Attracting new customers is extremely important as this is what will help your business grow. However, this is only true if you manage to retain your existing customers and keep them loyal to your brand.
Remembering to look after your current customers is extremely important. It can be all too easy for businesses to focus their marketing efforts on attracting new audiences, but keeping those that have already bought from you coming back for more is just as crucial to your business success.
Here are some useful ways to improve customer retention numbers.
Don’t assume you know what your customers want
Assumption can be a perilous thing in business. Don’t just think you know what needs to change, or worse, believe that nothing needs to change to keep your customers. Instead, you need to do your research, analyze your data and come up with actionable tasks to create change and keep your old customers coming back for more.
It’s easy to assume that you are doing things right because you just aren’t asking the questions. Make sure that you communicate with your customers and find out what they think you could do to improve, or what would motivate them to use you again. If you don’t find out and work out precisely what it is you need to do, you could end up wasting lots of time and spending lots of money doing the wrong things.
Remember, most unhappy customers don’t bother letting you know, they just don’t use you again!
Act on feedback
If you reach out to customers and ask the questions, don’t then sit back and do nothing. OK, so if only one person has an issue with your checkout system you don’t necessarily need to spend money changing it, but look for patterns and consistencies, and if you have several customers feeding back the same thing, pay attention and do something about it.
Use a text analytics tool to help you spot trends in your customer feedback that can help give you insights into what they want to make their customer experience a more positive one.
Pay attention to your inactive customers
So many businesses put vast amounts of effort and budget into developing their initial relationships with their customers, but then leave them high and dry. So while they may not be losing customers the customers they do have aren’t engaged with the business or using the products and services on offer, which is as useless as not having them in the first place.
If you can identify which customers are inactive or which customers are at risk of leaving you and turn them around before they do, you can keep them engaged with and buying from your business and save yourself the time and money it would take trying to find a brand new customer from scratch.
Be a customer-centric business
Everything you do should be focused around the customer. Whenever you make a business decision think about how it will affect your customers and whether there is a better way. Retaining your customers is something you must work at tirelessly and continuously. Research the competition and better them in every way. Be obsessed with your customers, be in their heads, figure out what they want and give it to them over and over again.
Use loyalty programmes to make your customers stay
A great product or service and excellent customer experiences are what keeps most people loyal to your brand, but bribing them a little can help too! A fantastic customer loyalty scheme demonstrates that you care about your customers and will continue to do so as long as they continue to buy from you. Rewarding customers through points, vouchers, money off promotions and exclusive offers shows that you value those who are loyal to you and make it very difficult for them to justify choosing you over a competitor.
Every business should have an effective customer retention strategy in place. Use the above tips to create and implement yours and remember keeping your customers is all about showing them that you care, so make sure your customers remain loyal to your brand and keep always coming back for more.
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