Each new business has two main goals: 1) to acquire customers, and 2) to retain those customers. As an organization evolves and grows, these two goals remain constant because… every business strives to build a loyal customer base. So, whether you’re online or offline or dealing directly with vendors or customers, your long-term success relies on customer satisfaction.
What is customer retention and what does it mean for your business? Customer retention refers to how long your company is able to keep an existing customer. If you’ve heard that it’s much easier and cost-effective to focus on retaining your existing customers rather than marketing and finding new ones, that’s because it is. To that end, let’s take a look at which strategies will keep your existing customers happy and coming back for more.
1. Incorporate Customer Surveys
It’s critical to stay on top of customer feedback so you can fine-tune and tweak your products, services, and customer processes. A great way to accomplish these things is to incorporate customer surveys on a regular basis. Surveys can be sent through the mail or emailed to new and existing customers. Don’t forget to include an area for customer suggestions and incorporate the good ideas accordingly.
2. Prioritize Customer Service
From day one, teach all of your employees the importance of customer service, which should be a priority at all times. When your customers receive the highest caliber customer service, they won’t even think of going anywhere else.
3. Engage on Social Media
If your business doesn’t have one already, create a Facebook and Twitter account and adopt a firm policy that no customer comments or direct messages will be ignored. Post daily and be sure to respond to people’s comments and messages promptly. If you don’t have a social media manager or someone who’s handling the social accounts, be sure that whoever’s handling your PR and marketing takes care of it.
4. Keep the Communication Lines Open
Create an environment that encourages customer satisfaction and feedback. Invite your customers to call or email whenever they have a question or concern, and respond quickly when you do receive a customer communication. In your response, aim to resolve the customer’s issue or find the best possible solution.
5. Incorporate a Business Blog
One of the best ways to retain a loyal customer base is to be constantly adding value to your clientele. By incorporating content marketing strategies, such as a business blog, you’re not only becoming an industry influencer, but you’re solving your customers’ problems. It’s a win-win situation! Not sure what to write about? Offer your customers advice and tips and use your blog as a way to answer common customer questions.
6. Stay on Top of Industry Trends
To stay at the top of your game, you must keep tabs on current industry trends. To do this, attend industry conventions, read relevant articles and blogs, search the internet for the latest online articles on your industry, and subscribe to trade magazines. The idea is to be constantly learning and keeping your finger on the pulse. As technology evolves, don’t forget to blog about it and update your customers on the latest trends.
7. Get on the Phone
Don’t be afraid to pick up the phone and check in with customers. You can use this strategy whether they’re thrilled with your services or dissatisfied – it works in both scenarios. Use this as an opportunity to see if they’re happy and if there’s anything you can do to improve your product or service. You will receive useful customer feedback and they will feel like the valued customers that they are.
8. Reward Loyal Customers
There are countless ways to acknowledge and reward your customers and to show them how much you appreciate their loyalty. Depending on your budget, you can send a hand-written note, buy their office lunch, send over a gift basket, or offer them a free product or service. Even without huge resources, there’s a lot that you can say and do to show your loyal customers how much you care.
9. Always Deliver More Than is Expected
This is one of the best ways to establish rapport with customers and build lasting relationships – always deliver more than is expected and then some. You can never go wrong by going the extra mile for customers.
10. Quickly Resolve All Complaints
A business cannot ignore customer complaints because if they do, bad word of mouth can spread rapidly, and at the cost of existing and future business. It’s far more cost-effective to resolve a customer complaint swiftly than it is to allow a disgruntled customer situation to go unhandled.
While the above strategies are all components to building a loyal customer base, it all comes back to customer experience. From the second they land on your website for the first time, to the first phone call they make to your office, to the initial moment they use your product or service, make sure the customer experience is so pleasant and worthwhile, they’ll want to do business with you again and again. For more information on enhancing customer experience and building a loyal customer base, contact AdviCoach for help!