If you are in the business of business, there is no doubt your main resource is your customers. Without them, you have no business to conduct! This fact presents a challenge for every company because once you lose a customer; it’s very hard to get that customer back. The trick then lies in maximizing the lifetime value of each customer through retention strategies, while minimizing the cost of acquisition explains Paul Haarman.
What follows are some simple tips on how to retain customers and grow revenue at the same time:
1) Stay in Touch and Nurture Your Customers with Emails
One of the most useful things you can do with your database is kept in constant touch with your users. A good practice would be to send out an automated email early after they make a purchase or subscribe to a service. It could be a quick “Thank you for being a customer, stay tuned for the next release” note that would just keep them aware of your company and what’s going on. This sets up an expectation of communication, and when they hear from you again, it’ll be more meaningful.
2) Be Transparent and Honest In Your Communications with Customers
Be transparent in all your communications with customers so as to build trust. When building trust by being open and honest with people you communicate with, your reputation will precede you says Paul Haarman. In addition, people enjoy hearing good news about them, so if there is any good news you wish to share along the way- do it! You can save money on marketing efforts as people will be happy to share your good news and make your brand known.
3) Be a Reliable and Responsive Supplier to Your Customers
A good way to keep customers loyal is by providing relative value relative to the price they paid for whatever it is you sell. If you can’t do that, you need to lower prices or offer other incentives such as loyalty points or discounts on future purchases. If you don’t, then your customers will leave looking for a better deal elsewhere if one exists! This happens all too often these days with online shopping. It only takes a few moments of searching to find similar products at cheaper rates and if there’s no difference in quality- many would rather pay less than more and get the same value.
4) Showcase Customer Testimonials on Your Website and In Advertising Material
You would be surprised how many people trust or at least rely on what other customers say about a product before deciding to make a purchase. A testimonial from someone they know and respect is often all it takes for them to buy from you! This is why it’s important that, if possible, you get customer testimonials and use them in your marketing materials. You can also do this with customer reviews of your products- if they’re good. If not, then don’t even bother including them because they will do more damage than good to your brand image!
5) Build Loyalty with Regular Contests and Promotions
A great way of getting customers to keep coming back for more is through regular promotions. Promotions work because they are in essence discounts, which lowers the price barrier to entry and makes buying something that little bit easier. You can create a customer loyalty program or reward system that gives your best customers additional benefits when they purchase from you regularly. This keeps them loyal to your brand because you are not just rewarding their purchases but also their continued support.
6) Train Your Staff to Be Customer Focused
Having well-trained staff members who are genuinely focused on helping your customers is essential if you want to retain customers one way or another. Employees who take proactive steps towards resolving customer problems have customers coming back time after time because people don’t like having to complain about something over and over again to get results. Paul Haarman suggests You should also include your staff in customer retention strategies such as contests and other promotions that add value for customers. This way, they will be motivated to help you retain customers because doing so is in their own best interests!
7) Work with Customers to Come Up With New Product Ideas
People love to feel important, especially when it relates to what they enjoy or are passionate about. A good retention strategy would involve asking customers for feedback on products, services, or ideas you have for future developments. If there is demand out there, chances are people already know of someone who would buy the product if only it existed! If you involve them in the process of improving your business. They will become more attached to the brand because you are making things that will benefit them.
8) Provide a Reliable Service with No Surprises or Hidden Fees
The best way to keep customers happy is by keeping in touch with them in the months or weeks after their purchase. You can do this through email, newsletters, or even social media depending on what kind of business you have and the type of relationship you share with consumers says Paul Haarman. This could be anything from special offers to upcoming product releases; providing information about new services or events they might like helps build trust among your customers as well as show that you care about their needs long after they’ve made a purchase!
9) Be Upfront About Your Business and What It Has To Offer Customers
This ties back into number seven, but it’s important to be upfront about what kind of business you are running. People who understand the nature of your business will know what to expect, meaning fewer problems in the long run! It can also help them decide whether they like working with you or not- if they don’t like what you’re offering. Then chances are that won’t change anytime soon and things might end poorly for both parties involved.
10) Involve Customers in the Design and Production Process
Customers love to feel important- so why not involve them in the production process? If customers get a chance to tell you how something should look or function before it goes into production. There’s a better chance that the product will appeal to many people. You also have an opportunity to build customer loyalty because they will be at ease. Knowing that your product was made with them in mind.
11) Keep Customers in the Loop at All Times
The key to keeping customers happy is staying in touch with them. Make sure they’re aware of any updates, changes, or important information about how your business works. It’s hard for people to want to do business with you if they feel left out or excluded. Because chances are, they’ll go elsewhere or try and get other consumers on their side by spreading the word! Keeping customers happy all comes down to being transparent. About what you do, providing excellent service, and being proactive about ensuring every customer feels valued.
Paul Haarman says a company can retain its customers if it is proactive in upgrading services and products. It should be open about the nature of the business that they are into. The management should get feedback from customers to understand what are their needs and expectations. The managers should involve employees in customer retention strategies such as contests etc which would encourage them to work for retaining the customers.