“Every client you keep, is one less that you need to find.”— Nigel Sanders.
The above quote holds strong relevance in today’s competitive environment when one of the biggest challenges that organizations are facing is to find new customers. Enterprises need to realize that the key to a successful business is not just about getting new customers on board.
Holding on to your existing customers is as important as finding new clients. This is one aspect that many companies tend to ignore as they get too preoccupied in their search for new opportunities. Customer retention makes sound business sense as well because its cost is far less as compared to the cost of acquiring a new customer.
So, here are 6 really effective business strategies to keep your customers for life.
1. Offer Great Customer Service
To build strong long-term relationships with customers, it is essential to offer quality and efficient services. The objective should not just be to sell your product. You also need to be there for your customers whenever they require help to fix a problem associated with your product or service. Be prompt and resolve the issues to the complete satisfaction of your customers.
Result: Great service creates trust and instills customer confidence into your brand, thereby increasing loyalty.
2. Engage Your Customers
Most probably you use Facebook, Twitter, and scores of other social networks to connect with your friends and family. So, why not use them to connect with your customers? After all, they’re also a part of your business family.
Make them your friends for life through continuous engagement – right from the point of the first interaction. Social networks also offer your customers the convenience of reaching out to your business at any point of time, irrespective of wherever they are.
Result: Continuous engagement and conversation over multiple channels helps builds a strong bond with consumers.
3. Figure out What Your Customers Want
Imagine if you had the tools to anticipate the buying and support needs of your existing customers. You would be able to do more business by upselling relevant products and services. But more important than this is the fact that by preempting the future requirements of your customers, you also drive higher levels of client satisfaction.
Result: By getting what they want, customers are more satisfied and so they are more likely to remain with your company for a longer period.
4. Listen to Your Customers
How do you react to customer complaints? Do you ignore them? Or do you go into remediation mode – you check where things went wrong and correct them? Well, in case, you don’t act upon feedback, you are likely to lose customers and this will result in lower revenue.
Of course, you don’t want this to happen to your business. So, the right thing to do is to listen to what your customers say about your products or services and work that to your advantage by constantly improving your offerings and internal processes.
Result: You stop losing existing customers due to lack of action on your part to redress grievances.
5. Recognize and Reward Loyal Customers
Anything that makes one feel special is invaluable to forge a long-term relationship. This is not only applicable to personal relationships but to customer relationships as well. So, when you give your regular customers who have patronized your business for long, a free offer or discount exclusively for them, it makes them feel special.
Result: Promotional schemes or customer loyalty programs help you retain your existing client base.
6. Adapt Your Business to Changes
As Charles Darwin once said “It is not the strongest of the species that survives, nor the most intelligent, but the one most responsive to change”, it’s important to adapt your business to the changing requirements of customers.
With the rapid proliferation of new devices and platforms, customer needs are also evolving quickly. If you are not prepared to cater to what your customers need, sooner or later they will switch to one of your more innovative competitors.
Result: You widen your scope of products to serve your customers better and keep them happy.
Additional Benefits of Customer Retention:
All these tips will help you build lifetime value around your customers and retain them. However, it’s a lot more than just customer retention which you can achieve with these strategies. You also get an opportunity to grow your business.
With higher satisfaction levels and an enhanced experience, you make your customers your brand advocates. Positive word of mouth publicity and recommendations they make to friends, associates, and family, get you more customers and boost your revenue.
Get started today by implementing these business strategies and keep your customers for life
The editor of SensorMap, and pursuer of relatively interesting information, Simon has a Masters Degree in Creative Writing and Journalism from the University of Wales, and is a photo-journalist and writer whose written and photographic work has been represented by the AFP news agency and appeared in newspapers across Europe and Asia.