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Posted on April 24, 2021
Creating a new customer might sound too exciting. Yet, many business entrepreneurs commit the mistake of not valuing their old-cum- best customers and focus on their marketing strategies to capture new customers. On average, businesses loss nearly 20 % of its customers just due to that fact that they are unable to retain their good old customers.
For instance, think a couple of business in which one retains 90 % of its old customers and the other business retains 80 %. If both the business entrepreneur adds new customers at the pace of 20 % per year then the first entrepreneur will have a 10 % net growth in customers a year, while the other will have 0 %. Over 6 to 7 years, the first business module will double, while the second will end up with literally nil growth. This 10 % positive note in the best and old customer retention will result in engaging of customers without any serious efforts. Yet, there are some strategies to be followed to retain the customers, and here they are,
Wide-awake your customers to any new product updates, promotions, rewards programs, or any attracting content strategies you think they will look as relevant and interesting. Let your customers share their experience of your product and hold any contests to ascend engagement. Be a step ahead by forecasting future challenges they may come and suggest a few solutions to it. On the other hand, if you have not heard a word from the set of customers in a while, don’t be cautious to reach out to them by either call or WhatsApp. Even if your efforts don’t result in immediate sales, they’ll go a long way toward keeping your brand first in your customers’ minds.
Avail the benefits of Social media
After the initial sale and the invoice process, Social media tools are extremely useful in retaining customers contact. Social media platforms like Facebook, Instagram and LinkedIn offer a wide range of opportunities to engage your old customers and build trust by showing the real side of your business by Monitoring the customer opinions, motivations, and interests. Also, find the particular loyal customer who follows in social media, giving honest feedback; reward him/her. Put some efforts to change negative perceptions which your customers have on the brand or the product you manufacture. In recent days, Consumers have taken social media platforms as a tool to register complaints. Consider this way as the advantage to describe how your brand cares about the customers.
Be more personal
Most of the consumers hold much value on the quality of your product or service- be in friendliness, familiarity, and comfort. Because 70% of buying experiences depends on how a customer feels and he/she is getting treated. Strengthen your business module as a friendly and accommodating partner from your customers point of view. For start-ups, try Customizing the offers around actual customer behaviour through analytics rather than making bare predictions based on neutral demographics, or any random personal perceptions. So, as a possibility to showcase your appreciation to old customers, provide a movie ticket, sneak previews, couple or special offers to your new products.
Solve the problems
When your customers have problems, let them get a chance to speak either ideally in person or by phone. Even in this digital world, people expect someone to speak to and resolve the issues. This is a strong desire that more than 70% of customers believe it takes a much longer time to reach an agent on the telephone or an online chat. In the other case, turning the already frustrated customers to a FAQ page or an email contact system will worsen the situation. Give a workshop or training to your employees to manage the customers wisely; when an issue arises and to fix it. Employees who are kept well-informed and believe they can be effective in customer engagement will be more excited to take the responsibilities.
Your brand value is solely based on the reputation behind it. When a problem arises or you have committed a sin, admit the mistakes, and even apologize if required. In business, honesty proves authenticity also it lets customers understand that you are willing to correct faulty processes and prevent any such future mistakes to occur.
Keep a proper time
On a survey conducted, the consumers revealed that less than 24 hours is widely considered an acceptable time for an email response. So, make sure your customer support 24×7 actions are consistent along with the brand image you wanted to portray, as well as the expectations of your customers. For instance, if you market a service or a product to improve system performance, do not consume much time to respond to your customer queries.
Bow out gracefully
According to Kissmetrics report, more than 70% of consumers have quitted the business relationship due to poor customer service. In fact, it is not as easy as to lose a customer, yet it is an unavoidable fact. So, try to end the relationship on an exceptionally good note. Even at times, managing the customers’ departure can determine whether they will give you another chance down the road or leave you with bad reviews and disappear entirely from you.