Businesses lose up to 20% of their customers every year by not maintaining good relationships with their customers. The average consumer wants to know more about the businesses they deal with and are quick to jump to a competitor with better rates and service. The cost of retaining customers versus capturing new ones is low and yields a long term return on investment (ROI). The following presents some techniques you can use to increase customer retention rates.
Don’t Abandon Your Customers
Many businesses fail to follow up or maintain an ongoing relationship with their customers by keeping them on a mailing list with new offers or sales. Don’t leave your customers after the sale has been made. You can send email or postal marketing campaigns to retain that customer and keep their interest for future sales.
Reactivate Your Customers
You have a good chance that over 50% of your customers who haven’t purchased recently will react to attempts to make new sales with them if you take the right approach. Don’t constantly hound customers daily but rather send weekly or monthly marketing campaigns with fresh upgrades to their recent purchase or deals on new products and services that just came out. Reconnecting with your customers shortly after a sale reminds them of their experience with your business and demonstrates that you respect and value them. You can increase sales quicker with those who have already bought from you than marketing to new customers.
As mentioned above, don’t send daily reminders of your existence to a customer but build a relationship by staying in touch through a communications calendar. Many email marketing systems send a sequential amount of phone calls, thank you messages, letters, sales events, follow ups, and special offers. Your customers will appreciate the fact that you value them and will react positively. This constant communication will help eliminate doubts that they are treated like a number and make them feel a close connection that will make them want to come back in the future.
Outstanding Customer Service
You want your customers to be so satisfied with their experience that they tell their friends and family how they were treated by your business. They may even leave glowing reviews which will reflect on your reputation as a business. Some of the key aspects to this include every employee dedicating themselves to customer satisfaction, providing prompt responses, going above and beyond, consistent timely delivery, and keeping your word before and after a sale. Excellent service is essential to customer retention. Remember, customers who receive poor service are more likely to leave negative reviews than customers who receive great service are to leave positive reviews.
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Team Members with Excellent Interpersonal Skills
Great service starts with your employees and how they treat customers and each other. Your sales and marketing teams are the face of your business. Your employees should treat each other with respect just like how you expect them to treat your customers. If your team feels important they will be courteous to each other and establish a positive social environment which will rub off onto your customers.