Customer retention is a fast and efficient way for companies to grow. In fact, on average it costs seven times less to retain a customer than to acquire a new one. With that in mind, here are our five top tips for retaining your customers.
Create an Excellent Customer Retention Program
It may sound trite, but the truth is that many companies believe that having a good product, having a good customer experience, and having a good philosophy is enough to make customers come back. And whilst this is, to a degree, true, companies need to continually earn consumers’ loyalty. The best way to do this is to create a good customer retention program.
Make the Most of Social Media
Social media gives companies that ability to engage consumers in an open, two-way, and honest conversation. By dialling down their corporate presence and using social media to give their company a human feel, companies can increase retention levels. Good use of social media requires providing a forum for customers to engage with each other, sharing high-quality and relevant content, and responding quickly to messages and posts.
Be an Industry Leader
No matter what industry you belong to, if you can create the perception of being an industry leader you’re more likely to retain customers; being a trusted advisor will increase customer loyalty and decrease defection rates. To gain your audience’s trust, identify industry-specific problems and present your solutions to them, share and analyse news stories that affect your industry, and use influencer marketing to boost your reputation.
Introduce Anticipatory Customer Service
Customers like to feel special. And nothing makes them feel more special than a company doing its best to anticipate and help them with their problems. Anticipatory customer service means knowing when something likely to damage a customer’s experience is about to happen and providing a solution for that problem. For example, if your computer system requires maintenance and needs to be temporarily shut down, send a text or email to your customers telling them when this will happen as well as when it will be up and running again.
Implement Customer Feedback Surveys
The best way to hear about where your service is going wrong is to ask existing customers. Customer feedback surveys provide a way for companies to reach out to customers and learn how their service is performing in relation to customer expectations. These shouldn’t be too time-consuming, and should make it apparent that you’re after honest answers. By learning from your mistakes and successes, you will be able to maintain a good service and retain customers.