In our previous post we gave you a few statistics on customer retention and why it is critical for the survival of every business. Now we shall provide you with some strategies and tactics that will help you in retaining your customers irrespective of the industry you fall in:
#1: CUSTOMER SEGMENTATION
Customer segmentation is crucial when it comes to customer loyalty. An effective segmentation strategy would foster personalized communication with each customer reassuring them them the relationship with their supplier. Proper segmentation will help you in targeting customers differentiated by gender, age, location, frequency of purchase, item, etc
#2: CUSTOMER ENGAGEMENT
Always remain in contact with your customers. A sale should not be the only time where you engage with your customers. Social media, emails, or phone conversations are to be made frequently to retain your customers. The real relationship begins after the sale.
#3: CUSTOMER LOYALTY PROGRAMS
Establish attractive loyalty programs that convinces your customers that you’re the best deal available in the industry. Be sure that you’re adding value to the customer experience instead of providing more hoops for your customers to jump into. Customer Loyalty programs should not be your prime strategy, but it is definitely your ‘wild card’.
#4: CUSTOMER ORIENTATION
Make sure your employees are customer oriented. Policies, strategies, innovations, etc; are to be implemented around the customer. Customer orientation should work its way down to the front-line employees, for which the management should pioneer.
#5: PRODUCT AND SERVICE INTEGRITY
Long-term success and customer retention belongs to those you do not take ethical shortcuts. There should be a consistency between what you have promised to offer and what you have actually delivered. Reliability, serviceability, integrity is what that actually a customers seeks. Customers are attracted to businesses that are honest ,open and who take a genuine interest in them. Practice what you preach and the customers shall be loyal to you.#6: INVITE CUSTOMER COMPLAINTS More than 65% of the customers are dissatisfies, out of which less than 35% actually complain to the organization. Develop a system to unearth complaints and treat them as a opportunity to prove yourself. Complaints are not to be treated as signs of retaliation, but reassurement, that the customers and their complaints are important.Complaining customers are actually giving you a a chance to revert them back to satisfied and delighted customers. They show you the paths for improvement.
#7: BUILD KPI’s AROUND CUSTOMER SERVICE
A great way to improve customer retention, is to improve your customer service. Establish KPI’s for your employees around customer service and provide incentives based on their measured performance.
#8: BE AN ADVISOR
Instead of being a mere supplier of products and services to your customers, be their advisor. Educate them on the importance or the need of your product. Step into their shoes and teach them how exactly your product or service will help them. This will help in the customer endowing trust in your relationship.