One of the most difficult tasks that businesses face is getting new customers. However, the job doesn't end there. Perhaps a more challenging operation is actually keeping these customers and getting them to remain loyal to your product.
The Harvard Business Review concludes that increasing customer retention rates by 5 percent increases profits by 25 percent to 95 percent. This shows the importance of customer retention, which results in large dividends for businesses in every industry.
So what's the best way to get customers to keep coming back for more?
Good customer service
A positive customer experience is the best way to convince customers to keep spending their money on your company. When customers are happy with the service they've received, your company has a much higher chance of repeat business. Go the extra mile to make sure your customers' needs are met and always resolve issues as soon as possible so that they'll be convinced to return. Establish an easy way for customers to get in touch with you. For extra points, add the human touch and make sure there's someone there to answer any queries.
Special offers, special customers
Show customers you appreciate them by offering promotions or discounts. It shows that you value your loyal client base and that you're willing to come up with incentives just for them. Whether it's outright discounts, gifts with purchase, loyalty points or rebates, it entices customers to choose your business every time. Use this approach especially when introducing new products or attracting customers during off-peak seasons.
Communication is key
Keep in touch with your customers. When your company's name is never far from their minds via emailers or text messages, they're more than likely to keep giving you their business. Set up email marketing campaigns through platforms like MailChimp and customize your content for them.
Train your employees
When your employees are competent and happy in their job, they will strive to do more for the company. They are, after all, the face and voice of your company so training them to build a positive attitude will empower them to make things work for your business. It also encourages employee loyalty and they will be encouraged to pass on that loyalty to customers too.
Manage your contacts
Build an efficient and reliable database of your customers with business contact management software such as Sansan. Once you have this in place, it's easy to share contacts with colleagues and see the connections that your company has and put it to good use. It saves a lot of time and gives you a more effective way to get in touch with customers.
With the right mix of customer service, employee loyalty and contact management, customer retention is an easy task for any business to take on.