Shantanu Narayan, CEO of Adobe, once said that Customer retention is the new growth. The logic was that retaining customers is more cost-effective than developing new ones. Statistics show that long-retained customers start spending more in their subsequent years. Organizations must innovate and strategize client retention according to the changing business environment.
Clients-Focused Team
How a client is approached and cared for makes a stark difference. If a client is delighted with the team’s attention and excellent service, he/she may come back again and again. The client needs to be listened to, and their grievances redressed promptly and sincerely. Also, remember to appoint one of your best teams for after-sales. A client will judge your organization depending on the after-sales services you provide. A robust after-sales program and a seasoned team will help retain the customers.
Robust and Effective CRM
Customer Relationship Management is a software system that helps business owners keep track of all communications and build a relationship with clients and prospective customers. Popularly known as CRM, it uses different tools, techniques, technologies, and strategies to develop, retain, and acquire new customers. It is one of the best ways to remain on top of customer data because data is where it all begins. CRM sorts out data for you by seamlessly gathering and storing it. However, when combined with business intelligence tools, CRM will help you design client retention strategies.
Loyalty Programs
CRM opens the widest possible avenues to engage the customer. With segregated data, you can build customized loyalty programs. A client will feel valued and privileged when given specialized care through loyalty programs. Depending on the kind of business, discounts, freebies, vouchers, coupons, gifts, and cashback are part of loyalty programs. Studies suggest that boosting the customer retention rate by 5% can increase profits by 25% to 95%. If implemented well, a customer loyalty program can prove to be super beneficial for your organization.
Open Communication
A client should never face a barrier while communicating with the organization. Despite the hierarchy, each employee of the organization, right from the leader to the salesperson, should remain available for the clients. It builds trust and openness.
Communicate how your clients can reach you. Every business has a wide and comprehensive social media presence nowadays. Make sure that clients’ comments, messages, or emails are well responded to on different platforms. In the name of communication, never spam a client’s inbox. A customer will appreciate a newsletter or email about special schemes relevant to her. A specialized note on special days or a thanking note will also go a long way in retaining the client.
Win Back Through Social Media
Each business needs to maintain a strong social media presence. An emphatic client engagement is possible through appropriate and engaging social media campaigns. Depending on your product lines and customer profiles, engaging social media posts, stories and giveaways can increase customer retention
Make sure your social media team collaborates closely with other teams to design suitable campaigns. In the future, social media will be the most robust way to engage with the client. Dissatisfied customers often use social media if they have a grievance that is not addressed. Therefore, Social media plays a pivotal role in customer retention.
Automate without Being Mechanical
The demand for office automation is at an all-time high now. With new software and bot support, automation has increased efficiency and accessibility. A client should get an enhanced experience through automation rather than a complicated mechanical process. Automation makes the process smooth for the client and prevents her from getting hassled by complicated support.
End Thoughts
When the client returns for repeat purchases, it is an ultimate satisfaction for the organization and the team. A dedicated team with updated software backed by effective strategies can make the customer return repeatedly. It’s a win-win situation for both the organization and the client!
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