Bringing in new customers is important to help your business make money but retaining loyal customers will be what makes your business flourish. Your retention rate refers to the percentage of customers that purchase from your business again, which is vital for brand recognition and building a scrupulous reputation.Read further to learn more about some of these profitable customer retention techniques to avoid churn and become a savvy marketer.
The Power Of Customer Service
Customer service is a well-known technique and for good reason as the customer experience is a substantial contributor for retention. Simply put, a dissatisfied customer will not continue to purchase from a company that doesn't take the time and effort to help in any way they can and also do so in a helpful and professional manner. Proving to customers that as a business you are determined to provide the highest quality customer service, will help to ensure they not only purchase from you again but also let others know that you are trustworthy source. Striving to provide the best experience for each and every customer is a beneficial technique for every marketer to enhance repute and build loyal clientele.
Adding The Personal Touch
Customer service is important but it's common for marketers to start sounding like robots over time. Every marketer should use personalization in their marketing efforts to show that they strive to cater to each customer's individual needs. Customers want to know that the business understands them not as a marketing number or statistic but as a person that requires high quality products and services. A survey conducted by Venture Beat states that of the 506 marketers they reviewed, these marketers have seen an increase between 70% to 94% in the effectiveness of various key metric,s by employing personalization. The following are some personalization techniques you can implement into your marketing efforts:
- Use the recipient's real name when sending an email instead of using the generic, "Hello Valued Customer."
- Quickly respond to all reviews and complaints.
- Communicate with individuals on social media.
- Create custom marketing campaigns to appeal to specific customers.
Professional and Creative Email Marketing
Emails provide one of the core elements of retention, which is communication. Analyze a customer's buying pattern and if you notice they have not purchased from you within their normal purchasing period, emailing is great way to refresh them on what your business offers. Retention emails are meant to keep customers engaged and your business fresh in their mind. By understanding your customers' interest, you can send an intriguing email that influences them to purchase again. Another great way to use retention emails is as a followup after purchase. Even if you’re acquiring the right sort of customers and activating them rapidly it’s vital to continue to monitor customers that go inactive and to prompt them to come back and use your software or purchase again (source).
Keeping Customers In The Loop
Customers don't want to be left in the dark. They want to know what they'll be receiving from the marketing services you offer. That's why it is important to regularly communicateevery action you are taking to provide them with the best service. Without constant updates and reminders, the client may feel like they are pushed at the bottom of the to do list or may feel irritated that they are not getting their money's worth of service that you promised. How can they know what you are truly doing for them without the proper information provided each step of the way?
Utilizing Support Systems
Support systems provide a simplified method to better communicate with your customers. According to Hubspot, support systems allow you to provide that top notch service your customers are craving. It also allows you to turn customers with problems into loyal, lifetime customers. Many questions occur after a purchase. By answering them appropriately, you can nurture these customers into a profitable, lifetime customer. Tools like help desks and live chat systems allow you to add a human touch to the support of your online business. A human touch is exactly what customers need to come back again and again (source).
Use Complaints To Your Advantage
No business wants to hear complaints but every business will. Use complaints to your advantage to better understand your customers and show them that your business is determined to fixing their issues. Customer complaints provide information needed to improve certain elements and to enhance marketing efforts. It's also important to note, that complaints mean they want to work out the problem with you rather than immediately drop your business altogether. Use these complaints to your advantage and retain customers by taking care of the issue as promptly as possible.
Are you doing enough to bring new customers to your organization and then keeping them there? Check out the marketing grader tool below to find out.