Your customers are the most valuable assets of your company. If there’s anything more challenging than attracting new customers, it definitely has to be keeping them happy and satisfied, so they’d want to continue doing business with your company. In all honesty, it's 5 times more expensive to bring in a new customer than retaining an existing one.
On average, companies which acknowledge customer retention as one of their key performance indicators, tend to enjoy more customer loyalty and increase in profit, and get a higher return on investment, whereas maintenance costs remain low.
While there are many ways to achieve this, let’s look at a few strategies your company can implement to retain its customers right now, keep them happy and coming back for more.
Personalised communication and smooth onboarding
Companies who put their customers first save time and money in the future. A good onboarding process reduces friction to minimum but at the same time, feels personalized and warm. If it was a positive experience, your #customers will remember it and most likely stick around.
The importance of small gestures
Words of encouragement, support and well wishes are enough to brighten someone’s day, even more so if they happen to be your customers. Make them feel important and heard. Reaching out on various occasions with wishes and compliments strengthens customer relationships. To add to their delight, you may avail them special discounts and offers. Show your customers you’re listening and how much they matter to you.
Reward customers for their loyalty
Make your customers feel appreciated for showing constant trust in your company’s products or services. You can customize loyalty programs depending on how long a customer has been in business with your company, or you may consider sending them bi-yearly bonuses and surprises. Another brilliant way of sowing goodwill is encouraging your customers to share your referral forward and as a token of appreciation, you can send their way a referral gift.
Make social media your vocal companion
Social media apps like #Instagram, #Facebook, #Linkedin are deeply personal and can be used to not only communicate with your existing customers, but also get in touch with previous and potential customers. With effective targeting measures, you can reach out to an audience who have interacted with your business page in some way, shape or form.
Optimizing your social media will help to bring in added social users to interact with your company profile online. Ask for reviews, receive feedback, stir up new discussions, and solve customer queries whenever they arise.
The past decade has been a game changer in terms of advancement in #technology, which led to the creation of all the amazing platforms we use today, and have paved the way for effective communication among #business and #customers.
As long as companies keep serving and delighting their customers by significantly investing time in outreach, they will save enormous resources on their end, convert more of their customers into long term buyers, and retain existing ones in pursuit to nurture and enhance customer relationships. It's a win-win for both.