Customer churn occurs when a business loses a customer. In other words, not only have you lost a customer, but one of your competitors has acquired a new one. While it is almost impossible to retain all your customers, there is no reason to despair, it is possible to keep most of them. For that, you need a solid customer retention strategy. Here are some simple methods that you can use in order to maintain and grow your consumer base.
1- Give your consumers a personalised experience
Providing a product to your customers works almost like any human interaction – you deal with each person in a special way, because each person responds uniquely to different forms of interaction. For example, if you initiate a conversation with a person on a subject you know they have interest in, they feel like they are a valued and memorable part of your life. You should act the same with your clients. This is a way to prove, not to just say, that a customer is important to you. B2B customers expect more than just an email with their names. To fully leverage the power of personalised marketing, segment your list so you can offer the most relevant content and offers based on each customer’s preferences, order history, industry, etc. The right technology containing customer data and metrics will make a positive personalised experience possible.
2- Be nice and do something unexpected
Receiving a gift is something that everyone enjoys. When this gift is unexpected, the positive effect generated is even greater. Ask yourself, how can you surprise your customers?
Sit down with your finance and customer service teams to figure out where and how you can do small but meaningful things for your customers. These rewards must be based on how much business a customer does with you. More frequent customers get better gifts. In addition, you can consider gifting unique “experiences” to high-value customers (for example hard-to-get tickets to a concert when you know a customer likes a certain performer) to foster relationships and make your brand more memorable.
3- Pay attention to the feedback
Create a communication channel, to build the relationship between your client and business. Know that feedback will not always be positive but do not ignore it. Treat it as precious information and do your best to respond well to a complaint, if you succeed you will turn an angry customer into an advocate of your brand. So those complaints aren’t just valuable information – they’re potentially valuable business.
4- Have a Loyalty Program
This is one of the best methods to keep your clients. A loyalty program builds advocacy from your best customers by encouraging them to refer others to your business. At the same time, you can use points and rewards to entice them to purchase more from you.
Some examples of what you can do:
Begin with basic membership rewards – This encourages customers to sign up for your loyalty program and offers more valuable rewards to your clients as they increase their purchasing volumes. Arrange member events – In this regard, in-person events give businesses a great opportunity to recognise their clients, strengthen mutual ties, and discover their product experience first-hand. Provide transaction-based immediate discounts – When completing an order, customers are offered an exclusive discount that can be applied to the current or future purchase. This method is used to encourage clients to join the loyalty program membership.
Keep in mind that a loyalty program is only as good as the participation from its members so it’s important to build awareness and keep nurturing your relationships with your customers. Having a customer retention strategy is as important as having a strategy to acquire new customers. If you are able to retain your customers, you will have more opportunities to sell your product or service and provide them with the feeling that you offer the best solutions in the market for their needs. A happy customer will become an advocate of your brand, creating a word of mouth marketing. Your longest held, most loyal customers are most likely to recommend your business to a potential lead and at a much lower cost than acquiring a new customer using other forms of marketing. Focus on decreasing churn and building a better customer experience by first employing a well-considered customer retention strategy.