In this extremely competitive business world, people put their trust in those businesses that are honest with them. Would you rather deal with someone who is untrustworthy or one who understands your needs?
With the increasing number of online business competitiveness, personalization is now the nerve of building a strong customer relationship. What this means is that as a business you should understand how the customer relates to your product or services and also their experiences.
In this article, I will be discussing the key points you need to start imbibing in your business to retain customers.
Research has shown that it is easier to keep an existing customer than to win a new one — and those repeat customers could spend as much as 60 percent more per transaction than newcomers because they already trust your brand.
Let’s dive deeply into understanding how to retain our customers.
What is customer retention?
Customer retention is the activities and actions your companies and brands take to retain customers to continue buying your products or services.
1. Know Your Customers.
First thing first, your customers are humans not machines, they feel, sense and understand.
One key to increasing customer retention is to understand every customer interaction and touchpoint.
Take for instance a customer comes to your website to buy a bed, what do you think his intentions were? Now instead of seeing a link to buy a bed, he is seeing,” buy these hot sneakers for $5”. What do you think he would do next? I’ll leave you to answer that.
Give them what they want by showing them that your product or services are the main things they have been searching for. Listen to your customer’s complains and concerns, analyze them, and act on them.
2. Focus On Customer Experience.
The way a customer interacts with your product or services is a key factor to consider. This means from their first journey of making an inquiry about a product or service, either directly through your company website or through a third party, which could either be word of mouth, ads or social media.
For example, a customer`s experience could begin with a comment on twitter about a company, product or brand and then using his or smartphone to do quick research on the company’s website and reaching their customer service line.
The second stage is the comparison stage: This is where the customer gains a considerable amount of control and can compare certain products and services with others to ensure they receive what they want.
The third stage is the purchase. In this stage, the customer trusts your products or services and is willing to pay to get your products. At this stage, it is important for the company or brand to do follow- up and show appreciation for them doing business with your company.
The final stage is the installation: I tag this as the stage where you either retain the customer or lose them forever. The installation stage is vital to retaining a customer long term and building customer loyalty. The installation stage is part two of the purchase stage, where a product or service needs to be physically implemented.
3. Choose The Right Platform.
Now that you have known how your customers interact with your products, it is in your best interest to know what platform they most prefer for communications, interactions and complains. Where do your customers go to express their dissatisfaction? Is it through live chats, social media, emails or phone calls? Take cognizance of that to be quick to respond to their complains or inquiries.
However, you need to pick the channel that makes the most sense for your business so it will be a win-win for both parties.
4. Respond To Their Dissatisfaction Not Deleting Them.
One negative feedback can have a great impact on your business, so it is best to attend to that customer’s need and apologize than deleting the negative feedback. Their feedback helps to improve your company and improve on where there are loopholes. See an opportunity to improve in their feedbacks.
The client must feel like they are heard, esteemed and this makes them happy. So, respond to every complains, post, inquiry, suggestion, and comments. They will trust your brand or company more and this, in turn, improves your brand.
5. Show Appreciation.
They are the bedrock of your business, so a big thank you message from time to time won’t cause a rift in your pocket. It shows to them that your business does care about them.
Today’s customers understand how important they are to your business. And this is exactly what you should provide them with.
How does Billmah.com help you retain your customers? We do so by doing in-depth research work on the type of product or services you are selling and design your website to fit what they are looking for.
Billy Franca is a web designer and content creator. I am passionate about what I do. My goal is to help businesses grow with practical steps to increase sales.