One of the best ways to grow your profits in your business isn’t to spend time chasing new customers, but keeping the ones you’ve got. It can cost as much as seven times more to acquire a new customer than to sell to an existing one, which is why customer retention strategies work so well!
But while there are dozens of strategies out there, there are a few which are timeless and work for any industry. Put these customer retention methods to work in your business and see the results for yourself!
Never Forget the Importance of Shared Values
Your company values keep your business going. But do your customers know, identify and relate to those values too? Whether they’re core values we can all appreciate, like fairness and accountability, or they’re more altruistic and include organizations or charities whose missions you support, sharing those values with your customer base helps them remember you for more than just your product or service. It reminds them that you have something else in common beyond the transaction.
Always Strive for Improvement
In this day and age, no company can afford to rest on its laurels for long. Your competitors are watching your every move and your customers too. Look for ways to always improve a little more. What should you improve on? Why not ask your customers? Everyone loves positive feedback, and it’s always great to know how you’re doing, but negative feedback can be especially constructive.
Don’t just take the negative feedback in a reactionary way and chalk it up to one bad experience. Ask questions and respond to the feedback and then put the answers and suggestions to work. Take steps to not only fix the problem but make sure that the problem doesn’t happen again — that’s a sign of a company that clearly values what its customers have to say and wants to incorporate their feedback in a way that allows for greater growth and retention.
Treat Your Customers as Humans, Not Numbers
One of the biggest complaints from customers across many different industries is that AI is not nearly as smart as it thinks it is. When a customer has a problem, they look to customer service for help. That means taking the time to look for a phone number or live chat and do their best to avoid the self-service option (which trust us, they would try if they could). By treating people only as numbers in a database, you lose the empathetic connection to them, and they to you. Not everyone wants to go scouring a knowledge base, talking to a chatbot or spending hours on the phone just to have the conversation end abruptly.
When you connect with your customers on a human level and treat them (and their problem) as a true concern, they’ll remember the experience and are more likely to purchase again, as well as tell others about you.
And if you’re ready to take the next step toward a customer retention strategy that’s customized for your business and enables you to create lasting brand recognition and
loyalty, why not reach out to the experts at Workdom? Our knowledgeable professionals can help you devise a proven customer retention strategy that’s personalized to your audience and built for your brand, so that more buyers seek you out and walk away with an experience that’s worth having again and again.