Customer retention has become the need of the hour today for most organizations dealing with customer defections. The process begins from the moment organization has its first ever interaction with its customer and then it goes beyond the entire lifetime of a relationship. While it is easy to relate everything with products and services offered, customer retention is largely influenced by the services offered to your existing customers, the value generated from the utilization of the resources and the reputation developed both in and across the marketplace.
For an effective customer retention, you need to exceed customer expectations so that the end result leads in loyal advocates for your brand. Customer retention has a direct effect on profitability, Yes, this theory is justified from the research carried out by John Fleming and Jim Asplund which shows that engaged customers generate 1.7 times more revenue than normal customers, while having engaged employees and engaged customers return a revenue gain of 3.4 times the norm.
Needless to say, in the present world customer retention success has become the major talking point or say, food for thought. So, how can modern organizations achieve this goal? What strategies need to be followed? What points to keep in mind? Well, listed below are some points which if followed properly can surely maximize customer retention for organizations no matter, small or big.
Customer Retention Tips
Building customer expectations
Successful customer retention begins with the setup of customer expectations and as early as possible. Any delay can hurt.As a product or service provider, you need to make sure that the level of service offered is certain and is likely to make your clients happy without over expecting. Over delivering can always help.
Expertise is what you need to retain your customers. Focus should on becoming your customer’s trusted advisor which can help build customer loyalty and reduce attrition. Developing a proactive, personalized approach can bolster customer loyalty and lay a strong foundation for effective customer experience.
Nothing works better than relationship building. And when you build it, you build trust with your clients and customers. Make sure you start building shared values with your clients that ways showing interest and enthusiasm in their success.
As a business, you should always stay prepared to face any sudden crisis or event. Eliminate the problem before it occurs and that is possible with the proactive approach which must be developed to provide an effective customer service. Be the type of company that stands out with its anticipatory service.
Time is money and you must do anything and everything to save this money by deploying automation techniques. Automation can significantly reduce downtown time and let clients networks perform at their best. Organization must leverage automation tools to streamline repeated tasks. This can surely increase customer loyalty and improve customer retention.
Modern world has shrunk. Thanks to this technology. Now, you can find anyone online and that is what businesses need to do. You have all your clients and customers online. Get in touch with them. Build relationships especially on platforms like linkedin, facebook and twitter. Indulge into aggressive communication with your customers using these social channels. Leave thoughts, comments and feedback.
Implementing customer feedback surveys
Are you listening to your customers? Are you making use of customer feedback surveys to study client behavior and their expectations? Customer feedback surveys can work like charm by letting you take action as soon as possible. The feedback gathered can help in making essential business decisions based on real data-driven feedback.
So, here we go with these 7 tips for businesses looking to retain customers in the cut-throat competition today. Please feel free to leave comments if any.