5 Strategies that Increase Customer Retention

customer retention strategies

When it all comes down to it, it does not matter if you own a small business or you happen to be a multinational brand, one thing that you‘d want for your firm is for it to flourish and to gain new leads. While attracting the attention of new customers is great, it is highly important for you to retain your old customers as well.

Loyalty to a brand is what allows businesses to flourish. Your biggest assets are your customers, especially your existing ones.

Your loyal, existing customers represent the majority of your sales, and that is why it is essential for you to improve your customer retention techniques!

What is customer retention?

Customer retention rate means how well your company has been able to keep hold of its existing customers over the years. The majority of companies fail to understand that retention of clients is far more important than gaining new ones.

You need to know that the e-commerce world is filled with new competition, seeking ways of trying to outdo each other. Brands that are similar to yours will try to target your customers, which is why you need to up your game and need to improve your client retention strategies!

Here are some ways you can improve your customer retention strategies:

1. Surprise your customers

According to experts, a client who has spent over $50 is more likely to shop frequently from your brand than someone who has spent less than $50. If you can somehow increase the size of your customer’s first order, then you are more likely to be able to retain them.

It is always great to surprise a business’s clients on their first ever order.

You can offer them free delivery, monthly coupons, flash sales, discounts or you could even just send them a handwritten card along with their order to show your appreciation. Believe or not, a surprise, such as a card, will motivate your customers to stick around and buy from your brand more frequently. Doing so helps them show that you care.

2. Stick to your word

Nothing drives away customers quicker than bad customer service, especially when their expectations are not met! If you want your loyal customers to stay with your company, then you need to be honest. One of the most important customer retention techniques is to give your customers what you have promised them.

If you have promised your customers to deliver their order within 15 days, then make sure to deliver them ON TIME! Also, try to deliver 1 to 2 days before the deadline you have promised so you can exceed your customer’s expectations.

Do not promise them something you will not be able to deliver as this ends up annoying customers. Furthermore, remember that an upset customer is more likely to spread the word about the “bad service” they received, which can scare away other potential clients as well.

3. Engage with your customers

To increase your customer retention, you need to interact with your clients. You need to address their issues and complaints. The majority of businesses have different channels for communicating and engaging with their customers. There are various social platforms where you can get in touch with your clients.

One of the best customer retention ideas is adopting a policy to never ignoring your customers.

When you receive a query from your customer, answer it as soon as possible. However, don’t be too quick to answer it and possibly skip some important information. Try to maintain a balance.

4. Address their questions and complaints

Don’t run away from the complaints of your customers, in fact, learn from them! Always make sure to address your customer’s complaints with a smile on your face.

Understand this: any customer whose complaint is resolved will be willing to stick around.

Many customers disappear without a trace instead of filing a complaint, and that is not right for your business. Therefore, if a client is filing a complaint, make sure to resolve their issue. This way they will know that they mean something to you and will most likely continue to do business with your brand. 

5. Share everything with your customers

Another way to improve your customer retention is by letting your customers know what exactly is happening on the business side of things and what they can expect. Step up your game with new retention tactics; send monthly newsletters to your clients.

Educating your customers about your brand will make them more excited to buy from your business.

Give them reasons as to buy from your brand and not from your competitors without discrediting anyone. As long as you are giving your customers what they want, your company is most likely to flourish!

Is your company looking to increase its customer retention rate? Contact Edkent Media to book a free consultation and see how our team of experts can help your business.

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