A high customer retention rate for your business is beneficial for many reasons. For starters, it is easier to keep your existing customers without incurring costs, as opposed to drawing new customers in. Likewise, your existing customers are likelier to purchase more products or services, increasing sales. This is reiterated by statistics indicating that 80% of your business’s future profit will come from a fifth of your existing customers. Moreover, new clients will be more convinced to try your brand if they notice that others love to patronise your products. So, do you wish to improve your customer retention rate? If yes, here’s what you can do to get the best results.
It’s not unusual for business owners to make substantial promises to impress their customers. While it can encourage them to patronise you, it can quickly have adverse effects once you aren’t able to fulfil them. First, you risk losing your clients’ trust, hurting your business’s credibility. Also, they will likely move to your competitors, which can cause your brand to quickly lose its relevance. According to ink.com, 94% of clients are likelier to stay loyal to a business committed to transparency. This statistic reiterates the need to incorporate transparency in your business operations. However, transparency doesn’t mean you must reveal your entire operations to the world. The key is to determine what your clients would be happy to know.
For instance, if shipping will take two weeks, you’ll find it helpful to inform your clients about it. This way, they wouldn’t be impatient if it didn’t arrive in four days. It’s even better if it comes earlier than two weeks, so keep this in mind. It’s also essential to be honest with your pricing so that your clients don’t feel like they’re being cheated.
Offer top-notch customer experience
Happy and satisfied customers are likelier to share their experiences with others. On the other hand, unsatisfied customer would also share their experiences. These scenarios make it essential to improve your customer experience. Moreover, satisfied clients with their experience with a business would be less inclined to switch to another brand, improving your retention rate. Seeing these benefits, you want to prioritise your customer experience if you haven’t already.
You can begin by sending personalised hand-written thank you note rather than automated responses. While it’s inevitable for some clients to experience problems, you can address their needs effectively and keep them satisfied. It’s also essential to improve your website to achieve the best experience. For instance, you can add website chatbot software to enable your customers to reach out to you without delays, so keep this in mind.
Follow up on your customers
Although the goal is to get your customers to buy your products or services, you don’t want it to end there. A Super Office research indicated that only 1 in 25 customers would complain directly to you. Others will leave without returning. If this continues for long, you may lose your relevance in the market while your competitors stay ahead. Fortunately, you can prevent this by following up on your customers to get their feedback. To get started, express your appreciation for their patronage and ask what they think would improve your products or services. You can do this via email or text, so keep this in mind.