[This article was written by Emma James.]
Businesses develop by obtaining new clients. But they also flourish by keeping their existing customers happy and satisfied. Organizations need to make an effort to retain potential customers, as doing this can be more significant than gaining the new ones. There is convincing data that backs up the requirement for business enterprises to focus on client retention strategies.
- Repeat clients spend more than 65 percent on the new clients.
- Obtaining new clients can cost five to twenty-five times as much as retaining one.
This is clear that you must avoid getting satisfied with the consumers you have. Leveraging retention strategies will help you to engage with clients and keep them satisfied.
Here we present a few useful tools and strategies which can support your customer retention objectives.
Leverage a CRM System
A CRM system supports and allows client retention. Leveraging the solution will aid you in monitoring customer behavior over time. Also, it can tell you about their buying patterns, product usage, and when they stop purchasing from your website. You can track client service interactions in order to know what their issues are.
Once you get a clear idea of their behavioral patterns, you can find crucial points where your clients are not purchasing from you anymore. It provides your retention strategies in a good direction. CRM application supports customer retention in multiple ways.
- It allows personalization
- Plots client’s journey
- Store information such as returns, purchase history, feedback, and more.
- Provides a centralized database for all client information
- Tracks client interactions with the support service
- Gives real-time data
You must leverage your data to know when a customer is at a greater risk of leaving and interact with them in order to win them back. You can receive more conversions from a client who knows you well than by trying to bring the ones who have never heard of your organization.
Use Email Marketing
Once you get all the details that tell you why and when your clients are leaving, you are in a place to target them with emails. Email marketing is an effective online strategy for conversions. Integrate email marketing with customer relationship management solutions in order to send targeted emails to your disappearing clients. Also, you can offer them discounts for various products and services, a free trial, and more.
You can use email marketing in order to follow up with your clients who ask for support. Ask your clients for feedback and request them to leave their comments online. An email marketing program allows you to respond to them quickly.
Build Customer Loyalty Programs
By building a loyalty program for customers, you can reward the ones who purchase from you frequently. It provides them an incentive to continue shopping with you. Plus, it shows them that your organization is paying attention to their requirements. Your CRM solution can aid you in spotting the best clients of your business.
It makes you know which clients you should prioritize. You can make specialized loyalty programs for multiple client groups and reward your best customers with benefits. The other method to make your clients feel more invested in your brand is by gamifying your loyalty program. Often you can see this with airline business, which adds miles to a flyer’s accounts. This is also crucial for you to offer discounts and other advantages when clients reach various levels.
Customer loyalty programs help to motivate your clients to purchase from you. It keeps your client retention rate high.
Enhance Customer Service
Excellent customer service makes a huge difference to your organization’s success. Take full advantage of artificial intelligence such as chatbots to increase your customer support. Leveraging chatbots for inquiries can aid, in minimizing the time taken to meet such concerns. Information, such as delivery details, tracking updates, and more do not need any human intervention.
Chatbots save your valuable time when users require information that can be extracted from the database, and the live customer support executive can focus on other significant problems. Chatbot strategy can enhance your customer service and influence a client’s decision to stay with your business. It improves retention rates and leads to greater loyalty.
Remain Ahead of Churn Rates
Your churn rate tells you about your customers who are leaving your website or have stopped purchasing from you. By knowing your churn rate, you can predict changes in the bottom line. This will guide your strategies to increase customer retention. Also, you will be able to understand if your client retention strategies are working perfectly by tracking your business’s churn rate.
Create an Online Community
An online brand community brings organizations and clients close. It has benefits such as
- Creates rich discussions
- Make a space in order to discuss your brand and products
- Users can ask questions and provide answers to other user’s queries
- Improves brand loyalty
- Minimizes costs due to word-of-mouth marketing
- Helps you to share contests, events, and other content to receive an engagement
To set up an online brand community is to leverage the membership site system for your Word Press platform. Also, you can create groups on social media platforms that foster discussions. Developing an online community is a powerful method to engage your clients and improve retention rates.
Email marketing services and CRM software make it simple to personalize communication. It provides the impression that your enterprise manages every customer interaction individually. CRM tool stores data about purchases, customer support history, and purchases. Also, you can use this data to develop content. Create an email marketing campaign to send personalized content for your clients.
For instance, make a subject line addressing them by the name. Clients will pay more attention when they see personalized marketing interaction. Personalizing communications generates an incentive for your clients to be with you. They feel that you care for them, and this creates a closer relationship with the business.
Client retention is all about keeping your present customers happy. When it is done correctly, clients will stay loyal to your company. You can make it more convenient for your customers to stay with your business than to purchase from your competitor. Successful organizations are the ones who identify that clients form the backbone of the business. Support them well with retention strategies, and they will support you back.
Emma James is a freelance content writer at SutiCRM, who frequently blogs on Business, Marketing, Sales, ERP and SaaS trends.