Research shows that increasing customer retention by even a small percentage can fuel a significant growth in profits. It’s also much less expensive to keep the customers you have than to acquire new ones.
Here are some strategies on improving brand loyalty and increasing customer retention rates.
Set Consumer Expectations
Instead of allowing customers to draw their own conclusions about your products and the goals of your company, communicate expectations clearly and regularly. Devise a road map that delineates significant milestones in your company’s relationship with your clients. Build consistency into your social media channels, websites, and the process of introducing new customers to your products and services so that you create trust in your brand’s ability to see work through and deliver success.
Communicate Positive Results
In the course of sales procedures, share case studies and testimonies of satisfied customers. After customers have finalized purchases, keep them regularly apprised of your sales metrics, as consumers are prone to become attached to successful brands. Be sure to especially highlight standout positive events that are worth remembering.
An important factor in customer retention is not only the solicitation of feedback, but also promptly dealing with issues that are brought up. Periodically surveying customers will give you insight into what causes them joy or aggravation, and you can use these observations to proactively improve your service. Keep a record of your communications with customers so you can maintain continuity even if there are changes in personnel.
Reciprocity is a concept that posits that deeds of kindness prompt a feeling of obligation in the recipient. This manifests in customer retention when you offer loyal customers perks such as free swag, tickets to special events, or advance access to new or upgraded products.
For more advice on increasing customer retention, get in touch with Growth CC.