Customer retention
An estimated 1 in 5 customers don’t purchase for a 2nd time resulting in a 20% customer defection rate. Most of this 20% is because they are unhappy with the service they received, and a perception of indifference towards them.
Here are a few tips on how to improve customer retention:
1. Get to know your customers.
The better you know your customers, the better you can meet their needs. Take the time to learn about their likes and dislikes, their buying habits, and what they’re looking for in a company.
2. Communicate with your customers.
Keep your them up-to-date on what’s going on within your company and what new products or services you have to offer. Be responsive to their questions and concerns.
3. Offer great customer service.
If your customers have a problem, do everything you can to make it right. They’ll remember how you treated them when they have a problem, and they’ll be more likely to do business with you again in the future.
4. Say “thank you.”
A simple “thank you” goes a long way in showing your appreciation for your customers’ business. Showing your gratitude will make them feel appreciated and valued, and they’ll be more likely to continue doing business with you.
5. Reward loyalty.
If you have loyal customers, let them know that you appreciate their business. Offer discounts or other perks to those who continue to do business with you. Support their chosen charity, attend their events, support them when they go for awards. Reward their loyalty with your own.
6. Go above and beyond.
What small extra things can you include in your service that will really WOW them? For example, web designer providing assets for a clients social media homepage. An estate agent leaving a house warming gift on move in day. A software company giving free access to a new service for 3 months.
7. Under promise, over deliver.
This ties in with ‘doing what you say you will’ and setting expectations. Fundamentally the only surprises a client gets with your products or services are good ones.
8. Get your team on board.
Client delivery really is a team effort so your entire business needs to adopt these strategies. There really isn’t any team member that can’t contribute. For example, do your accounts team acknowledge and say thank you for payment? Do your delivery drivers call ahead to ask if they can come earlier? Are your Project Managers aware of additional features that would be good to include if budget allows? Do your sales team keep in touch throughout the project and not disappear as soon as the sale is complete?
Improving customer retention can be a challenge, but it’s worth the effort. By keeping your customers happy and satisfied, you’ll ensure that they keep coming back for more. Furthermore, they’re more likely to recommend you to friends and family as new sales prospects.
If you want to explore how to improve your results, get in touch. Start here by booking your call with Chris > Book your call
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An estimated 1 in 5 customers don’t purchase for a 2nd time resulting in a 20% customer defection rate. Most of this 20% is because they are unhappy with the service they received, and a perception of indifference towards them.
