You’re in business to turn new customers into repeat customers. Unfortunately, sometimes new customers leave and never return. While there are all kinds of reasons it happens, it doesn’t mean you can’t do something about it. Increasing customer retention ultimately comes down to improving the customer experience.
When you consider that increasing customer retention by just 5% could increase your company’s profits by 25% to 95%, then it simply stands to reason that improving the customer experience is critical to growing your business. So, what are some of the most proactive ways to keep customers?
Customer loyalty programs aren’t just for everyday consumers. Any business in any market can immediately improve customer retention with the right loyalty program. Loyalty programs have become a staple of today’s ultra-competitive markets, and they’re a great way to improve the customer experience.
Allow your customers to build up their rewards on each purchase. Once they reach the desired volume, provide them with either a rebate towards their next purchase or a free product. Don’t make it too difficult to attain the reward. Customers love simple loyalty programs, so avoid the gimmicks.
Offer customers discounts without them having to ask. Customers love to be surprised, especially when that surprise expresses gratitude for being a customer. Your business has all kinds of data on how much your customers purchase and when. You can easily anticipate when they’ll place their next order. Before that happens, make sure to give them an upfront discount. Being proactive instead of reactive shows customers they don’t have to complain to be rewarded for their loyalty.
It doesn’t matter whether you visit customers in person, deal with them over the phone, or run an e-commerce website – customers love when you thank them for their business. This is perhaps the simplest strategy of all, but so few companies use it. Most of the time, customers are pleasantly surprised to hear you thank them for their loyalty.
Explain to your customer exactly how much they mean to your company. Tell your customers that you appreciate them and that they’ve played an important role in helping grow your business. Sometimes companies get tunnel vision and see the buyer-seller relationship as automatic – but it isn’t. Customers have choices, and they can choose to buy from any company. Thank them for choosing yours.
There is a social media forum for every single market, industry, and type of customer. It’s just a matter of identifying which social media website caters to your audience. However, don’t make the all-too-common mistake of thinking you just have to be present on social media. That won’t cut it.
The companies that properly leverage social media understand that it’s the ultimate customer outreach tool. They’ll use social media to position themselves as thought leaders. They’ll use it to promote their loyalty programs and discounts. They’ll keep their customers up to date about the company’s environmental stewardship programs and incentivise them to share content with like-minded friends and family members.
Far too many companies forget to follow up with customers. Don’t allow that to happen. Improving after-sales support involves reaching out to customers to make sure they’re satisfied with their purchases. The speed of your response is critical. Immediately following up after customers have received their orders shows you value them as customers. Keep a record of their feedback, as it will help you improve both your product and service.
Make sure you ask customers what they think of your company. Be willing to take constructive criticism. It will improve your company overall, so welcome your customer’s feedback. Don’t just include a random, non-descript survey on each order. Reach out to customers and ask them what they appreciate about your brand. Customers are loyal to brands that show they care. Adding a personal touch goes a long way to building that loyalty.
Increasing customer retention isn’t difficult. It simply requires the willingness to reach out to customers and show your gratitude. Sometimes that involves rewarding them for their business. Sometimes it involves thanking them. Regardless of how you do it, just make sure to express your appreciation for them as customers.
But sometimes, the next step in customer experience means upgrading your infrastructure. If that’s the case for you, reach out to us today to talk about how we can help you become the best business you can be.