Whilst there are obvious advantages of keeping clients loyal as well as maintaining your customer retention rates, it can be an extremely a daunting task to keep retention rates high.
Customer Retention Strategies
Be the Expert
Both small, medium sized and large businesses are increasingly becoming dependent on services to be able to run their operations smoothly. Irrespective of the industry you occupy, as long as you are an expert in your field, you are likely to retain many of your customers.
Being the trusted advisor to your customers is likely to build customer loyalty, at the same time reducing customer churn. For instance, if you are in IT Company, you need to strive to be a guru in technology. This way, your responsibilities will go beyond what your contract entails. If your customer wants guidance on the best mobile phone, you should be more than ready to assist that customer to choose a device that suits him best.
Being a trusted source, you are able to build a relationship that will lead to dependency. Your customers will not only trust but also rely on you to advice them accordingly. They will also recognize you as a vital part of their success.
To be able to successfully build a lasting trust with your customers, you have to identify industry-specific challenges currently facing your clients. Regulations and compliance are very common terms among small entrepreneurs. So, as an information technology company, this gives you a perfect chance to demonstrate your expertise as well as build trust with your customers.
Give your customers a courtesy call- notify them of the upcoming changes and also give insightful recommendations as the best attack plan. This proactive and personalized approach will boost client loyalty as well as render other retention strategies most effective. According to Chris Herbert, the managing director at Effective IT, for you to be a trusted adviser of your clients, you need time as well as real focus. This will also make you become an integrated part of your customers’ businesses. You want to be your clients’ one stop technology adviser. This means you need to comfortable assist them with almost everything right from their brand new devices to scheduling as well as running strategic information technology meetings.
Above all, for you to be able to sustain high partnership scores, you must have customer trust. You should always provide them with unbiased advice even if you aren’t going to make a lot of cash in the short term. You should also know all the names of your staff that serve your clients. Even simply popping in when one of your employees is in the region for an impromptu free- walk strengthens trust. This makes them not to think that every time you make an appearance you are either selling something or on the clock. Putting your client’s interest first will reward you with trust. This is among the most important part of long term partnership.
Stay in Touch
Irrespective of how happy your clients are with your business, they are likely to be convinced by more aggressive competitors and special offers. Be sure to always maintain your relationships through keeping in touch with your clients. You can use e-mail lists or newsletters to let your customers know about your sales or new products and also make them stay in contact. For large accounts and repeat customers, personal touch is the best. E-mail, check in or call to find out if you can give any assistance or services, or to ascertain if the past purchase is living up to expectation. A personal diner will be a nice touch for high-end customers. Remember, you don’t need to keep in touch. Just be sure to try and sell them something. Clients will appreciate the ongoing communication as well as businesses that are ready to listen.
Implement Customer Feedback Surveys
You can avoid customer churn by listening to your customers. Clients’ feedback surveys are very essential in learning how your services are performing as far as your customers’ expectations are concerned.
According to Qualtrics, client retention is defined as being individualized as well as varied across the type of services or products offered, the number and type of clients served, the frequency and longevity of clients/supplier interactions and strategies you have selected to nurture your business.
There are three significant metrics that you need to monitor so as to measure your customer retention effectively:
First and foremost, you need to monitor client feedback on an individual basis. It will be a waste of time to compare feedback across a wide range of customers. You need to narrow your data down to a specific customer, find out what that customer thought and then take necessary action from there.
Secondly, you will have to trend feedback across a given period of time. You will have to track feedback survey to survey so as to be able to find out the areas that have improved and those that have suffered.
Third, you need feedback from client surveys to give intelligence. You need the survey to give you data regarding what clients at are risk, which area of your business requires improvement and also where your business strength lie.
This feedback will assist you greatly in customer retention. By understanding your customer feedback, you will be able to act before its’ too late. You will be able to make business decisions basing on data-driven feedback.
Client’ complaints may appear like death sentence, meaning you have lost your customers’ business forever. This however isn’t the case. On the contrary, such complaints are an opportunity to win back their loyalty through demonstrating to them that you’re committed to customer service as well as giving out the best. Complaints will also show you how to improve your services or products so as to be able to win over new clients. You should always welcome clients’ complain and other feedback for an opportunity to grow.
Due to sluggishness in economy, businesses are out to make sure that every dollar counts. Customer satisfaction and sales are very important. Customer retention strategies are very vital to the growth and also the health of your Company. The above essential strategies will enable you not only to retain your customer base but also encourage loyalty