CUSTOMER RETENTION: proven strategies for your business.

CUSTOMER RETENTION: proven strategies for your business.

The major aim of every business is to make profit. And the group of people responsible for bringing about profits, are the customers or consumers. 

These days, finding a similar product or service is just a click away. So how do you keep customers coming back for more in a crowded marketplace?

Customers come and go, many times without explanations. They’re always on the lookout for something fresh. 

Managing your customers, and retaining them is just as important as getting new ones. It involves innovative strategies that protect your investment by ensuring your customers are satisfied and stay interested. Customer Satisfaction births Customer loyalty, which in turn could make your customers advocates or ambassadors for your brand. 

Whether your store is a virtual or physical one, these tips will keep your Customer Retention Rate above 10%, which is a good number. 

  1. Outstanding Customer Experience: it’s no wonder that this is the first strategy. It is a proven trick. It is the cornerstone of customer retention, and eventually, increased profits. From inquiry to final payment, customers must be treated with patience, and a pleasant attitude. Regardless of if they’re your first or 50th customer for the day, they must be treated like they’re highly important. Therefore, It is fitting to train your sales representatives, and cashiers in excellent customer service and support.

If you run a virtual store, ensure that inquiries are promptly responded to. Your website should be user-friendly; easy to understand and maneuver. 

  1. Sustained Customer Relationship: Building customer relations goes beyond buying and selling. It also includes the following:

a) Social Media Interaction: when people come in contact with your online business pages, they should be transfixed. Create engaging, relatable, user-generated content and campaigns. 

b)After-sales Support: in cases where the customer requires assistance with coupling or fixing, and learning to use electronic or technical products, the staff should be able and ready to provide such aid.

c)Personalization: customers like it when messages or emails contain their names. It gives a feeling of familiarity. .If possible, include customers’ special days in your data, to enable you to send birthday messages, and gifts. This expresses how valued a customer is to your existence.

  1.  Systematic Rewards and Benefits: 

Follow up your customers with holiday discounts, or gifts. You could also give referral benefits; i.e. any customer who shops from you through the good word of another customer, could get a gift or discount on their next purchase.

  1. Stay Relevant:

As I mentioned earlier, customers are always on the lookout for something new, fresh. They’re most likely to keep coming back to a brand where value increases from time to time. Come up with ideas to improve your services. Research customers’ ever-changing needs to keep up with, or even stay ahead of the market trends in your industry.

Keeping a business involves a lot more than product sales. As a CEO, taking the necessary steps to make certain that everyone who walks into your store, virtual or physical, does not leave with a sour taste in their mouth, is of great importance..

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