Customer Retention Growth Strategies
Do you know that Returning customers spend more money shopping than new customers? Getting your current or existing customers to make a repeated purchase is a lot less stressful and its way cheaper than finding new customers.
When was the last time you followed-up on your existing clients in a bid to get them loyal to your brand ? Business will grow and establish when you have made frequent resale to the same clients, if you have made it to this point, now is the time to strategize and up your retention game.
Customer retention is the ability of a business to keep it’s existing customers. The goal of customer retention program is to aid your quintessential organization retain as many customers as possible, which can be achieved through brand and customer loyalty. Remember, A bird at hand is worth more than a zillion in the bush.
To stay useful and keep your existing customers delighted, it is germane to continuously adjust and upgrade your retention strategies.
Retention strategies will help your business provide meaningfully for and get more value off existing customers. You have laboured so hard to get a new client, you cannot let them slip away, you must ensure that, they remain with you and you will be happy as they happily remain.
While you create a delightful experience for existing customers, your retention strategies must also include profit maximization.
WHEN TO INTRODUCE CUSTOMER RETENTION ELEMENTS:-
The retention elements are best introduced at the point when your business or product have started to gain popularity or acceptance. According to the Technology Acceptance Model (TAM); “a customer is most likely to adopt or accept a technology when both perceived ease of use and perceived usefulness is high.
Now that you have customers and an increasing sales volume: you can now introduce your retention elements to encourage existing buyers to buy more or repeat purchase or connect friends and families to purchase your product.
There are low cost initiatives that can help you delight your customers and build loyalty with your brand. You can surprise your customer with a simple gift or reward that matches current purchase. For example; you can gift a headset that matches a laptop brand just purchased by a customer. This type of unexpected appreciation can go a long way to improve customer experience. I recommend that you tailor the content and product recommendations in your mailing campaigns as part of your retention strategies. You can likewise use promotion and other incentive strategies to keep them happy and coming back.
TRANSPARENCY & HONESTY AS A KEY RETENTION ELEMENT:-
As an organization you do not hide anything from your client, you should work hard to build transparency in all business relations. Be open and upfront about everything from payment and return policies including value added services you offer to support sales. This is why it is important not to Over-promise and under-deliver, as this is an easy way to loss transparency and honesty. So keep everything clean and clear by ensuring that the bulk of the goods supplied corresponds with the sample.
BUILD A SOCIAL LIFE AROUND YOUR PRODUCT:-
Actually, people do not connect with products. They connect with other people. Provide a forum where existing customers can talk and chat about your product on your site and other sites. This will make them delighted that there are like minded people with whom they can relate and interact and even shop.
That’s why Facebook have introduced community groups as an appendage to Business/Fan pages because it increases engagement amongst customers with your product. Which brings high organic traffics to your business site.
As you ruggedly and doggedly continue to grow and establish your brand. New clients will flock in and there will be increased one time purchases. Because customers are highly dynamic, a dynamic and effective retention strategy can get your many one time pop up clients to return and buy more, thereby increasing each customer’s life time value. Conclusively, you should diligently deliberate and seriously elaborate your retention strategies.
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