Many companies underestimate the importance of customer retention. Existing customers are likely to spend more than new ones.
They’re more likely to make purchases and to try new products, so attaining the customers isn’t enough.
You’ve got to make sure that they feel appreciated and well-taken care of. In fact, it’s cheaper for your business to get them to stay, and more cost-effective than chasing new leads.
Existing customers will even help you find new business along the way if you play your cards right.
Customer retention rate is the measure of how well you’re able to keep your existing customers, over a period. Losing customers means losing money, potentially a lot of it. Making an effort to keep your customers, on the other hand, will help your brand turn a profit.
The good news is, customer retention is often easier than customer acquisition. You can put in less resources for a greater impact on your brand.
First and foremost, you have to ask yourself who your customers are.
Get to know them and understand them, and you’ll be able to target them in your marketing approach and understand how they behave. Knowing your customers means knowing how you can reach them, where they are and what they would like.
And once you know, engage.
What does engaging mean to you? Words that come to mind might be contact, conversation, interaction, recognition–– These are all important parts to the process.
Make sure to be in contact with your audience, and know how they expect to contact you. Make sure you know where your brand is listed so that you can stay up to date on customer reviews.
Keeping track will help you ensure that none of your current customers get ignored. Whether they have good or bad things to say, they’ll feel better that you’re listening.
So get on social media, and stay alert to emails and phone calls.
2. Conversation and Interaction
Similar to contact, once you know where the lines of contact are, stay in the conversation and don’t stop interacting.
Give your customers online shout-outs. Thank them for leaving reviews. Talk to them and listen. Be personal. Keep track of where your brand is being mentioned.
If customers follow you online, follow back. Let them know that you see them and recognize the role they play in your brand’s success. Give them extra recognition and motivation with loyalty perks.
These types of exclusive clubs can help you to boost sales, and you can encourage your customers to share their progress with others.
Your customers are a resource you can rely on to help you get new customers. Get their stories, ask them why they’re loyal to you, find out how your business has impacted their lives and share those testimonials, ratings, reviews, etc.
4. Content Marketing
Content marketing is another strong way to engage with and retain current customers. The more they hear of you, the more likely they are to keep buying from you.
Content marketing gets your name out there as often as you post it. As you continue to put out content, you’ll put yourself in their minds again and again. And higher quality content to differentiate yourself is even better.
5. Customer Service
And overall, just pay attention to your customer service. How is each customer’s experience?
Check every interaction between the customers and your brand, look at every step of the process along the way, and how each one is going.
- Are they having any difficulties with the device compatibility?
- Navigation of your site?
- Interactions with employees?
Spend time on whatever areas need it.