If you want to make sure your company succeeds, you need these top customer retention strategies to keep your customers.
If you want a growing sustainable business, then customer retention is incredibly important part of your business strategy. The easiest way to increase profit in your business is not to lose your customer. According to research from Harvard Business School, increasing customer retention rates by 5 percent increases profits by 25 percent to 95 percent. It is actually good but what does customer retention really mean?
What is customer retention actually mean?
Customer retention refers to the activities and actions that companies take to reduce the number of customer defections. The main goal of customer retention is to help companies to retain as many customers as possible through customer loyalty and brand loyalty.
How you can improve your customer retention rate?
Education, engagement and great customer services are really good for the growth of your business. Here we have covered some unique strategies to increase retention rate of your customer.
1. Create real connections with customers
If your company doesn’t stand for anything, your customer will ignore you. If you want loyal customers, then you have to create real connection with customers.
2. Always use positive social proof
To retain customers always use positive social proof like testimonials. This is the most effective strategy for getting people to listen you.
3. Invoke the inner ego
People prefer product and services that are common with them or we can say which resemble them in some way.
4. Provide contrast for customers
If you provide a contrast for customers it can make powerful marketing for your company or brand. This is your world before using our product and this is your world after using our product. Speak to the customers and show how your product can bridge the gap, and you will catch their interest.
5. Always use the words that customers love to hear
All the words are not creating equal impression on customers. If you use particular words like free, new, instantly it will encourage your customers to buy your products more than others.
6. Create excitement by capturing your product’s momentum
Everyone of your company feels the momentum when exciting improvements are being made to your product. But your customers really feel the same? Make exciting environment with current clients by demonstrating to them what your most recent features let them fulfill.
7. Do not just sell, educate them
Sales is more effective when you have a strong connection with a customer and when you are already educating them about your product, new information. So it will help them to achieve better results.
8. Quality is preliminary than speed
Quality and completeness matter more than speed when it comes to highly rated customer service.
9. Label your customer with positive trait
People will participate in something if they are labeled with a positive trait.
10. Support should solve cause and effect
Your customer service team’s main goal should be to find the root cause of problem & flag the root cause. It is not enough only apologizing or solve the immediate problem.
Retaining customer is actually balancing act. There are many tactics but no shortcuts for retaining customers. Customers always enjoy businesses who know them.