5 Customer Retention Techniques To Boost Your Revenue
Tue, 09/25/2018 - 10:05
Many a times we are so focused on acquiring new customers that we forget about the existing customers and fail to retain our current customers.
According to Marketing statistics there is a 70 percent chance that the existing customer will make at least one more purchase after previously purchasing from your company. Whereas when a new visitor clicks on your website, the chances of that person converting into a paying customer are only 20 percent.
Hence, as soon as a person signs up for your products, you should work out a customer retention strategy that has the ability to identify, keep track and sell more to already existing customers who have the potential to become your long-term sources of revenue.
So the question is what do you really need to do to retain your existing customers?
Here are 5 Ways to Help Retain Your Existing Customers:
Remarkable Customer Service
There are instances when a social media post about a positive review of a product went viral. The urge for the customer to share or post their experience on social media or any other online medium is an outcome of remarkable customer service offered by brands.
From the smallest behavior of your staff to the overall company culture, a customer’s experience with your brand can make or break customer retention.
Every company should investment in instilling a persistent culture of superior customer service. Ensure excellent systems that become key to consistently executing excellent customer service.
It’s imperative that you and your management team listen and measure to objectively assess your progress and execution.
Your customers offer feedback on how they felt after using your product or service. Important for you is to listen to their feedback that can be over social media on any other online platforms.
Social media tools such as Cloohawk, can help you to listen to your audience, their interest, their social media influencers, topics of their interest and also their feedback and opinions about your products and services.
Roll Out a Calendar For Effective Communication
Communicating with your customers is not just limited to greeting customers when they sign up and later forget about them. It is important for you to know how to communicate with your customers consistently and successfully at all times.
Make a chart of the different times when you need to go back to your customers to remind them about your existence.
Did you thank them for buying your product, did you ask their feedback after few days of buying, did you check if they need any help, did you check if they want a repeat of your product, did you ask if any of their friends would be interested to buy your product, did you remind them of the upcoming discounts, and so on., There are multiple opportunities for you to make that contact with your current customer. This will ensure that your customer does not forget about you.
Today technology has made it possible to expand communication into the digital sphere. Since there are a variety of customers, they also have variety of preferences such as communication over phone calls, using emails, converse of social media and instant chatting.
Irrespective of channel you use for communicating with customers, ensure to keep it personalized. Customers should be convinced that they are talking to want to real-life person and not a robot.
Tools such as CoSchedule can help you to create a unified workflow for every project inside a collaborative, cross-functional calendar for social, content, email, events, and more.
Customer Reviews And Testimonials
Resources such as customer reviews, testimonials and star ratings are important metrics that you should integrate into your customer retention strategy.
How much influence do you think the customer reviews have on a person’s buying decisions?
You will be surprised to know that 85% of consumers trust reviews as much as personal recommendations.
Capture the reviews from customers so that it can be shared with other customers. Get more reviews on your social page by enabling individuals to post their review on your product or service.
At the end of a purchase make it easy for the customer to provide the review by incorporating review buttons on social pages. With just one click, they should be able to share a comment or their experience about your product.
There are many ways in which customer reviews can be obtained. One way is by automating the review process. Using tools such as ReviewTrackers can track, manage, and respond to reviews and social mentions in one centralized place.
Connect On Social Media
Social media marketing is not just for acquiring new customers. In fact it can help to deepen your connections with your current customers and thereby urge customers to continue using your product or service.
When social media is spreading far and wide, it has become one of the effective ways to retain existing customers. Social media is a highly personal platform where people share their experiences, their feedback and recommend products to their friends and families.
Social media can be used to know your customers better. The biggest effect of social media is that you can connect to your customers; stay engaged with them and responds to their queries quickly.
You can connect to your current customers by listening to their social media conversations. Social media management tools have emerged as a blessing to all the social media managers who can now connect with customers on social media.
Social media tools such as Hootsuite allow you to watch out and know the kind of questions or tweets that the customers are asking and you can quickly take actions for your brand. . Audience conversations can be tracked whenever your brand is mentioned on social media. You can track your brand mentions, respond, reply, post content, and do all of it in one single platform.
Provide Rewards and Perks for Loyal Customers
Customer loyalty is created as a result of a positive customer experience. It just means that the customer is willing to buy from your brand again and again.
When you offer free goods, promotional discounts and special offers to current customers, it shows them that you value your current customers and have not forgotten about them.
One way of rewarding your loyal customers is to offer cumulative discounts on selected products when they reach a specific target. For example, offer 10% discount on their next purchase upon spending $1000 or more.
Loyalty card scheme is also a way to reward your loyal customers for buying high-volume of low-value items. Allocate a card to customers that can be stamped with every purchase and when they reach a particular target, they qualify for a free gift.
Another method is to give away something free when your customer performs multiple purchases. When you have a buy one, get one offer, it encourages short -term repeat sales. Don't overuse this tactic, though, or people might start to question the quality of the goods.
Yet another scheme is the customer referral program. Offer discounts and free gifts to your loyal customers in return for every new customer they introduce to your business.
For example, see how Thrive Causemetics launched their referral program by focusing on customer referral.
Once a person buys your product he becomes your customer. But this is not the end of it, there is much more to be done to retain the customer for a long lasting relationship. Brands should know that the first purchase is just the beginning of their relationship, and the real challenge lies in retaining that customer. As long as you keep the relationship with your customers afloat, you can count on these customers to continue buying products from you for a long time to go.