Attracting fresh customers and opening up new markets is essential to your business, but retaining clients you already have is especially important. Researches revealed that accumulating new customers can cost five to ten times more than retaining older or existing ones. In addition, a 10% increase in the level of customer retention could increase the value by 30% across the enterprise.
The Consumer Affairs Department (a division of the White House in Washington, D.C.) estimates that loyal customers spend more than 10 times their initial spending over the life of a single company relationship. Clearly, having an established foundation of loyal customers is the key to stability and long-term success.
Therefore, it is important to adapt in digital marketplaces where the immediacy and appeal of promotions made possible by technology can instantly shake buyers. An existing client base that uses online marketing and digital technology to encourage customer stays.
By following given strategies, you can retain your customer and grow your business.
Build Trust Through Relationships:
Successful businesses are built on trust. If you run a business with two people, the business will die without trust.
And there are only two people in your business.
You and your customers.
Seeing how important trust is to your business, you must consciously try to promote trust. When you start relationships with new and existing customers, you give them the opportunity to trust you. Ideally, when you’re trying to build trust, you use customer behavior data to bring tremendous value to your product. Then they will constantly nod and accept your recommendation.
The moment a customer realizes you can’t trust them they switch to your competitors. Nothing scares customers more than a bad experience. To make matters worse, they will spread the negative news to others.
The higher the trust, the stronger the customer’s commitment.
According to a survey, 83% of customers recommend your brand to others if they trust the brand. If they trust it, 82% will stick to your brand.
This means that when you build and grow trust, your customers willingly promote your brand without seeking compensation.
Follow Up a Sale:
One of the biggest mistakes made is to be satisfied after the customer makes the first purchase decision. Another mistake is to start chasing more business elsewhere without following up with your customers. The first sale is just the beginning and you need to follow up with regular interactions to show that you are interested in his / her business. Reminding customers that their purchasing decisions are correct can help with referral and repeat businesses. It doesn’t make sense to use resources to create new customers when a dormant customer may be more willing to repeat a business with you. Customers who know your company and products are more likely to repeat your business with you while minimizing the cost to your company.
Know and Understand your Audience:
Market awareness needs to go beyond establishing target demographics and developing promotional materials based on their perceived needs. Information and observations from various sources already exist, such as purchase history, profile information from more public forums such as account registration or social media, and monitoring and analysis of browsing and online activity.
For customer retention purposes, you need to look for evidence of how existing clients view your organization and their relationships with it. Look for indicators of satisfaction (or other) with your product line, customer relationships, and level of service. Then, maintain the aspects that appear to be approved and take steps to remedy the issues that are causing concern.
Precautions that can be taken to gain these types of insights include:
Apply website traffic and behavioral analytics tools to corporate sites, blogs, e-commerce portals, and other online presence to investigate visitor and customer behavior.
Use a step-by-step email sequence to follow up on completed transactions and invite feedback and comments (this technique can also be used to increase customer engagement, as described below).
Get further feedback and comments by including questions on questions, purchases, and post-purchase forms.
Investigate customer conversations, commentary, and behavior on social media using feedback analysis tools.
Treat Customer Complaints as a Gift:
The vast majority of dissatisfied customers, in fact about 96%, just leave without complaining. The problem is that these customers may not tell you why they are dissatisfied, but they are certainly talking to others. Companies need to implement a system for finding complaints from dissatisfied customers. The complaining customer is still offering you a gift by interacting with you, giving you the opportunity to turn their dissatisfaction into satisfaction. Successful resolution of their complaints will increase customer retention and brand / company loyalty.
Evolve with your Clients:
Growth plays a typical role in a company’s prosperity. This is also an important factor in customer retention. That’s why customer retention marketing considers the future of your business.
Just as popular marketing practices and business models change over time, so do clients. What they liked two years ago may not be capturing their interests at this time.
That’s why, as a business, it’s your responsibility to stay on top of their latest needs.
Increase your sales by making the necessary improvements to your products and services while leveraging new trends that can be applied to your advertising campaigns. Update your business model as needed with a variety of digital marketing resources and tools available online.
We provide follow-up after the customer’s purchase. Their feedback helps teams gather the data and information they need regarding business growth and adapting to changing consumer trends.
Successful businesses should not remain stagnant, especially as consumer interest continues to evolve. Growing in your target market, your loyal shoppers are much more likely to stick to your brand.
As you can imagine, not all of these strategies produce results overnight. Nothing is more frustrating than implementing a strategy and giving up just because you didn’t get immediate results. You have to wait patiently when implementing them.