Techniques For Better Client Retention
Introduction:
We have compiled this article to assist you with ideas on better maintaining your customer relationships. These are only a few ideas to help you with relationship building. Let’s not forget the importance of our clients and how they make possible the things that we do and would like to do.
[1]One of the most significant difficulties for a business is creating growth and marketing products and services. Companies put a great deal of effort into getting new customers to walk through their store, follow them on social media, or visit their website. Although businesses need new customers, it’s essential to balance finding new customers and keeping existing ones.
The importance of customer retention, or the practice of keeping current customers loyal to your business, cannot be understated. In fact, according to the Harvard Business School, “increasing customer retention rates by 5 percent increases profits by 25 percent to 95 percent.” So, how do you build customer loyalty and retain existing customers? Here are seven highly effective customer retention techniques to use for your business.
What Is Customer Retention?
Customer retention is a business’s effort to keep past and present customers returning to their business. Not only is this important for getting customers to return, but also it allows customers to see that your business has a genuine interest in keeping customers engaged and feeling appreciated.
A significant factor in customer retention is customer loyalty. Customer loyalty is about creating a bond between the business and the customers, providing exceptional service and value. However, customer loyalty isn’t the only thing that keeps customers from coming back—that’s where customer retention techniques come in.
Although businesses have always desired to improve customer retention rates, how they do this has changed drastically. Technology like social media has enabled companies to reach out to customers in ways that were impossible just years ago. For example, businesses of all sizes employ email newsletters and social media to communicate with previous customers directly.
There are several other techniques that your business can start implementing immediately and soon.
1. [2]Offer Customer Service “Surprises.”
When it comes to nurturing your customers, think of a valuable offer that you can offer them – without their knowledge.
Surprises come suddenly. They’re not planned. Surprise packages or offers don’t have to cost you a fortune.
Jawbone sends a handwritten note to its customers. Customers love it because it shows how much the brand values them since they could take out time to write to every customer manually. To me, that’s a big sacrifice.
If you want your customers to stay put and trust your brand, you should get beyond the expected service or product you offer.
Surprises motivate customers. It can come in the form of appreciation. In other words, when you appreciate people, they feel excited about their work.
Psychologically, scientists say that surprise is good for the brain. It also brings pleasure. It’s the spice of life. Don’t wait until your customers make a request. Step out and surprise them.
Reciprocate good gestures. Surprising your customers will inspire them to leave honest feedback about your product and brand. Trust me, and this is priceless.
Surprising offers make your customers feel like they’re part of something bigger.
2. [3]Retain Customers With A Smooth Onboarding Process
First impressions are everything. After the initial excitement of getting the new product or acquiring the new service, most customers will default back to the first experience they had with your brand. If it was positive, they’re much more likely to stick around.
A good onboarding process can set you up for success for years to come. It should be personalized (as much as possible), hands-on, and focus on removing as much friction as possible.
3. Close The Loop On Customer Feedback
One of the biggest keys to retaining customers is to know how they feel. When you understand customer sentiment and what they like/dislike, you can refine your approach and better meet their needs.
There are many customer survey templates to use when gathering feedback, but the most popular brand-loyalty metric is the Net Promoter Score.
The beauty of the NPS methodology is that it’s straightforward to implement and consists of a simple question: “How likely are you to recommend [your brand name] to a friend?” on a 0-10 rating scale. After providing a score, the customer can then use their own words in an open-ended feedback question to explain their rating in-depth.
It’s important to note – not only is gathering feedback beneficial to your retention strategies but closing the loop with your customers is just as crucial. Consider customizing a Thank you message on your survey and responding directly to customer feedback to show them that you’re listening and using their feedback to improve.
For more tips and tricks on closing the customer loop, check out our Help Center’s Closing the Loop guide.
When you use Delighted, you can send out NPS surveys and close the loop with customers via email, link, in-app, or kiosk. This allows you to collect data wherever your customer interacts with your brand constantly – so you can feel confident that you’re “in the know.”
4. Keep Your Products And Services Top Of Mind
You can’t stop marketing to someone just because they’re a customer. In today’s marketplace, where competition is high, and loyalty is low, you must stay top of mind.
You can do this via any number of techniques and strategies. Good options include weekly email newsletters, running contests on social media, and producing high-value content (like videos, podcasts, or downloadable PDF resources).
5. Reward Promoters And Loyal Customers
If a customer doesn’t feel appreciated, all it takes is one mistake or a “better opportunity” with a competitor for them to jump ship. You mustn’t take your loyal customers for granted. Instead, reward them for sticking around.
Rewarding loyalty may look like grandfathering-in prices when rates increase or sending bonuses and surprises when a customer places their tenth or twentieth order. If you gauge loyalty regarding how long a customer has been with you, you might consider sending bonus gifts at significant intervals, such as six months and a year. Of course, setting up a loyalty program is also always an option.
Or, say thank you and encourage promoters to refer their friends by incorporating rewards directly within your survey feedback. Delighted + Friendbuy integration allows you to embed referral links and reward info directly into your customized survey without you having to lift a finger.
Conclusion:
Pick on and start working on that, the rest will come, and your clients will feel better about you and the service that you provide.
Article compiled by hughesagency.ca
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