Customer retention basically means customers of the product or business tend to return to, continue to buy or in some other way not defect to another product or business, or to non-use entirely. Selling organizations fear customer defections and hence try to minimize them by employing effective strategies to retain the customers.
Researchers have proved that acquiring new customers cost more than retaining the existing ones. Moreover, customer retention is directly proportional to profitability. So, companies need to implement certain customer retention strategies so as to grow their business. Here are the best strategies to curb customer defection and develop long-term relationships:
Offer a live chat feature on your business website:
Live chat has the potential to convert visitors into customers. An online chat feature on your website not only assures an all-time assistance to your visitors and customers but also helps retain them. Since they tend to trust your services through a proper guidance, every time they visit your site, they tend to keep coming back to your site. With a live chat feature, customers can get their queries resolved as soon as they arise. Moreover, online chat eliminates any chances of site abandonment.
Reach out to your customers regularly:
Communicating with your customers regularly, through newsletters, coupons, event invitations etc is yet another powerful strategy to retain your customers. Consider reaching out to your customers and letting them know about your new products, services, discounts and more.
Show gratitude towards your customers:
There are a number of ways for doing this, such as, including a thank you note when you fulfill the product, sending a separate “Thank you” email message, including a coupon towards their next purchase etc. These efforts make them feel valued and help retain all your valuable customers.
Ask for feedback to increase customer retention:
Consider sending a satisfaction survey to your customers. You can also ask for feedback about a customer’s experience or product quality. This shows that you’re engaged in your business and looking for ways to enhance your customer service. You can use this valuable feedback to make improvements to your business and stand out from the crowd.
Highlight a customer experience:
This is an effective way of garnering great engagement. Customers love it when a business values their opinion. So, consider showcasing exceptional customer experiences in email newsletters, sponsor their cause, tweet about it or mention it in one of your blog posts or wherever you feel like.