A major secret for keeping any company going is knowing that your business grows from your repeat customers. While it’s always great when you get new customers, what you do to keep them coming back time after time is what really matters. This is where Customer Retention comes in. Keep reading! Today our Day BPO blog explains what customer retention is and shares some strategies you can begin to implement in your business to retain your loyal customers.
Let’s not waste any more time and dive right in.
What’s Customer Retention?
When a company or business has existing customers, the goal is to keep them coming back. That said, Customer Retention is engaging existing customers through activities geared toward keeping them over time.
Customer retention also applies to new/first-time customers. The process involves converting them into repeat customers. The customer retention concept exists to form lasting relationships with customers, develop their brand loyalty, all while maximizing their lifetime value.
When businesses understand and practice customer retention it helps them to create lasting relationships with their customers and learn from their patterns. By doing this, businesses are able to get more honest feedback from their customers and in turn, adjust the quality of their products and services accordingly.
Here’s Why Customer Retention is Important
Knowing and understanding the need for customer retention strategies helps your business in a few areas, namely:
- Understanding how loyal and satisfied your customers really are
- The quality and strength of your customer service
- Highlights any red flags that may be deterring both current and potential customers
In the long run, having great customer retention strategies can end up saving you money and pays you dividends as well. When you compare the cost of customer acquisition to customer retention, customer retention comes out on top as the better option.
Nurturing the customer you already have costs less and also helps you to acquire new ones based on all the good things your current customers have to say about you. Word of mouth is a very powerful tool.
An effective customer retention strategy makes even better brand ambassadors of your customers. In this case, the benefit becomes priceless because when customers are loyal, they do not keep the great experiences and benefits they are having to themselves.
7 Customer Retention Strategies You Can Start Using Today
Having a lasting relationship with your customers means that you both have shared values and beliefs. This means that in some way, your business or brand resembles them in some way. This means that if a customer can’t relate to you in any way, they’re more likely to ignore you. This is why being relatable and making real connections with your customers brings value.
Listen to your customers
Most of the time, listening is far more important than speaking. In this case, listening to your customers can take on different forms. Collecting feedback from surveys and polls is just one of the ways you can give a listening ear to your customers.
Customers appreciate when you ask for their point of view and become even more thrilled when they see you put their feedback into action.
Get your customers excited
Showing off your latest products and service to your customers can get them excited. If you take it a step further and provide those who are loyal with exclusive offers and first looks, then even more excitement will develop. A loyal customer wouldn’t want to miss out on the great things you have to offer.
Teach your customers about your products and services
We learn something every day and it shouldn’t be any different for your customers. Depending on the product or service that you’re offering, you wouldn’t want to leave your customers in the dark about the great features and benefits they get from what you have to offer. This is where educating your customer comes in.
You can teach your customers in many different ways and be creative while you’re at it. For example, sending your customers a newsletter, doing Did you Know posts on social media platforms, providing free training sessions and the list goes on.
Keep the conversation going
Engaging your customers positively helps in the customer retention process. Keeping constant and clear communication with your customers is key. Be present on all of their preferred channels as well. Whether they prefer the different social media platforms, over the phone, face to face, email or web chat. Go where your customers are, talk to them and be consistent.
Make it easy to do business
When customers are able to personalize their journey with your brand it gives them a better experience. Giving your customers a sense of security, meaning that their personal information is safe with you is a good place to begin.
Through the use of your website as well, you can offer personalized product and service recommendations based on their preferences and behaviors.
Give them a delightful experience every time
For the most part, everyone likes a delightful surprise. It is no different with your customers. A Thank You note, an extra 10% off, or a free gift; all of these are examples of how you can add to the delightful experience your customers have. Of course, making sure that the basics such as great customer service are in place, is the basis of what is to come.
Customer Retention isn’t spoken about as much as it should be. It is the glue that holds businesses together.
Of course, the Day BPO team is here to help you with your customer retention strategies. Our multilingual, multicultural team of experts are here to help you with turnkey solutions to help your business grow without breaking your budget.
We give 24/7 support in every single language and the size of your enterprise does not matter. We understand that returning customers are the foundation of your business and that is why we take pride in offering this as a service.
So what are you waiting for? Let’s get started today.