Keep more customers with our top retention tips!
Customer retention has not really been a focus of marketing programmes in the past, which tend to focus on new customer acquisition.
But all that is set to change as businesses realise the power of upselling and cross-selling to customers that already know and trust you.
Follow our tips to improve customer retention and improve your profitability by an incredible amount.
Develop a warning system for when customers display signals of being unhappy.
Signs to look for include:
- Increased customer service calls
- No longer answering account manager calls
- Stopped actively using your product or service
It’s important to get it right as, according to Gartner, 80% of your future profits will come from 20% of your current customers.
Deliver the best customer experience you can.
It may sound like stating the obvious but research shows that:
- Almost 70% of customers leave because of poor customer service
- 91% of unhappy customers will never do business with you again
- Each one of your customers has a circle of influence of around 250 people or potential customers who hear bad things about you
Identify and reward loyal customers who engage with your company online.
This can include:
- Always replying to the comments they make about you on social media platforms
- Sending them personalised ‘thank you’ emails
- Creating personalised discounts and incentives to make them feel valued
Run relevant promotions
These don’t always have to be giveaways or discounts but they do always go a long way in making customers feel valued. Other ideas to encourage and reward repeat business include:
- Loyalty schemes
- Discounts specifically tailored to customers showing signs of leaving
- Promotional gifts, birthday cards and Christmas cards
Get more info on implementing these in Marketing Strategies to Increase Customer Loyalty
So, to cash in on the benefits of keeping existing customers remember to:
- Have systems and strategies in place for dealing with customers that look like they’re going to leave you
- Apply the 7Ps of marketing to customer retention strategies
- Deliver the best customer experience you can
- Identify and reward loyal customers to create brand advocates
- Run promotions to make customers feel valued