03.11.2021

ENTREPRENEURSHIP: FIVE CUSTOMER RETENTION TACTICS THAT WILL PAY OFF FOR YOU

Finding a new customer costs five times more than keeping an existing one. That's why customer retention tactics are so important.

One of the biggest challenges for small businesses is building a customer base. Once your business has a sea of ​​customers, it is essential to get them to keep buying from you, writes the online edition business.com.

Today, customers have more power than ever - the power of choice. With so many options available, your valued customers will easily switch to your competitor's product or service. A study by Bain & Company found that "a customer is four times more likely to turn to a competitor if the problem is with a service than with a price or product."

However, service is not the only variable. If your business is targeted at millennials, for example, 60% of them will regularly change their brand preferences to save money.

The online edition summarizes five ways to keep your hard-earned customers.

Maintain a high quality of service

Make sure all your employees are on the same page when it comes to how they treat customers. Every point of contact with customers must be of high quality - be thorough, answer questions and listen. Communication makes everything easier.

If you want loyal customers, focus on the big picture - the overall customer experience.

Express gratitude

Expressing gratitude has a big impact on how customers perceive the quality of your service and boosts loyalty in return. Customers want to feel valued and in turn appreciate that.

A great way to show your customers that you are grateful is an email thanking them for a recent purchase, a handwritten thank you card every year around the holidays, a monthly offer with special discounts, free shipping, and more.

Dissatisfied customers share their experiences with 20 or more people, while satisfied customers tend to tell only a few of their loved ones. A way to avoid negativity and opponents is to set realistic expectations from the beginning.

Add a personal touch

Think of ways you can make your client feel special. Someone with young children can appreciate the help in transferring purchases to the car. Another customer may appreciate the help while shopping for a birthday gift for their life partner.

Take the time to add a personal touch when interacting with customers. This shows that you care and strengthens your position as the number one choice in the minds of your customers.

Speed ​​does not always guarantee quality

When it comes to customer service, what makes them come back to you is that quality takes precedence over speed. A Gallup Group study says that customers are nine times more likely to engage with a brand whose service they have experienced and it has proven to be useful.

Those who bet only on speed get less loyal customers.

Offer loyalty programs

The key to creating working loyalty programs is to understand why customers use them and what drives customers to keep using them. First, be sure to integrate loyalty into the full experience. Customers want to make things simple and enjoyable for them and make the experience enjoyable over and over again.

Customer retention is a vital part of your business success, along with the ability to adapt and change along with your customers' needs. With each new program you implement, be sure to keep track of whether it works or not. There is no point in starting a new campaign if you are not monitoring its progress.