Cost of retaining the customer is 6 to 7 times more than cost of acquiring a new customer. It is therefore important to retain the customer while acquiring new customers as well. Vast majority of customers will only remain with your brand as long as they feel they get the best value out of your product or service. It’s important to make sure that you’re doing all you can to keep your customers happy, so that they will continue to stick with you in the future.
Some of the strategies to retain customers are:
Define your customer Personas. Businesses need to know their target customers in order to successfully market and retain them. Your target customer depends upon your product and industry, but it’s important to know what kind of person you want to attract by creating customer persona depending upon the demographics and psychographics of your ideal customer.
Have a strong and consistent feedback system from customers .Customers need to feel like they're in the loop, so make sure you're regularly communicating with them. This could mean sending out emails, hosting webinars, or even just responding to their comments on social media. . One of the biggest keys to retaining customers is to know how they feel and even know as to what is our biggest strength and build new products accordingly.
Add massive value to the customers. Always under promise and over deliver. Treat your customer like a family. Provide top notch customer service. Top service builds brand. It reminds me of the quote by Maya Angelou” People will forget what you said, people will forget what you did, but people will never forget how you made them feel”
Host an event of your existing customers. Acknowledge your customers by thanking your customers. Create a community of your existing customers .Community creates sense of belonging.
One of the best things you can do to improve customer retention is implement an effective loyalty program. Giving rewards, points, or discounts to customers who spend money with you will encourage them to come back. Your customers need to feel like they're getting something out of their relationship with you. If they don't, they'll quickly move on to someone who will give them what they're looking for.
Be authentic. Authenticity build trust and trust is the basis of all relationship. When you're authentic, you're more likely to connect with your customers on a personal level. This connection is essential to keeping them happy and engaged with your brand.
Define your customer Personas. Businesses need to know their target customers in order to successfully market and retain them. Your target customer depends upon your product and industry, but it’s important to know what kind of person you want to attract by creating customer persona depending upon the demographics and psychographics of your ideal customer.
Have a strong and consistent feedback system from customers .Customers need to feel like they're in the loop, so make sure you're regularly communicating with them. This could mean sending out emails, hosting webinars, or even just responding to their comments on social media. . One of the biggest keys to retaining customers is to know how they feel and even know as to what is our biggest strength and build new products accordingly.
Add massive value to the customers. Always under promise and over deliver. Treat your customer like a family. Provide top notch customer service. Top service builds brand. It reminds me of the quote by Maya Angelou” People will forget what you said, people will forget what you did, but people will never forget how you made them feel”
Host an event of your existing customers. Acknowledge your customers by thanking your customers. Create a community of your existing customers .Community creates sense of belonging.
One of the best things you can do to improve customer retention is implement an effective loyalty program. Giving rewards, points, or discounts to customers who spend money with you will encourage them to come back. Your customers need to feel like they're getting something out of their relationship with you. If they don't, they'll quickly move on to someone who will give them what they're looking for.
Be authentic. Authenticity build trust and trust is the basis of all relationship. When you're authentic, you're more likely to connect with your customers on a personal level. This connection is essential to keeping them happy and engaged with your brand.
It takes a lot of time and effort to bring someone into your business, so it's vital that you not only keep them there but also keep them happy. The best way to do this is to go above and beyond what they expect from you.
