3 customer retention tips
Trying to attract a new customer can be 5 to 25 times more expensive than working to retain a current one (Harvard Business Review). Your customers are your biggest brand ambassadors. Proactively working on retaining them can not only keep them loyal to your business but also lead to them recommending you to their friends and family.
1 – Empower customers with convenience
Fast response time
There is nothing more frustrating for a customer than trying to contact a company when they have a problem and not getting a timely response. According to Vendasta, the response time between five and ten minutes leads to an 80% decrease in lead qualification. That means that having multiple service channels is not enough. Cater to your customer’s need for convenience and ease. With touchpoints like a live chat box on your website, texting, social media, or email, responding within seconds can be the difference between a happy customer and an unsatisfied one.
Eliminate friction at checkout
Identify all steps that can be eliminated in your sales, service and delivery processes. Simplify! Just as you might seek speed, ease and convenience when shopping, so do your clients. Conduct surveys with your customers to assess which points of contact can be improved.
2 – Leverage on personalization
According to a survey by Infosys, 86% of consumers say that personalization has some impact on what they purchase. Online giants like Amazon have used personalization to grow their business exponentially. Amazon practically does the thinking for their customers by offering product recommendations on its website and in emails based on the individual customer’s navigation and purchase history. Use website artificial intelligence to create more loyalty and frictionless consumer experience.
3 – Speak to your customers online
Manage your online reputation
96% of customers would continue to buy from a company that made a mistake as long as the company tried to resolve the issue (HubSpot). Responding to the positive and negative reviews your customers leave is key. Replying to the negative reviews shows your customers that you genuinely care about them.
Interact with customers on social media
Like and reply to your post comments as well as leave comments on your customer’s posts. Engaging with them regularly means they are likely to remember you when they are looking to buy again and, with the new Instagram algorithm, can help you appear more frequently in people’s feeds.