“There is an increase in the churn rate, if you don’t value your customers”. Agree? Churn rate in itself is a common phenomenon. Perhaps, there’s always a possibility to reduce it. When we try to improve our churn rate, its customer centricity results in the overall increase in the revenue.
Let us first talk about the existing customers. What do you do to retain them? Companies adopt various methods to retain their customers and decrease the churn rate.
70% of your business comes from your existing customers. This article will tell you why sticking to your existing customers can help you achieve your goals:
1. Brand Recall: Branding is the most important aspect of a successful company. It is your brand that makes a lot of difference to your business. Therefore, it is important to pitch your brand in the right manner and to the right audience.
Every time you launch a new product, existing customers will tend to recall your brand and act as your beta customers. All you need to do is, engage them with your marketing strategies. Your current customers are the best people to bring in new customers and they act as brand fans to your prospects.
2. Grow your business: Expanding your business takes a lot of effort and can be done by adopting the correct marketing strategies. This includes huge costs as well and thus here’s what you can do: Sell as much as you can to your existing customers. This is quite easy since you need not establish your reputation. All you have to do is make your customers aware about all the products you range in. That’s it. This will get you more business and will also reduce your efforts to pitch all your business all over again. Offer them a little more like free gifts, special deals, etc. to convince them to spend a little more.
3. Referrals: Referral marketing is one of the well-known marketing strategies adopted by businesses to bring in new customers. Almost, 65% of the new business comes from referrals and customers are more likely to buy products or take up services which their friends have bought. The referral marketing is also known as the “word of mouth” and this is how you can approach it: Think of the customers which can be your high referral sources. Incentivise your existing customers for the referrals they make. For instance, you may provide them with free packages.Such a process could be beneficial for your business irrespective of its size. This will help you expand your clientele base adding to greater profits to your organization.
4. Business continuity: Customer service includes the assistance and guidance by the company to its existing customers and if you want to earn the tagline of “best customer service provided”, you really need to work hard to keep your current customers happy. Though you will always have the urge to expand your business, it takes time to bring in new customers. Therefore, it is advised to keep up with the clients you already have, so that there’s no decrease in the revenue you are earning. In fact, it has been observed that 91% of the customers will not come back if they are unhappy. Here’s what you need to do next: Address to their problems as soon as possible and resolve them immediately so that they are satisfied and continue to do business with you in the near future.
5. Share industry ideas: Did you know that customers are a rich source of information? Your customers are the best to come up with feedback about your product / service. Companies should conduct surveys among their clients so as to collect opinions and work on them in order improve their services. Also, call them to discuss about the future products you plan to launch and take their suggestions. Additionally, you may talk about your new ideas on your social media platforms and see what responses you get.This will further help creating engagement.
So, now you know why your existing customers are important! Here’s what you can do to retain them: Start with remarketing and retarget them with anything that interests them. They’ll probably stay with you forever.