The cost of acquiring new customers is 5x more than retaining them. However, retaining customers is comparatively an intricate process. It takes a lot to earn your customers’ trust and acknowledge undying loyalty.
Customer preferences are rapidly changing no matter the niche you target. The rise in technology has made it easier for businesses to tap into diverse marketplaces. This has led to a rise in customer expectations concerning their experiences.
Customers today wouldn’t think twice before switching to an alternative if their preferred brands offer a lackluster user experience.
This doesn’t mean that customer loyalty doesn’t exist anymore. It does. But, you have to work a little harder than before to acknowledge it.
Looking for ways to retain your customers?
Here are 6 simple strategies that can help.
They say that the first impression is the last impression. It has a strong influence on your relationship with customers.
Customers are excited when purchasing a new product or service. This excitement can be short-lived if their first interaction with you is displeasing. A smooth onboarding process makes your first interaction with customers memorable.
Customers often form associations with brands over time. Each time they consider switching from your brand, they recall the experiences they had with you. They are likely to stick around if their first interaction with you was positive.
Your goal should be to ensure a hands-on and hitch-free onboarding for your customers. Be as helpful as you can and enable customers to use your product or service to its full potential.
Around 80% of customers prefer brands that offer personalized experiences. So, providing bespoke solutions while onboarding is the way to go.
Social proof not just helps you acquire new customers but also facilitates retention. Social proof can be in form of reviews, testimonials, success stories, etc. Nothing boosts retention like showing how your brand became a fitting solution for your customers by catering to their concerns.
Social proof helps you gain trust and form strong affiliations with customers. Around 73% of customers say that they trust businesses that have positive reviews. Reading positive things about their preferred brand reassures your customers that they have made the right call.
Around 79% of marketers say that affiliate marketing is one of the reliable ways for brands to interact with their existing customers. Businesses have nothing but praise for their products or services. When others say good things about you, it has a totally different impact, especially the ones who have a strong influence over your target audience.
Third-party reviews can help you retain customers. But, you have to do it the right way. You shouldn’t compel your affiliates to say positive things irrespective of how your product or service performs. Faux reviews can give you short-term results but eventually, your customers will know that it was all a sham.
Ask your affiliates to test your product or service and publish a review if their experience was positive. Tell them to reach out to you if they had a bad experience and make improvements as per their feedback. It’s a win-win for you in either scenario.
Listening to what your customers have to say significantly improves your retention. Customers reach out to you when seeking solutions to their problems. Furthermore, they’re often blatantly honest when it comes to sharing their feedback about your product and service.
Customer suggestions are gold for brands who believe in continuous improvement. Solving the issues or glitches pointed out by your customers not only helps you earn their trust but also improves your product or service for the better.
Not all customers are vocal when it comes to sharing their experiences. Some just silently disappear when your brand fails to live up to the expectations.
The only way you can retain these customers is by reaching out to them yourself. It’s essential for you to know what will keep your customers from switching over to the alternatives. For this, email marketing is a viable strategy to consider.
Businesses readily rely on email marketing to interact with their existing and potential customers. Around 80% of professionals say that email marketing has helped them retain customers with ease.
Ask your customers to share the problems they faced. Next, reassure them that you will fix the issues. When done, let them know about the improvements you’ve made. Reaching out to customers facilitates engagement, strengthens your bond, and boosts retention.
Reward and Loyalty Programs
Most businesses are occupied with capturing new leads and resolving customer complaints. Amidst all the hustle and bustle, they often forget about their loyal customers.
A customer who doesn’t feel appreciated is just one nice pitch away from switching to your competitor. So, you shouldn’t take your loyal customers for granted. Let them know that they’re important to you.
Create loyalty programs and offer rewards to customers who were with you through thick and thin. These rewards can be anything, discounts, loyalty cards, giveaways, early access to new products, free trials, etc. Anything that makes your customers excited and happy with the decision of preferring you over other brands in the industry works.
It’s a Wrap
There you have it. The 6 simple strategies to boost customer retention. The implications of the recommendations may vary as per the use cases. But, they’re all useful ways of acknowledging lasting and healthy relationships with your customers. So, try these out and see which ones work best for you.