Today’s global economy has given birth to competition at both domestic and international levels. In such an environment where the customer is spoilt for choice, retention has become one of the hardest battles for any organization. Hundreds of companies are targeting the same consumers who you have worked so hard to earn with similar solutions.
Without a doubt tapping new geographical areas and driving in new customers will expand your footprints but it is nurturing your existing clients that will trigger your profits.
Customer retention through customer satisfaction has gone to show a 3 times higher purchase than that coming from a new client. This ratio goes to prove that if your past clients are retained they can sustain if not surpass your profits in addition to giving you a larger time frame to set focus on expanding base. It is basically a win in all directions.
There are multiple strategies that can be applied when it comes down to customer retention. However the four that form the boundary of customer retention within which every industry modifies to meet their clients expectations are:
With the rising of social media and multiple other connectivity platforms it is important to pay attention and react to what your consumer is saying. Leaving interactions incomplete or unanswered is the fastest way to create a disconnection with the consumer and your brand. However engaging with your consumer makes them feel special and valued. It creates a foundation that holds recall and loyalty much stronger than any other medium of promotion.
Customer service is an area where most brands fall short and the ones who have developed a strong standing in this field have gone to see a strong backing of consumers. A leading phone company for example, when a customer has problems with their phone on a short analysis, diagnoses the problem and if it’s a problem with the software they have an immediate new product replacement policy. This gives the customer the mental satisfaction that the brand is there not only while making the sale but even long after.
Today’s era is technology driven, where everything is available at the click of a button. It has landed up making people impatient and wanting quick solutions. To foresee this as an advantage can be one of the strongest customer retention strategies. To make content available via blogs or videos will helps you remain on the top of the mind of your consumers.
Brands have begun to us these mediums to teach their consumers about the uses of their products, how to fix common problems and how to store the product among many other things.
Nothing holds stronger and nothing speaks louder than the voice of a positive feedback from your customer. A testimonial is an assurance to your new consumer that they are investing with a brand that will satisfy their needs as well as it’s a strong foundation for your existing customers to know about other product verticals. It will drive sales not only horizontally but even vertically. A testimonial rather than portraying itself as a sales pitch always goes down as something your customer can relate to
It is both easier and cost effective to focus on retaining your existing customer. Acquiring new customers becomes a much easier battle if your customer retention strategies are in place.
Leading Customer Loyalty is a one-day work session to learn the principles and practices that are needed to win the hearts of customers. To drive this concept within your organization, register for the Leading Customer Loyalty workshop today.
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