Regardless of the industry, for any business that provides a product or service to customers, the act of finding, targeting and obtaining new customers is always going to be among its top priorities.
But what many businesses tend to forget is that once a customer makes the first purchase, there is much more to be done in the customer relationship. Smart businesses know that the first purchase is really just the beginning, and that the real business value lies in retaining that customer.
Ten Tips and strategies from customer retention experts on what businesses can do to foster lasting customer relationships include:
To retain customers, retailers have to go beyond price and selection. What they need to do is…Leverage their most under-utilized assets — their employee base. Passionate, engaged employees can deliver personal customer experiences that create customer loyalty.
Understand and measure why your customers or clients are leaving in the first place. You can’t solve a problem if you don’t understand to what extent it exists or why it exists. Once that information is understood, the strategy is simple and should really be threefold.
Understand and measure why your customers or clients are leaving in the first place. You can’t solve a problem if you don’t understand to what extent it exists or why it exists. Once that information is understood, the strategy is simple and should really be threefold
Customer retention and loyalty can only be achieved when…Organizations show strong employee loyalty. Organizations that treat their employees with respect, give them the necessary tools to do their job and continually demonstrate that they are appreciated will see a workforce that will go the extra mile for the customers they serve
The best way organizations can improve customer retention is…To foster better relationships with their customers by creating loyalty programs that provide two benefits: a frictionless user experience, and actionable insights for three transaction criteria: recency, frequency, and value.
The number one way organizations can improve customer retention is…Finding new and unique ways to create a partnership with customers. People will care when they share. Help customer put skin in the game by involving them in the design and delivery of service and soliciting their ideas and suggestions.
The number one way organizations can improve customer retention is… By focusing on the entire experience of their customers. While experts debate whether the marketing funnel is outdated, it’s been proven that managing the entire experience of any age of customer is a better way to keep customers. The conversation cannot stop once the sale is made.. It is critical that companies focus on sending personal communications throughout the lifecycle of the customer. In today’s competitive environment, it is not enough to rely on service or repairs to hold on to customers.
When it comes to the best ways an organization can improve customer retention, they should first understand what customer retention really is: Customer retention is a byproduct of customer service and experience. Create a good experience, that’s consistent and predictable, and you have a shot at customer retention. The root of retention and loyalty comes service, which actually starts at the top, with the leadership determining if they want a customer-focused culture. In short, what is happening on the inside of an organization is felt by the customers on the outside. It’s on the inside of the company where customer retention begins.
The number one way organizations can improve customer retention is to…Build the customer and not the sale. For businesses who are trying to sell their product, it is important to make a customer feel like they care about them even after they purchase. This will make all the difference in building a strong and lasting relationship with that customer. Building strong relationships is the most important driver when it comes to customer retention rates. If customers feel like they are just a sale, they will go somewhere else without a second thought. If they feel that they have built a relationship with a business, they are more likely to come back a second and third time.
When it comes to the best ways an organization can improve customer retention, I think it really comes down to…Staying on their radar post transaction. Too many business will make a sale only to never be heard of ever again. You need to collect customer data and stay in contact. Send email company newsletters so they remember they purchased from you. It’s all about creating touch points once that customers receives their product or service. Give them a reason to want to come back.