Customers are an integral part of a business, but often businesses lose some good customers due to weak customer retention strategies. Retaining customers does not take a lot of time once you have everything streamlined and planned.
Build a strong customer retention strategy parallel to your business model. For example, if you have an online liquor store and don’t want to lose customers due to hefty compliance protocols than choose outsourced age verification software to verify your clients within a minute. It will provide you value due to compliance and also helps you to onboard happy customers.
Benefits of Working on Customer Satisfaction
Loyal customers bring in profits, more customers and enhance the value of a company. Making new customers every day is not an easy task, especially in a B2B model. So, work on your current customers and keep them happy, either you are in a B2B or a B2C model.
Customer satisfaction has a positive impact on your profits. The research found that a totally satisfied customer contributes 2.6 times more revenue than a somewhat satisfied customer.
Customer retention cost is not a thing to be worried about as far as you strategically plan your expenses. A study found that recruiting new customers cost 25% more than what a business spends on retaining old customers.
Customer retention strategy is an integral part of sales and marketing. Try these tips to retain loyal customers and enhance your profits.
Build long term Relationships
Build long term relationships with your clients and make them feel special. Customers like to connect with those companies that give a feeling of connection to the clients or make them feel worthy in some way.
Work on your social media profiles and use them to communicate with your huge clientele. Arrange polls or some sort of competition with reward discounts on your social media platforms to attract new clients and to keep in touch with old ones. Also, offer giveaways to loyal clients.
Keep the customers updated about your new or improved products and services. Especially if you deal in a B2B model. Share the good news about your company with your customers, to make them feel important. By sharing promotional, and news content with your clients you will become a part of their life, and they will not search for other products if you will give them their desired products/services.
Consider your customers as your business’s companions to build long term relationships with them. Because building new relationships take more effort and money.
Create a Sense of Security among your Customers
Research found that more than 50% of clients feel more secure with biometrics than passwords. In case of a brick and mortar business, manual customer verification or physical biometrics might serve the purpose but online businesses need a more advanced solution.
Online KYC software is a feasible solution for online platforms. Choose an identity verification solution that is not only cost-effective but also guarantees the security of your clients’ confidential data.
Lengthy customer onboarding processes demotivate the customers. The research found that 74% of people are more likely to switch brands if they find the purchasing process too difficult.
Businesses should use AI-based Identity verification solutions to provide seamless onboarding experience to their customers and to give them a sense of security that they are entering a legitimate business portal.
Use Technology to your Advantage
Customer service plays a great role in retaining customers. Often businesses do not pay heed to it and are unable to provide 24/7 customer service which affects the loyalty of their customers.
A report on US companies found that businesses lose more than $62 billion annually due to bad customer services. Businesses should provide continuous customer service to retain clients. AI-based Chatbots are a good option for all industries. For intance, retail, e-commerce, apparel, and even the hospitality industry are using chatbots to provide continuous customer service 24/7. Customers prefer digital self-service tools as their go-to channel.
These chatbots give prompt replies based on complex logarithmic analysis and deliver a seamless shopping experience to the clients. It will bring in more customers because often customers recommend a brand to their friends after they have a positive experience with it.
Keep connected to your clients to retain them as a loyal asset of the company. Send follow ups to your clients after delivering goods to them. Also, offer them promotional discounts and keep them up to date regarding upcoming products/services. Use social media to create personalized follow-ups for clients.
One more thing is that never bluff for getting more clients. Do not make those promises that you will not be able to fulfill in the future because it will upset the clients. Customers share good as well as bad experiences with their friends, so it will affect the customer value of your business.
To wrap up, use your customer suggestions as your guiding principle while mapping new strategies. As the ultimate goal is profit and it comes from customers, so work on retaining loyal customers to reap long term benefits.