In today’s competitive economic environment, customer retention continues to stand the test of time as a cost-effective and profitable business strategy.
So, with plenty written on this subject, where do you start? Here are some top line ideas that can be implemented across any industry and will make a positive and effective difference:
- Outstanding customer service – this is essential for all customers, both potential and existing. The latter are hard enough to win so don’t undo all your hard work now that you have won their business. Maintain a strong relationship and always show value at all interactions; this will help reduce the grumblings that can drive churn.
- Find the LTV – once the sale has gone through, it’s important not to lose interest. Know your customers’ LTV (life time value) and invest in them. Look for opportunities to continue to engage and be proactive.
- Whose need? – understand your customers and their needs. It sounds obviously but their need isn’t to pay your commission.
Be proactive, not reactive – identify ways to engage with your customers. Newsletters are a great way to keep people informed about latest offers, product updates, and improved processes, and to keep your business front of mind.
- Find out why – survey customers that churn and understand the reasons why. This will help improve products, processes, account management and more, all contributing to future retention. And remember, when customers churn, this is not a lost opportunity – it’s an opportunity to improve and win more customers.
- Give back – make your customers feel important by giving them something, regardless of how big or small – it’s the thought that counts.