Customer retention is something that every business person is always working on in order to grow their business. It doesn’t matter if your business already has an established customer one sure way to continue to grow your business is by keeping your customers interested and happy.
What is Customer Retention?
According to NGData.com:
“Customer retention refers to the activities and actions companies and organizations take to reduce the number of customer defections. The goal of customer retention programs is to help companies retain as many customers as possible, often through customer loyalty and brand loyalty initiatives. It is important to remember that customer retention begins with the first contact a customer has with a company and continues throughout the entire lifetime of the relationship.”
From the above definition you will observe that an effective customer retention strategy should make your customers happy which, if done well, will result in these customers in turn…
- Producing more customers for you by way of positive reviews and word of mouth recommendations; and
- Feeding your bottom line with their repeat business.
There’s no doubt therefore that customer retention is one marketing strategy that you will want to put to use now. The focus really should be on building and maintaining customer relationships.
Also Read: 9 Creative Marketing Ideas to Grow Your Business Today!
Here Are 5 Valuable Customer Retention Strategies
Consumers love to keep up with the news. No matter what type of business you run, keeping an updated blog that focuses on your company and industry news will keep your customers interested in your product.
Blogs allow you to reach limitless readers, and they are automatically targeted by searches relevant to your industry or location. You can also use your blog to promote new products, sales, or upcoming events so your customers can stay involved in your business.
Sites like Blogger and WordPress offer beautiful blog templates that are simple to set up and easy to update. Make it easy for your customers and potential customers to follow you online by linking your Facebook, Twitter, or other social media accounts to your blog.
The majority of any company’s income comes from repeat customers; that’s because it takes more advertising dollars to gain new customers than it does to keep your current ones.
So it only makes sense to focus on retention. Adding value to your existing customers’ experiences will keep them coming back and loyalty programs are an inexpensive way to accomplish this goal.
Discounts or free products will always appeal to customers who love your products and services. Therefore, keep implementing different types of reward programs should go a long way in generating repeat sales from your existing customers.
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Questionnaires & Surveys
Every customer has an opinion and, whether good or bad, they want to share that opinion. Offering questionnaires & surveys to your customers helps them feel involved in your company and lets them express their needs and wants.
When you design and offer surveys to your customers, be sure to show them their opinions are valued by taking steps to implement their suggestions where viable, or by offering to remedy any negative situation they may share with you.
There is no denying social media has an effect on everyone with a computer or smart phone. When you invite your customers to interact with your business through social media accounts like Twitter, FourSquare, or Facebook, you keep your name close at hand while gaining valuable insight into your customers’ needs and wants.
Assign one tech-savvy person to manage your media accounts and be sure to encourage your employees to interact with your customers while showing genuine concern for their opinions.
Studies have shown that email marketing is very effective in keeping customers coming back to your business. This is one reason why it has continued to have a high return on investment (ROI) compared to other forms of marketing. It is therefore a wise business investment to include email in your marketing arsenal.
With email marketing you can efficiently keep your company at the top of your customers’ minds while, at the same time, nurturing the customer relationship, introducing new offers and offering valuable content.
Remember, if you are not retaining your customers, you are losing them. By implementing these 5 valuable customer retention strategies, you will continue to build your business by taking a proactive role in influencing your customers’ desire to stay with you.