Focusing on customer retention has many following benefits. It increases customer lifetime value, creates a better brand image, and drives in more revenue. According to research by PWC, 86% of buyers are willing to pay more for a great customer experience.
In this article, we will discuss the best ways to increase your customer retention.
5 Things You Can Do to Nurture Customers and Keep Them Coming Back
Here are the five best things to increase your customer retention and customer loyalty.
1. Communicating With Customers Consistently
You don’t want to maroon your customers after they have made the purchase. But, in order for them to not lose sight of your brand and look for better alternatives, you need to constantly stay in touch, obviously, in a non-intrusive way. You can use social media, email marketing campaigns, customer support follow-ups to get in touch with them.
Here Are Some Tips for Communicating Post-sales:
1. Offering Discounts:
“Get flat 10% off on your next purchase.” Use code 10OFF is one example of post-sales communication that customers love. This also guarantees them come back.
2. Inviting to Referral Programs:
Referral programs increase customer acquisition and retention as well, as customers get rewards on referring.
3. Access to Community Forums:
You can give exclusive entry to community forums to customers where they can ask questions, give answers, and get the latest updates.
4. Upselling and Cross-selling:
Send personalized product recommendations to customers with discounted prices if possible based on their past purchase behavior.
5. Exclusive Perks and Offers:
Perks like live webinars, exclusive first-look, etc., can be great ways to nurture customers and create better relationships.
2. Sharing Insightful Content That’d Help Post-purchase
Many times when customers purchase a product, it doesn’t necessarily mean that they are able to use it efficiently. A little help can go a long way in improving their customer experience.
This is where instructional guides and demos come in.
User-Manuals or user guides, or even demos, tell people how to use the product in an efficient way. The best user guides and demos include information about the product’s features and highlight the main features that are used frequently.
If your business does not require you to have user manuals, you can keep posting blogs and social media posts to keep customers in the know of you.
3. Providing Stellar Customer Support
Customers are emotional beings. How you as a business make them feel would decide whether they would stick to your brand.
Excellent customer support can help you retain customers — even the unhappy and dissatisfied ones.
Fast responses, the first-contact resolution to queries, and multi-channel support are the ways you can offer excellent customer support. Tools like help desk software, chatbot, live chat software, and knowledge base software can help you do so.
4. Collecting Feedback and Improving Upon It
Taking feedback from customers opens a lot of windows for opportunity and growth. Moreover, customers feel valued, heard, and important when asked for feedback, and if you improve upon the feedback given, your customers are likely to stick around for a long time.
Feedback can also help you spot loopholes in your products and services, enabling you to better serve customers.
Here Are Some Common Ways to Collect Feedback:
1. Net Promoter Score (NPS):
To get NPS, you ask questions like how likely are you to promote our product? You can know how to calculate it below:
2. Customer Satisfaction Score (CSAT):
CSAT helps you measure how satisfied your customers are with your product and service.
3. Customer Effort Score (CES)
This score can help you measure how easy it is to do business with you.
According to Sprout Social, 40% of consumers reach out to brands on social media because they had a bad experience. So using a sentiment analysis tool here is necessary; it helps you know the overall sentiment towards your brand at any given time across social media. Here’s a TED Talk on how sentiment analysis works.
5. Leveraging the Power of Data
CRM software is a potent tool to nurture your customers. It helps you gain a lot of leverage using the data-driven insights it offers and thus helps you bring automation to your marketing efforts.
You can track their behavior to see email open rates, which links they click, how many times, and when they reply; this will help you better segment the list and send even more personalized content and pitches.
CRM software can also help you track important customer service and support metrics that can help you find loose ends in your team; this optimizes your sales and support endeavors to create happy customers and keep them coming back.
A good product is not adequate in repeatedly making the customers come back to you, in this age where they have a buffet of options to choose from. Therefore, it is imperative to create deep relationships with customers using meticulously planned business strategies, as mentioned above, along with a genuine intent to offer great value to customers across their lifecycle.