Businesses spend millions of dollars every year on marketing schemes to draw in new customers. As important as that is, businesses should really be looking at how to retain the customers they have. Retention is less expensive and can help maintain solid revenue streams.
There are many ways you can amp up your customer retention. Doing so will strengthen your brand image and bolster your sales. Here are seven techniques you can use.
A proactive approach to customer service builds trust in and reliance on your brand, boosting customer retention.
Reaching out to customers is the best way to be proactive instead of reactive. Recommend products that might help them. Ask them about their pain points. Gather feedback on previous transactions and make improvements based on their needs.
A top-notch product or extreme convenience can be an incentive in itself, but as markets get more crowded, it becomes harder to differentiate your offering from the competition. That's why a brand loyalty program is a great way to reel in customers and get them to stay.
A loyalty program can be anything from a simple punch card to an exclusive membership with never-before-seen perks. Your program needs to offer something that customers value and that makes it worth their while to come back to your company instead of trying others.
An onboarding process helps customers understand how to get the most out of your service or product, which will increase its value and longevity. Consumers can get frustrated when a new product doesn't meet their needs. Effective onboarding helps to prevent that frustration.
Virtual customer service is becoming more popular, but make sure you pair it with content that educates the customer at the right time. Make educational videos and blog posts accessible to prospective customers before purchase.
When a current customer can't seem to pull the trigger on a subsequent purchase, perhaps they need a little nudge. You're doubtless aware of how many people do some window shopping on your website then leave without buying. You can convert these visits into repeat sales by launching a retargeting campaign.
As you work on turning new and old visitors into customers, you'll uncover the things that stopped them from buying. This allows you to make the necessary adjustments to keep customers coming back every time.
Sometimes it's best to let your customers do the retaining for you. Many companies are building communities around their brands and products, enabling customers to connect and share questions and experiences. For example, a company that sells baby products can create a Facebook page for parents to share their trials and triumphs with each other.
It's not just the product that keeps customers coming back; it's the friendships they make with like-minded individuals who share similar needs.
If you want a business model with retention baked right in, consider a subscription model for your next product launch. Customers sign up for the subscription and pay monthly for products delivered to their doorstep or inbox. Customers with a regular need for your products will love the convenience of this automated system.
The subscription model is rapidly growing, as it's an effective way to not only acquire new customers but to keep them around for the long haul.
It's important to build trust with customers before reeling them in for a sale. Consumers who are on the fence respond well to free options that cater to their uncertainty. For example, offering a free trial allows them to feel more comfortable with a product or service before committing to a purchase.
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