Almost everyone must have heard it once, that it is cheaper to retain customers than to find a new one. This is true for nearly all organization, no matter what the industry, but most businesses tend to overlook it while planning for the future.
Most organizations hardly make an effort to re-engage their customers once the sales process is done. They do not have any strategy in place to help them retain customers. What they don’t know is that lack of customer retention can harm any business, especially in the long run. It will not only dent profits but will also tarnish any goodwill the organization might have in the market.
If your organization is unable to retain customers or is struggling with it, here are a few tips that will help you:
#1 Use Customer Surveys
One of the best ways to find out what your customers want and the area you are lagging in is conducting surveys. Many organizations assume that they know the areas where customers are facing problems, and this is often the cause of their downfall.
Remember, you are in no way aware of the problems faced by your customers, and there is no chance that you can correctly assume the issues faced by them without asking them.
Customer surveys are the best ways to gain insights into your customers’ mind. A proper survey would reveal areas where you are falling short.
Also remember, it is just not enough to conduct surveys and find the areas that need improvement. Ensure that you act and implement the changes that are required.
To show that you have to care about customers’ opinions, inform your customers about the changes. Send an email, stating how the changes are being made based on their feedback received from the survey. This will show your customers that they are being heard and all the necessary measures are being taken to address the issues they face.
#2 Regularly Reach Out Each Customer
One of the most effective strategies for client retention is to form a close relationship with your customer, which can be done by reaching out to them regularly to check in.
You can set up a process where one person from the company will reach out to every customer between regular periods.
This outreach program can be done by the account manager or the support team. It need not be an elaborate procedure as a simple phone call with a certain questionnaire will work fine. You can ask them how things are going on and ask them if they require anything, apart from asking how you can deliver better services to them.
A phone call lasts for a few minutes, and the benefits you will reap are innumerable as it shows that you care about customers’ experiences.
#3 World-Class Customer Service
Not many businesses are aware, but most consumers are more than willing to pay more if they get world-class customer services. No one wants to wait for days to get their issues resolved when a problem arises. Providing world-class customer service is the key here.
The crucial first step is to increase the rate of First Contact Resolution (FCR). FCR means resolving issues on the first attempt, without escalating it furhter.
The first thing you can do to increase the FCR rate is to provide multiple channels for customers to submit issues and queries. It includes phone, live chat, social media handles, and email.
You can also establish dedicated groups that are trained to handle a particular type of issues. IVR implementation is another thing that can help, as it ensures that the customer reaches the right person for issue resolution.
#4 Bring in Personal Touch
Most businesses have lots of data pertaining to a single customer stored in their Customer Relationship Management (CRM) system. The data can help personalize the interactions you have with your customers.
Before talking with a customer, you can see their contact record and the interactions they had till date with the company. It includes purchases made, issues raised, etc.
Personalizing customer interactions will make them comfortable and allow you to develop and foster a closer and warmer relationship with them. Customers will not see a faceless entity but instead will see you a humane organization.
This will benefit you both in the shorter and longer run and will do wonders for your brand image as well as customer retention rates.
#5 Update Customers about the New Developments
A great way to retain your customers is to treat them as partners instead of as a revenue source. This will make them feel like the part of the team. As such, it is vital that they are aware of the new developments in your organization, especially if they affect the customers directly.
You can keep your clients updated by sending them email newsletters, which will keep them in the loop about the happenings at the company. The information can range from a change in leadership or new joint ventures to new product developments.
You can also include ways for customers to provide feedback on the new developments with the mail. This will, as said before, make them feel part of the organization, winning you their loyalty.
Just follow the tips mentioned above, and you are bound to retain customers. It may take some time for the results to show up, but in the long run, you are bound to have a large number of happy customers that keep coming back to you for your products or services.