Customer retention strategies are essential to success. Creating more products, increasing marketing and finding new customers are all great elements of your marketing strategy. However, your growth will be stunted without the retention of acquired customers.
Customer retention is so critical because it’s as much as 70% cheaper to keep a customer than it is to get a new one. Furthermore, companies have found that just a 5% increase in customer retention can lead to a 25% increase in profit.
So, how do you keep customers for life? Customer service is key. Whether it’s simply providing fast and easy service or building an entire community, your consumers are more likely to stay (and even convert others) if you offer excellent customer service.
No matter if a customer is complaining to you or commending you, make their voice feel heard and valued. Use vocabulary with positive connotations and always adopt a polite and friendly tone. Strive to solve problems quickly and efficiently. Where good feedback is concerned, consider posting their comments on your website or social media accounts.
You also want to ensure that you’re keeping customers interested. Send out emails or push notifications to your customers, without bombarding them, to let them know about special deals and promotions. Label yourself as the best and tell the consumer why. Show them why they should pick you over another business.
For more information on consumer retention strategies, and how big brands are implementing them, check out the visual below from Nextiva.