What is Customer Retention? Well, it is just a fancy term for “keep your customers coming back”. Basically, it is a set of strategies that entrepreneurs employ to help entice new customers to become repeat customers.
That being said, customer retention strategies differ depending on the industry. If you are in e-commerce, your strategies will be different when you are in the SaaS industry.
Today, I will talk about some tips that help you improve your customer retention efficacy.
Pay Close Attention to Queries
As the saying goes, “feedback is a gift”. You see, online entrepreneurs are the ones that create their websites. They are also the ones that create the various content that you see on the pages as well. In other words, they know everything there is to know about the website, as well as the business venture.
Although that is true, your customers do not know you. Sure, you may have provided some ample explanation about your company in your “About” page, but they might still have questions about the products that you sell.
If you have made a FAQ section and people are still asking questions, then perhaps your page doesn’t really explain the matter as well as you’ve hoped.
Pay close attention to queries because it can act as a sort of feedback to provide better customer service.
Implement a Loyalty Program
One of the surefire ways to retain a customer would be to implement a customer loyalty program. It is basically giving them incentives if they come back to your store and purchase new things.
It can either be in the form of discounts or freebies and that will depend on your business model. Aside from incentivizing your repeat customers, you also want to provide them with newsletters detailing some of the new items that you are offering, as well as some items that are going on sale.
Pay Particular Attention to Customer Complaints
You could say that customer retention relies heavily on customer satisfaction. Think about it; if you are the customer and you are not satisfied with a particular company, then why would you ever go back?
The good thing is that people will actually voice out their complaints to you and it is in your part to pay particularly close attention to these. Remember, you want to make your customers happy and you can do that by address their complaints the right way.
Use Social Media Platforms as Gateways
An interesting thing here is that you can actually use social media as a means to help you retain your existing customer base.
For instance, some huge companies like Starbucks, for example, are very active on social media. They not only post relevant content about their products on Facebook, for example, but they will also post if there are any new discounts or sales that can be had should you buy at a particular time.
Be Social, Get Social, and you will gain more customers (as well as retain old ones).
Engage in Social Responsibility
Want another strategy that will surely entice your existing customers to go back for more? Well, engage in social responsibility!
Your customers want to feel good, right? You can certainly provide them with that by giving them good customer service. But, there is another way you can do that- giving back to the community.
If you’ve placed evidence that you are supporting a charitable institution or giving some money to a particular community that needs help, then that will make your customers feel good about their purchase.
Look, people by nature are actually quite helpful and if they find that you are engaging in social responsibility, they are willing to help in any way they can.
Honesty and Integrity Are Vital
Transparency and honesty are two keys that can help with customer retention. If you are a business owner that does not engage in shady deals (i.e. imposing hidden fees, having confusing return policies, etc.) then you can expect your customers to buy from your store over and over again. In business, a good reputation means that you are honest to your customers.