It makes them feel appreciated, and also helps them know that they made the right decision to buy from you. Here are simple tips for saying thank you to your loyal clients:
- Greet your customers by their names
- Express your gratitude to them
- Let them know you enjoyed the experience of serving them
- Repeat your ‘thank you’
You may also send thank you notes to their emails, social media accounts, cell phones, and so on.
Embrace Customer Feedback Surveys
Surveys are great for building long term customer relationships. They might look boring, but they can help you collect essential information regarding your business.
They allow your clients to open up on the burning issues, and they also help you to interact better with customers. For best results, you may use the anonymous reviews to get the opinions of the clients who don’t like publicity.
Since it might be strenuous to carry out online surveys every time, you may invest in an automation system. Find out the right automation systems for your business and adopt it.
Learn More on How to Retain Customers
Do not be limited by the above tips on how to retain customers. There are more useful strategies that you may use, provided that they guarantee a positive response.
So, set realistic expectations and choose the right strategy which works for your business niche. Don’t forget to win new clients too even as you focus on retaining the existing ones.
Young Leaders is an inspirational blog. We inspire both young and established entrepreneurs in different business aspects. So, read the rest of our blogs today for the best financial management tips that you can try out for your business.
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