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Does your business have an effective customer retention strategy in place?
Studies have shown that winning new customers can be up to 25 times more expensive than maintaining existing relationships. By holding on to just five per cent more existing customers, businesses can see a profit increase of up to 95 per cent.
Check out our online customer retention strategies below. They’re simple to implement, and will help you to improve customer experience and maintain professional relationships.
If you disappoint existing customers, you may tarnish your reputation. This could lead to negative online reviews, and prevent future sales. Keeping in touch with your customers gives you the opportunity to solve problems quickly. Customer retention strategies should focus on creating a communications process that is carried out with each customer. Many companies stop speaking to clients as soon as they have made a sale, but you can excel by staying in touch.
An email that drops into their inbox every couple of months is a great way to remind them of your services. It’s easy and cheap to create eye-catching email campaigns using online tools. Rather than seeing it as a tool to promote your products, try to engage with your existing clients. You can make them feel valued by asking for their opinions and views on many decisions, such as future products or improvements to your service.
Thanks to smartphones and ready access to the internet, the way customers communicate with brands is changing. They are less inclined to sit on hold waiting for an advisor, when the problem could be resolved online. Adding a live chat function to your website allows customers to get a quick and personal solution to any issues they may have.
Social media pages are also a popular problem-solving channel. Your company’s social media account now displays communications information, such as the average time you take to respond to a message. This means that it’s vital to respond to all queries as quickly as possible. Social media posts are less formal than an email or a letter. This makes it easy to build and maintain friendly customer relationships, improving customer retention over time.