5 Proven Strategies For Customer Retention

5 Proven Strategies For Customer Retention

Customer retention

Except for a few chosen businesses, surviving in these tough times has been a Herculean task for most businesses. Especially with the social distancing norms reducing footfall drastically, a lot of businesses have had a very hard time generating any revenue.

In these circumstances, it has become vital for businesses to retain their existing customers. Neglecting your existing customers can adversely affect your brand image and may even push your customers towards your competitors. 

Thankfully, there are several ways to retain customers that are tried and tested over the years. We have listed below 5 proven customer retention strategies that will save you from losing your valuable customer base:

Train your customers:
Businesses need to help customers understand how to make optimum use of their products/services. Setting up a customer training program allows you to showcase the key features of your products and services, and encourages customers to try them to utilize their benefits.

Today, there are several platforms that enable businesses to create and manage their customer training programs efficiently. For instance, Thought Industries provides a user-friendly interface which makes it easy to offer customers a rich online learning experience. Moreover, it also provides mobile learning support which makes it highly popular amongst product-based enterprises.

Take customer feedback:
One of the easiest ways to retain customers is to seek advice from them about your products and services. It helps you understand what they think of your offerings and what you can do to better them. After all, customers don’t buy products, they buy benefits.

Asking their feedback is a great way of making them feel important and getting valuable information on how to make your products more accessible and increase their adoption. Additionally, customers feel valued when you follow through with their advice and it builds trust in them for your company. 

Build connections with customers:
For any business, it is essential to build credibility through relationships with their customers. To retain customers, you need to build trust with customers. This will help you identify any gaps in your services and try to fill them.

Without connecting with your audience, you will never be able to understand their pain points nor provide good solutions. You need to consciously make attempts to build better terms with them through social media channels as well as other mediums of connection.

Create flash sales:
An innovative way to retain customers is to run a flash sale with an additional percentage of discount for existing customers. For instance, if you’re offering 20% discount to everyone else, you can offer 30% to your existing customers who have shopped with you at least once.

This becomes a compelling reason for your existing customers to keep shopping with you. It makes them feel privileged to get a higher amount of discount. Moreover, the element of surprise that comes with a flash sale motivates them to buy something.

Communicate clearly:
Often it becomes difficult to retain customers when businesses are not able to deliver what they promise. Customers are more likely to stick with a company when they know when to expect promised results. This is why it is crucial to clearly communicate details from the very beginning.

Failing to do so may lead to you losing your customer’s trust and make it difficult to retain them. Make sure you are transparent about the process and the timing, and always convey if there are setbacks leading to a delay in delivery.

Acquiring a new customer is expensive, and very challenging in the current situation. Use the above-mentioned strategies to retain your current customers and make sure you provide them excellent customer service. This will lead to positive word-of-mouth publicity and bring you new customers.

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