How to Increase Customer Retention Rates
Customer retention is the process of attracting repeat customers and preventing them from moving toward competitors. It is an important aspect of business strategy, and it can help businesses gain a competitive advantage.
The following ways to increase customer retention apply to virtually any type of business
Deliver more than you promised
The next step in the process is to deliver more than you promised – which means going beyond and beyond the call of duty and delivering to your customers the things they didn’t expect. For example, you could offer a free bonus (such as a product, discount, or value-added) out of the blue, or anticipate a new customer’s need and actively address it.
Meet your customers wherever they are
When you really understand your customers – that is, you know who they are, what they want from you, what their challenges are, and where they spend their time – you will reach them wherever they are. You can create the type of content they want and want (eg blog, video, social media) and then share it wherever they are (eg various websites, media channels, social platforms, etc.).
Good values build good relationships
Your company values are important to you. It should reflect your business processes, the quality of your products, and how you treat your customers. These things should make your values clear to your customers, but reminding them occasionally doesn’t hurt.
Trust is the good relationship
Creating a brand that is easily relevant is the first step in building trust with your customers. Having something in common parental trust is the key to building a successful business, through a strong relationship and expansion.
You never know what your customers really want until you ask. Take regular surveys and request feedback from all your customers. You never know what is missing in you – and what areas need improvement.
Follow up with your existing customers
High touch is the key to retaining the customer. The only unusual thing about personal follow-up is how little companies do it. Getting referrals from happy customers is easier than finding and converting a new business.