The basic infrastructure of any business model is its tendency to engage a good flow of clients and persuade them enough to buy their products. The top priority of every business has always been finding and attracting new potential customers to generate more revenue.
Most organizations forget this essential part of how to turn a buyer into a long-term permanent customer. They ignore the very next step that needs to be taken after a customer makes their first purchase and that step is ENGAGING! Yes, for sure keeping a routine connection with your customers and updating them about your new launches.
Our business model should have such strategies for retaining their customers, enhancing their boost, and generating more revenue. As mentioned above, that real achievement is not just one single purchase we should always have bigger goals for establishing our brand. Selling your product is not always about convincing your customer. Sometimes repetition of few scripted boring features to every customer, again and again, will make them lose interest in your services. You have to learn the art of digital marketing, sending customer-oriented copyrights and emails.
Always remember that honesty and dedication are what you need to build a healthy rapport with your client. You should not only compel them to buy your product but should also focus on their requirements. Always take a short survey about any further suggestions, and should be responsive to their queries.
The main aim should be the satisfaction of your customer, once you gain their trust and prove yourself, they will always give preference to your brand or product and that is how we gain a potential, permanent client. Losing such clients means losing a big amount of your revenue and that is why we are here to teach you how to retain them for a bit longer.
How Do You Attract and Retain Customers?
We will discuss some simple strategies which will help you to sustain your customers.
- Going beyond the selection and pricing
The basic idea here is to make sure that the company brings its most valuable asset on the front line or display for selling. Their best-selling product will help them automatically in promoting other products as well. The investment here refers to their employees. They have the power to manage personal customer relations through communication and mutual understandings. Once a company decides to take advantage of this rule, it will undoubtedly be heading towards excellent customer service and thereby ensuring a boost in customer retention for years to come.
- Look for the reasons why the customers are leaving
Experts say that for you to resolve a problem, the first and foremost thing is to understand the reason behind it. Because once the cause is known, you can start working on its solution accordingly. Likewise, for any brand, you need to understand why the customers are leaving. What is the reason behind their declining engagement? Here are few steps which you can take to sort out this problem:
- Maintain a personal touch with the customers.
- Appreciate the people linked with your business. Sending them thank you notes, discount coupons, or something as simple as giving them recognition on social media can be as valuable as other things.
- Asking for feedback, and listening to their suggestions and queries. The customer feels valued and also helps you in improving the business and increasing your sales.
- Employee first
As they say that charity begins at home, likewise, people on the outside would only appreciate you if you treat the people that are associated with you in the growth of the business, the employees. Appreciating employees for even the smallest achievement, giving them bonuses, and arranging achievement parties helps in boosting the morale and confidence of the employees and once the employees work with full rigor and passion, they would bring value and profits to the firm.
- Foster relationships with the customer
Fostering a relationship with the customers can be done in many ways:
- Create loyalty programs
- Create the frictionless user experience
- Frequency, recency, and value should be actionable insights.
- Find new ways
Look for new ways to make a better relationship with the customers. Here are a few steps that you can use to bring more customer flow and keep your customers engaged. This not only helps in bringing new clients to the business but also ensures that the ones who are already associated find it interesting enough to stay. A few of the tips are:
- Take ideas about designs and delivery procedures.
- Implement their ideas.
- Take feedback.
- Make a forum for letting the customers participate.
- Spend time with the clients, not only potential clients but also the existing clients.
- Invite your customers to meetings, parts, and meetings.
Notice the signs
This is like keeping all your five senses open at the same time. As they say, the most obvious thing you can do to boost customer retention is to prevent them from leaving. Paying attention is the key here. You will have signs well in advance. If you happen to analyze them properly, you can make sure one of the customers leaves. Let us grasp it with the help of an example. You want to know how many of the customers who had purchased your services even once, have not shown interest, or have not bought anything from you in the last six months. The first thing that you need to do is make a list of emails for such customers. Please send them follow-up emails to make sure you get them back.
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How Can Customer Retention Be Improved?
- Target them with offers
This technique looks easy, but targeting needs to be done with a thorough study. You need to analyze correctly with the help of CRM software about the needs, likes, and dislikes of the client and then send him the most suitable offer. Let’s say a customer bought a mobile phone worth Rs. 40,000 from a website. Sending him a coupon code for Rs 100 off on the next purchase would not be good enough. The kind of capability the client has needed something better. To boost customer retention, it is all about analyzing things to the core. One wrong move and you can lose a loyal customer forever. It is still easy to retain inactive clients, but once they leave, it’s the most challenging task to restore them.
- Rewards
Information on the CRM (customer retention management) can let you know about the customers who have earned you the highest profits. And these are those customers that you should not let go of at any cost, no matter what. Once you know the most profitable customers for your business, your work is to reward them. All you need to do is create a list of emails with the names of these customers. Start making the following us make them feel privileged so that they remain the most profitable.
- Personalization
Have you ever wondered why a child is closest to her mother? Because he gets that warmth, that affection from her that he has been getting from the very moment, he was born. Similar is the case with the clients. Personalization with them is as essential as rewarding or appreciating them. CRM software, apart from making so many things easier for you, does this as well. It makes you realize that the client is just a phone call away, and for you, these are not only the numbers of the client but the actual earning lies within them.
To follow up using CRM, you need to put the information on the new client in it. This will make your task of personalization more straightforward than ever.
- Keep your promises
Promises kept are the promises that fetch results. Moreover, if you are keeping your promises, big or small, ensure that you are following the highest level of professionalism. CRM is the lifesaver here again. It comes with the schedule follow-up calls feature that helps you in reminding that there are follow-up calls scheduled. This feature lets you appropriately manage things.
- Adjust
As mentioned in the previous points, too, the existing customer would not need many resources to retain loyally; all they would look for is some adjustment from your end. The adjustment can vary from client to client. Let’s say; there is a client who has been with the company for the last five years and has been regular with the purchases. Even if you have to adjust the prices in a. way that you neither gain nor lose from one of his assets, it would not be a bad deal at all. You might take it as a reward for his loyalty, but he would appreciate it and make sure that he comes back to you for the next purchase as well.
- Implement strategies like cross-selling and upselling
This is something that does not need as much hard work. This ensures that if a customer approaches you to buy a mobile phone, with a budget in his mind, you can ethically manipulate him to upgrade the mobile cost and even take some mobile accessories along. This makes sure that the customer has a good enough number of goods from you at the same time. But this needs proper research and study too. Few things that need to be checked before you apply these strategies to a client are:
- Has the client been buying multiple products on the visit?
- What are the things that complement the product he is looking to buy?
- What are the things that can be mentioned to upgrade?
- Offer subscription
This is one of the best ways of retaining customers. Offering a subscription is an ethical way, where you are asking the permission of the customer to send him the newsletters, offers, and other things related to the company. This caters to the needs of the client and also allows you to showcase your products to him regularly for the business owners who do not have the products that can be sold on a subscription basis, up-selling can always be done using the method.
- Send weekly emails
Have a list or google sheets containing the email addresses of your buyers and start sending them weekly or bi-monthly landing pages through emails to keep them updated about your services as well as sustaining a connection with them.
Importance of Retaining Customers
Why is it essential to retain existing customers? Few benefits are listed below:
- Better conversion rates: The fact that the existing customers have bought from your brands at least once and are likely to leave only if they had a bad experience during or after the purchase. While the trust is already there and you already know how to handle them, it makes it easy to identify what they are actually looking for, and hence the conversion rates are far better.
- Less marketing: The kind of marketing, efforts, and finances required to bring new customers are much more burdensome. It is much more manageable to build a healthy rapport with your existing clients and keep them engage. Studies reveal that you need almost 16 times more costly to get new customers than to retain the previous ones.
- Room for getting better: the two most important factors in any relationship are listening and communication All you need to do is listen. Listen to the feedback that your existing customers give you. It helps a lot in managing your business in terms of quality and gives you vast scope to improve your work. This is like getting a free consultation from the experts. The more you are responsive to your customer’s demands, the more they will be happier with your services.
- Fetch profits: Since the existing customers already have trust in your products and services, it’s a lot easier to convince them for your other products. You have already proven yourself to them which means you will have to spend a much lesser cost on promoting your brand which will subsequently fetch you a much higher profit by reducing your expenses.
- Lesser costs: This works by the point already discussed above. Higher profits are only possible if you have to spend less and spend fewer results only from the fact that existing customers do not demand much apart from the consistency in prices and quality.
- Increased revenue: when we can retain our customers, they turn out to be our permanent clients and eventually keep on availing our services, the more you can sustain them will directly have an impact on your revenue generation.
How Marketalist Can Improve Your Business?
No matter whether you have a small-scale business or a large-scale production unit, our agency the Marketalist can provide you with solutions to gain quality customer traffic to your site and increase your sales revenue. We have budget-friendly packages for our customers which can be designed according to their needs. From writing landing pages to email marketing, writing affiliate articles, SEO content, social media marketing, etc. we have a bunch of plans to enhance your business growth.
Why do we emphasize so much on this particular topic, that is “how to boost customer retention?”
New customers are as important as your old buyers but again retaining your customer flow will predict the prosperity of your brand. If we try to build a trusted relationship with our customers and they are satisfied with our services, these customers will automatically suggest your brand to the other people around them. This cycle will continue so forth. That is how you get free brand promotion and more traffic.
If you are stuck with the same problem of not getting quality customers to your site or don’t know how to keep your clients engaged, The Marketalist has a solution for your drowning business. We are the leading agency in the US having a team of experts, experienced in digital marketing.
No matter how well maintained your digital store is or how much you have invested in your business establishment; but if you don’t know how to launch your product among your targeted audience you can’t exist for long. Our marketing agency will provide you with all those tools & strategies which will lead to the exponential growth of your business. We have different pricing plans, policies, and solutions for your emerging business and we can also structure a policy according to your requirements.
Our company’s top priority is expanding your business to new horizons and exponentially increasing your revenue. We also have panelist experts in business website audits who meticulously analyze your website content and infrastructure and generate an audit report. This analysis helps you to know if your site is lacking behind your competitors, where you need more improvements and suggestions to strengthen your website further. Hence along with many important things that need to be taken care of for a growing business, retaining the customers should be added to the list too.
