Increase your customer retention in five key steps...
The Three Tenants
Customer Service 72%
Rewarding customer loyalty is vital in a crowded marketplace, as:
- 62% of consumers said they don’t feel as if they are being rewarded enough for their loyalty.
- 54% of consumers stated they would spend more money with a particular company if they were rewarded for their purchases.
Engage customers through social media:
- Over 23% of consumers aged between 18 to 32 prefer using social media to learn about brands and trends.
- 62% of Fortune 500 companies have a Twitter Feed that is updated at least once a month.
- Companies who blog regularly report an increase of 55% in web traffic.
- 74% of customers communicate with businesses over social media.
Exceptional customer service is essential for customer retention. According to the 2012 Brand Loyalty Survey, customers want great service more than they want low prices. When stating what they wanted from brands:
- 34% said they wanted great service 24/7
- 20% wanted rewards for their purchases, referrals and feedback
- 13% wanted special offers and exclusives
- 12% wanted personalised products and services
- 10% wanted to be recognised when calling or visiting the retailer
Consider The Medium
When asking consumers about the communication they have with companies, Clickfox's 2013 Brand Loyalty Survey reported that:
66% of customers don't like to be contacted via phone
74% prefer to be contacted by text or email about special offers, etc.
First Impressions Count
48% of customers say that the best time to snare their loyalty is when they are making their first purchase. Remember that their first impression could also be their last, so make it a good one.
- The three tenants – quality, customer service and price
- Think twice about contacting customers by phone
- Use social media to connect with your customers
- Attract customers with reward schemes
- And the icing on the cake? Happy customers will spend more with you (68%); many won't be tempted by your competitors once they have established a relationship with you (54%); and satisfied customers are more likely to spread the word about your business (78%).
The brand with the most customer loyalty?
Apple for the 2nd year in a row...