A business can only grow with its introduction to a broader demographic. Though, to achieve that, you will have to start by satisfying your already existing customer base. In fact, attaining the loyalty of your existing customer base can sometimes be more helpful than expanding your business.
You should never take your customers for granted. You should find new and innovative ways to keep them satisfied with your service. We have some tips on how you can boost your customer retention rate!
1 . Monitor The Churn Rate
The first thing to do is to be aware of your churn rate at each step. The churn rate will inform you exactly how many customers have stopped visiting your site or buying from you altogether. Knowing this will help shape the strategies for customer retention. If your customer retention strategies are working, you will also be able to say so by looking at your churn rate.
2. CRM Software
Customer Relationship Software(CRM) will act as a useful tool in your customer retention scheme by helping you keep track of your customer’s behavior. You can keep track of your customer’s purchase pattern, at what point they seem to get tired of your product, and exactly what kind of product they aimed for. You can also have an insight into the interactions they had with customer service to be aware of the problems they have faced with the product.
Keeping track of these critical behaviors in your customers will help you be better prepared so you can improve your product and services the right way.
Once you figure out the pattern of your customer’s behavior, you will be able to tell exactly what is the fault in your company that is deterring them from purchasing further products from you. You will be able to create a better strategy for customer retention.
As this is a team effort, using a CRM included software will help you significantly. Your team will be able to constantly share updates with each other to make sure everyone is on the right track.
3. Email Marketing
You now know at what point your customers have started leaving and for what reasons. Isn’t it the perfect time to finally put your marketing team to use? We’re specifically talking about targeting your customers with email marketing in this case.
For creating conversion, email marketing has been acknowledged as one of the most effective methods. You can tailor email towards specific customers who are leaving and offer them some specific perks in your email, such as a discount on a product or even a free product and so on.
You can also request feedback from your customers and ask them to leave reviews. This is an excellent way of collecting information as to your customers’ likes and dislikes. Email marketing also allows you to have a faster response rate.
Make your customers feel important. You can combine email marketing and CRM in this case. You know what your customers like and you can specifically create an email with an offer that they would like. More importantly, the email should specifically contain their name. This will show them that you are paying attention.
The point of customer retention is to make sure your customers are happy. If done the right way, your customer would soon become unwilling to switch to another business. They see more convenience in having business with you than to look for a new one. Support your customers and they will provide the same support back to you.