Customer Retention Strategies



Customer retention means keeping customers locked in with your business for a long term. This means you spend less and naturally earn more, don’t take my word for it, listen to the experts. According to Harvard Business School, by increasing just 5% retaining rate, will see you an increase your profits by 25% to 95%. This study made experts scatter to focus on retaining rather than getting new customers. Why wouldn’t they? It doesn’t make sense to keep filling a bucket with holes in it.
In today’s day and age, it’s very hard to retain customers, given how much competition there is. So, here are a few strategies that will help you get the upper hand when it comes to keeping your costumers happy. To focus more on retention than acquisition, consider:

·        Use your words proactively:

Customers want maximum utilization of their business, so a majority of them will be stingy, and might back down if they see less money being spent somewhere else. Use your previous business relationship with them as leverage and adjust your wording, so they feel like getting a better deal. For example instead of saying “a fee of Rs.500”, say “a small fee of Rs.500”.

·        Add a more personal touch:

In a study from the Journal of Applied Social Psychology, researchers found that waiters and waitresses could increase their tips by 23 percent by the simple act of returning to tables within a second set of mints. Researchers found that these mints created the feeling of a personalized experience for the receiving customers. So, it was the personalized service that made their day, not the small gift in itself.

·        See complaints as problem identification in your system:

If you hear complaints from your customers, don’t get annoyed. This is a free service that you would have to otherwise spend a lot of your money to identify. Such as a customer telling you, your bucket is leaking, as mentioned before, it doesn’t make sense to keep filling it. So patch up.

·        Engage social media mode on:

People are very engaged in social media, after all, it’s a major proponent of their everyday life. So you can utilize this to your advantage. Mention your customers, thank your customers. Create a frequent, courteous social media presence.

Use these strategies to focus more on retention than acquisition, keep adding your own strategies to your arsenal and keep monitoring them to make sure your business is a success.

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