Boost Your Customer Retention Rate with These 7 Simple Tips
As a business, what’s your greatest asset? You’d say your products or your bank balance. Well, that’s not entirely true. Customers are a pivotal point for any business. Just having customers is not enough, you need customers with good networking, who want to keep coming back to you. But why will customers keep coming back to you when they have hundreds, if not thousands of options? That’s where customer retention comes in and changes the game for your business. Boost your customer retention rate with these seven simple tips to grow your profitability.
Work Smart, Not Hard – Get Yourself A Virtual Phone Number
What holds people together and makes them feel connected? Communication. That’s what you need to establish with your customers – seamless communication. You need to be available for your customers most of the time so that your customers feel privileged, and not left out. To establish better connectivity, you should use a virtual number. With a virtual phone system, you can use the same number on multiple cell phones and telephones. This way, even when you’re not around your business, you can stay in touch with your customers and build an organic relationship.
Under-promise, Over-deliver
Let’s understand this by a simple example. You go into a bakery, ask for a cake piece, and a coffee. You sit on your table, patiently waiting for the order. But the waiter arrives with another piece of the tart with the cake that you ordered. How likely are you to go to the same bakery whenever you’re around it, and feel like having something sweet? That’s the same scenario with most businesses. You should always under-promise about the value that you’ll provide and over-deliver at the time of actual output. These little things add feathers to your cap and require minimal efforts. And even if you’re not able to over-deliver, you’ll never be let down in front of your customers. If you over-deliver, BOOM…!! Your customer retention rate is increased right away.
Introduce Loyalty Rewards To Your Business
Do you think you should get a premium discount because you buy from your local departmental store again? If that was a yes ringing in your ears, you should do the same with your customers. Shower your regular customers with loyalty rewards, so that they keep coming back to you. A simple idea is to provide a discount of 10% on purchasing every third time from you. It shows your customers that you’re a goodwill business owner and wants to work in a synonymous harmony.
Know Your Customers
Along with excellent communication and better loyalty rewards, business owners must build personal relationships with their customers. Suppose your business is catering to a hundred customers, and thirty of them are pretty regular. In that case, you should know a thing or two about their personal choices. This gives you an upper hand over other businesses. The more you make your customers feel at home, the more they will want to come to you to do business. And when they keep returning to you, your customer retention rates will increase naturally.
Accept Your Shortcomings
You couldn’t deliver that project on time? You couldn’t fulfill the need of that regular customer because something terrible happened? Be open about it with your customers. The new-age business world is very blingy and is all about perfection. You don’t need to be perfect for your customers to keep coming back to you. Accept any shortcoming that is there when you’re delivering to the customer. Being honest is a better option than covering your faults and beating around the bush. To grow a business organically, you should always be transparent with your customers.
Incorporate Feedback Into Your Business
Feedbacks are not to be frothed and uploaded on websites to lure potential customers. They are a vital essence that could improve your business’s quality by manifolds and help you deliver more efficiently to all your customers. Listen to your clients, and act on what they think is missing. You should create a form for all your customers to drop their feedback in.
Go through all this feedback and incorporate them into your business model to make it more effective.
Everyone Should Know Your Worth
Why would your customers ever leave you if you’re providing them many things at a very fair price? But how will your customers know this fact if you don’t tell them about it? That’s why you need to market your worth effectively. Focus on being honest with what you provide, and state everything to all your potential buyers. Let them know how your agency is different from your competitor? What benefit will a layman get, over others, when they choose to work with you?
Conclusion
Thinking about starting a business is easy, starting a business is a bit difficult, but sustaining it is the most crucial task that you should know about. There’s no better way to sustain your business than to increase your customer retention rates. Use these seven tips to skyrocket it and unlock endless possibilities for your business.
