7 Effective Strategies to Retain Your Customers
Attracting customers is one of the most crucial things for any successful business, which is why all owners pour significant resources into this endeavour. However, some forget that retaining their customers is just as important as getting their attention. When you can keep the customers happy, you do not have to worry about your business’s success.
According to a study by F. Reicheld of Bain & Co., a business can increase its profits from 25% to 95% by increasing its customer retention goals by 5%. So, imagine what the benefits will be if your company consciously puts effort into retaining customers and turning them into life-long patrons of your business!
Now, where do you begin? Here are some strategies you can employ to increase your customer’s brand loyalty.
1. Keep Track of Your Customer Churn Rate
The metric that measures the length of a consumer’s relationship to your company is called customer churn. Depending on the industry, it is measured by month or by year. Basically, identifying the churn rate is done by adding up the number of customers within a given period and dividing it by the number of those who remained.
By paying close attention to your company’s churn rate, you will be able to determine certain patterns and uncover what you need to do to keep your customers. It is a necessary metric that will help you understand how healthy your business is to recalibrate your marketing strategy and improve the quality of your customer service.
2. Utilise Social Media and Email Marketing to Retain Your Customers
Your company visibility is an essential aspect of retaining customers. People now heavily rely on social media—almost everyone has at least one account on one popular platform. If you want to be in with the trends, you must learn to take advantage of various platforms like Facebook, Twitter, Instagram, LinkedIn, and the tried and tested email.
The more platforms you leverage, the more people you can attract to your business. Creating dynamic and engaging content will draw people in to engage with your brand, get to know your business, and at the end of it all, urge them into action. Do not underestimate the sheer potential of social media. One viral post, and you can draw lots of additional customers!
You can also utilise social media and email marketing to promote a sense of exclusivity for your existing customers. Send messages containing information about special deals, coupon codes, exclusive discounts, and freebies—these offers will make previous customers go back to your brand over and over again!
3. Stand Out from the Competition
A unique selling point or USP is a fundamental business element through which you can out in your industry. If you have similar products or services as your competitors, you must make a compelling USP to make your company distinctive.
You must find what makes your products or services different from those that have been offered before. Though your product might be similar to your competitors offer, you need to highlight its specialised features and make sure your customers understand why you are the best option for them.
4. Connect to Your Customer’s Values
To prolong the life of your business, you need to find people who will stay for the long haul. You can do this by connecting with them and demonstrating that you have similar values. According to a study by 5W Public Relations, 71% of customers prefer buying from businesses with whom they share similar personal, aspirational, aesthetic, social values.
If your company values resonate with a customer, they are more likely to support you financially and even socially. In particular, the millennial generation is fond of representing their ideas and beliefs. So, take this time to think about your company’s values, mission, and vision. What do you stand for? What do you want people to think about when they hear your company name? What advocacies are you passionate about, and how can you support them through your product or service?
5. Show Appreciation
Occasionally, you must be reminded why you are still in business—your customers. If you show your customers that they are valued, they are more likely to be loyal to you.
Showing appreciation can be done through social media engagement posts, giving discounts for long-time customers, giving small freebies and tokens, or offering new and improved benefits, products, and services.
6. Use a Customer Loyalty Program to Retain Your Customers
Customers love earning and working for rewards, and you have to take advantage of this. Loyalty point cards and cafe punch cards are examples of customer loyalty programs that bring in continuous revenue. You have to identify your long-term shoppers and make sure to reward them with discounts or benefits.
7. Take Note of Feedback and Implement Best Practices
Customer complaints, especially if publicised, are incredibly damaging to your company’s reputation and can lead to a drastic loss in sales. But mistakes are inevitable in the world of business, and you cannot please every customer.
For cases like this, here’s what’s important: Show your customers you care about them, you want to keep them happy, and you listen to what they have to say. So, aside from building a stronger customer relations team, you can also utilise feedback forms, dedicated customer support emails, real-time chat software, phone lines, and social media channels.
No company is perfect; all you need to do is show that you are responsive to feedback, and you are constantly working to do better!
Investing in customer retention is one of the best decisions you will make for your company’s success. If you have loyal customers, you will not have to spend as much time trying to attract new ones; instead, you can focus on improving your services and products. Keep these tips in mind so you can further expand your loyal, lifelong customer base!
Start making the customer experience better by getting Easitill, one of the best EPOS systems suppliers in the UK to help. With Easitill, you can get a solution to improve your operations and grow your business. Talk to one of our specialists today!