Customer retention is the lifeblood of every company with a product, service, or sentiment they are trying to convey says Saivian. It’s how you get more customers. It’s how your business stays afloat. Because if you have happy customers, chances are they are going to stick around for multiple transactions with your business before leaving you for good. If you want to increase customer retention rates.
Here are some tips to do so!
1) Know Your Customer Better Than They Know Themselves
There is nothing worse than losing a customer who was vital to your company because their needs were not met. When it comes down to knowing what makes your clientele tick, there is no better place to go than inside their mind and learn about them. Start by asking yourself a series of questions:
– What is your customer looking for? Do they need a certain product or service that you’re not fulfilling?
– Is their financial situation the best it can be to afford your business?
– Are you giving them any type of special offer to ensure continued patronage? Customer retention starts with incentives.
– Does your product or service cater to what they want most in life?
2) Don’t Let Customer Retention be out of Your Control
There are certain things that are completely uncontrollable in business, but the most important aspect you should always have under your control is customer retention. Saivian explains, when it comes to clients, they are the center of every company’s focus. Without them, there would be no money made and business would fail.
3) Never Stop Improving Your Company, Business, or Product to Satisfy Your Customer
If you are not working toward building a better business to serve the customer base that you have, then you are neglecting them and simply waiting for them to leave. It’s essential to always be looking ahead and improving yourself so there will be no reason for anyone leaving your company since they would have everything under control with an up-to-date product or service.
4) Do Not Let Financial Backers Dictate Your Company’s Direction?
In most cases, financial backers enter business with their own agendas in mind says Saivian. This means that if a certain company is not bringing them the money they want fast enough, then there will be a natural inclination for these investors to have more control over how things are being done within the organization.
5) Never Stop Marketing Your Business in the Right Ways
If you want to increase customer retention rates, and then make sure you continue doing all of the right marketing for your business at all times. This includes using social media to engage with your current clientele while also reaching out to any brand new prospective customers who might need what you’re selling. When it comes down to knowing what customers want, you can always rely on market research to get an idea of what needs people have and how you can create a product or service that would meet them.
6) Always Be Prepared for Price Hikes and New Competitors Entering the Market
Whether the prices of goods go up due to inflation or there is new competition entering your industry, you need to have contingencies in place so customer retention rates don’t suffer from these changes. While it’s true that nobody likes price hikes, if you have been focusing on a stellar company that provides great service and quality goods, then loyal customers will continue to buy from you even if they have to pay more.
7) Treat Customers Like Family and Friends, They Make You Who You Are
At the end of the day, capitalism runs on supply and demand. That means these two things work hand-in-hand with each other since one cannot survive without the other says Saivian. But no matter what the business model is for your company, you need to always keep in mind that customer retention starts with the people who buy from you and not just a product or service.
8) Listen to Customer Feedback and Make Sure They Keep Coming Back for More
When customers leave feedback about their experience with your business, make sure it’s something positive even if there are constructive criticisms here and there. Why? Well because not only does this give you valuable information about how to serve them better in the future but also shows customers that their voice gets to your ears.
9) Make Sure You Always Have a Variety of Services and Products Offered
Remember that one size does not fit all when it comes to producing products or services for your customers. Many times people will find it boring doing the same thing over and over again which means you need to keep things fresh by always offering new solutions to their problems on a regular basis.
10) Always Be Transparent and Upfront With Your Customers
If customer retention is something you are trying to achieve, then there are some things that are against your business practices. For example, if you feel the need to deceive or hide anything from your customers in order to make more money, then this will always lead to bad press sooner or later.
11) Provide Superior Customer Service That Knows No Bounds
Whether it’s easy returns policies, outstanding warranties on products, or just good old-fashioned respect as another human being, you need to make sure that your company provides service that is beyond compare explains Saivian. This means if somebody asks you a question about their purchase, then it’s vital for you to go ahead and answer them in the most thorough way possible so they have some peace of mind when purchasing from you.
12) Listen to What Your Customers Want So You Can Make It Happen
What do your customers want out of your business? Do they want an easier return policy? Also, Do they want more payment options available at checkout? Do they wish prices on products were kept lower instead of higher? Whatever the case may be, it’s important for you to listen to what they tell you and then do your best in making their wishes come true in some way.
According to Saivian, retaining customers may not be an easy thing if you don’t know which things to keep in mind when it comes to doing so. But one of the most effective ways of ensuring this happens is by offering competitive prices on quality products or services while still maintaining a good relationship with them at all times.