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3 Essential Customer Retention Tips and Tricks

Let’s start with the obvious, you’ve probably already heard that the repeat customers are five times cheaper to keep than you need to invest in acquiring a single new one. However, there is another number you need to be aware of on average, repeat customers are responsible for around 40% of your business’s revenue. This is not something to be taken lightly, and it is one of the main reasons why customer retention is so important for both small businesses and large corporations alike. Luckily, there are some great ways you can ensure customer loyalty and retention, and we will cover some of them within this article. So let’s start!

Speed, speed and speed

The fact of the matter is that the general population dislikes waiting for anything, as they say, time is money. So it comes as no surprise that they don’t want to wait for customer service. In this day and age, when smartphones are the predominant way of communicating, shopping and getting information, we have nearly everything we need at our fingertips, and this means that everyone is accustomed to getting answers in a matter of seconds. Yes, it might seem unfair to compare customer representatives to search engines, but it does not prevent customers from still doing it on a regular basis. They demand answers as soon as they can type them, and not receiving them can lead to a substantial amount of frustration. The longer they are made to wait, the more frustrated they will get, and you are at risk of an exaggerated negative reaction that could be avoided by a timely response. So it is imp[erative to have processes in place that will minimize the response time in order to ensure a higher rate of customer satisfaction, and with it customer retention rate.

The trick is to listen

Getting feedback from your customers doesn’t mean anything if you don’t take it into consideration their opinion and at least try to meet them halfway. Showing your customers you care about their opinion is one of the most important factors when it comes to customer retention. You can use different ways of obtaining the much-needed feedback, from reading the comments on social media to opting to use a customer feedback app to obtain direct feedback from your customers. Whichever method you use to obtain the information, it is essential that you ensure that you take it all under consideration and implement at least some of the needed changes. That way your customers will feel heard and appreciated thus ensuring their loyalty for the foreseeable future.

Make it about the journey not just the destination

If you opt to use customer monitoring software, you will be able to segment the progress of your customer’s relationship with the product or service you are offering. In return this will enable you to cater to more specific needs of each individual customer group, thus retaining them through personalized service. So it is not only about getting them the product, it is about knowing each step they took to get to your company and realizing what it is that made them stay with you and not move on to the competition. You need to take into consideration that your new customers will require a bit less time dedication than your old ones. Especially if you are introducing new features and tools. The new ones will start using them straight away, while your old customers will need to go through an adjustment period and it is your company’s obligation to make each of those transitions as painless as possible in order to retain their loyalty.

There are three easy to apply tips and tricks to make your customer retention rates sore. You want not only to attract customers, but also retain for as long as you can. That way your company can grow and count on a steady cash flow that will come from the long-lasting and trustworthy relationships that you have formed with your loyal customer base.