Keeping customers interested in your small business can be easier said than done. In today’s business world, it’s become more common for companies to focus their energy on more than just attracting new customers. Now, small businesses must focus on retaining the customers they already have. Have no fear though, we are here to help you build customer loyalty so you can keep your customers satisfied and coming back for more.
Why should I care about customer retention?
Customer retention refers to the ability of a business to retain customers and keep them coming back for more. It is said that about 80 percent of a company’s future revenue will come from 20 percent of its existing customers. Plus, a five percent increase in customer retention can increase a company’s profitability by as much as 75 percent.
How do I keep customers coming back?
Customer experience plays a huge role in the retention of your customers. The harsh truth is that if your customers aren’t having a satisfactory experience with your business, they won’t want to come back. Luckily, we figured out the science behind improving customer experience and are here to share our findings with you:
1. Personalize the experience
First and foremost, it’s important to make your clients feel special and show that your brand cares about them. Research shows that personalized experiences can increase sales up to 20 percent. When your business adds a personal touch to customer experience, you are essentially building your customers’ trust and giving them a reason to return.
Whether it’s using their name in email marketing campaigns or sending them coupons on their birthday, your customers will appreciate your efforts, which could lead to more sales for your business!
2. Excellent communication
When running your business, it’s essential to have effective communication with your customers. If at any time a customer is confused or not receiving helpful support, they could steer away from your services and choose to seek out assistance somewhere else. Small actions such as sending text reminders for appointments or engaging with your customers on social media could increase trust among your client base and keep them coming back for more.
3. Promotions and giveaways
Let’s face it, everyone loves receiving free things without having to give anything in return. With the implication of giveaways or promotions such as trinkets, online guides, discounts or other complimentary services, your business could retain more customers and keep a smile on their face at the same time.
4. Train your staff
Setting up a customer training program can prepare your staff for all things customers. By training your employees you can enhance their skills and educate them about your business’ products and services. Educating your employees on everything from answering phone calls to general knowledge about your business can show lasting results and prepare them for anything that comes their way on the job and keeps the customers happy.
5. Create and overall customer relationship marketing strategy
To tie all of the previous four tips together, it may be helpful to create a set marketing strategy for your customers once they have signed on with your small business. Consider which emails will be immediately sent out to your new customers when they sign up, how often will they receive newsletters from your company and what circumstances will lead to your customers getting coupons and discounts. It is important to figure out these aspects of your marketing strategy before your prospective customers get involved in your business. Consistency is key to the retention of your customers.
If you follow the advice above, your small business will begin retaining customers and improving overall customer experience in no time!