Customer retention is an important part of any business because it keeps your old and new customers coming back for more. When customers see this, they tend to believe in the genuine interest of the company and to keep them engaged. Building brand loyalty in the age of Amazon is an important factor in customer retention. While "Amazonian" companies exist to bring a smorgasbord of brands and products to one single interface, it is crucial to set yourself apart from potential competitors.
Businesses should desire to improve their rate of customer retention, but they need to understand that they need to be practicing up to date retention methods. Years ago, it was tough to reach to customers, but since social media came into the picture, reaching out to customers has been as easy as a click of a button.
Due to digital disruption of today's industries, methods to train on can be short-lived, yet they still hold a vital part in obtaining and retaining consumers in such a fast-paced market. We are going to look at five strategies on how to make a customer retention plan for your business, tailored to 2018.
Customer Satisfaction is Key
Dissatisfied customers cost businesses trillions of dollars each year. In the U.S, customers switch companies close to quarterly due to repetitive poor experience. This is by far the largest reason why customers stay or leave in any business. For any business, the primary role should be based on keeping happy customers and providing them with consistent fulfillment.
Build a Community
Apple's business model attracts customers so magnetically that with each new release, Apple customers camp out just to purchase it. That is what we call customer loyalty. It is understandable if the argument dictates that this concept applies to superior brands, but how are customers influenced to repeatedly return to these companies? In large part, it is the community they feel they belong to that makes them stay with the company. Additionally, you can consider hosting customer events where they can meet individuals who share the same ideas in the area.
Create Personal Interactions
Many companies don’t know how to engage with their customers on a personal level. Companies that are in this bracket usually have customers who view them as entities and apathetically discern their perspectives. To create loyal customers, you need to make them feel desired. You need to tailor business program to specific sets of unique users.
Offer Instant Rewards for Your Customers
Companies have picked up on the idea of sending out emails with newsletters and coupons on a periodic basis. This is a good strategy even for customers who are not regular as it gives customers an opportunity to engage further with the company.
Ensure that you get contact information from your customers, avoid sending spam emails, and only send relevant information to them. As you engage with them, don’t be shy to keep contacting them. Since they made the decision to engage with your business, there is no reason as to why they can't re-engage with you. Most immediate reasons will be perpetuated by you.
Create a Freemium Model
Websites like Dropbox or Skype have become huge companies despite users taking advantage of the free service they offer. These businesses work because although most of the users don’t pay for the services, there are those who will. If the free service were not there at all, then it would not have worked.
This can be achieved just like the way Angry birds or Skype did, whereby, the business offers free quality programs that will engage the audience. You can come up with a 30-day free trial, or something similar to that, where you will enroll users if they decide to stay.
When you are laying out your master plan on how to retain your customers, ensure that you train your staff on how to engage with the customer; it is the most important part of any business. Once that is sufficiently accomplished, you can implement the strategies we have discussed as a foundation for having happy customers.