Our blogging services provide you with relevant, well-written and perfectly structured blogs providing quality content and a way to increase a reach with potential clients.
Acquiring or converting a new customer is obviously exciting, but what most organisations fail to understand is that overlooking the old customer and that is a huge mistake.
Previous customers were gained through the same amount of marketing dedication and focus, which all in vain now because firms are not keeping an ongoing relationship with the customers. While you strive to grow your customer base every day, it is essential that you also focus on retaining existing customers and clients.
Customer retention might not be in the list of priorities for you, but it should be because this contributes positively to the overall success of your business. Here are some of the key benefits that client retention can offer:
Acquiring a new customer is significantly more expensive than retaining an old one. Therefore, retaining old ones is always a cost-effective business. Several economic studies have favoured retention and considered it a much more viable focus.
Loyalty is not only cheaper but also has a more significant ROI. According to research, customers that are engaged with a firm are more likely to make a purchase or transaction. On average, loyal customers generate 23% more profits and revenue than the average one.
Time to put your feet in the shoes of a customer. Think about how many brands you interact with and whose patronage you value the most.
There may be a couple of brands you find the most fitting.
The majority of the brands pay more focus on acquisitions using a more retention centric approach to stand-out more.
Your customers are the source of your business. No matter how effective your social media and mobile marketing tactics may be, consumer-to-consumer interactions are always more accurate in enhancing your brand image. When consumers refer your brands to other customers, this increases your brand’s market share and popularity.
Millennials are more likely to spread the word of their favourite brands to other customers, such as their family members, friends, peers, and others. Therefore, as a business leader, you should be aware of the preferences of your clients and ensure that you are focusing on retaining each of them, apart from getting new ones.
Customers are always eager to provide their valuable feedback if you apply the right strategies to ask them. A loyal customer can always be a good source of generating positive customer opinion. This helps other customers to get persuaded to choose your brand over the alternatives that they are bombarded with, in this age of information overload. What this would lead to is more sales and reduced marketing spending for your business.
So, what are the ways through which organisations can retain customers?
Here are some of the tips that can help your brand retain customers efficiently and effectively:
There is nothing wrong with a little boasting of your firm’s achievements on social media or on a website. Displaying your knowledge and skills can help your firm generate a level of credibility and develop a relationship of trust with your clients.
Social media marketing is an excellent example of how product marketing can be flexible. Having ads placed on social media platforms can bring in both old and new consumers to your page, allowing your business to get more traffic and customer engagement.
Business growth performance is measured generally with the number of sales achieved by brands. It is one of the ways of analysing how the company is running and how it performed compared to past performance.
As mentioned earlier, customer relationship is the heart of every business, and you need to make sure that your customers are being treated with respect and care. You have to give them the assurance that you want the best for them. This will help you gain more clients and retain the ones that you already have.
Many businesses underestimate how vital customer support is. This is the biggest mistake a business owner can make.
According to an article by Forbes magazine, every year, businesses lose more than $60 billion due to insufficient and inadequate customer support. Customer support handles consumer queries when a problem is reported. The less delay between problem posting and providing a solution, the better it will serve the reputation of the firm.
Brands today understand the power of social media and how it helps in maintaining contact with the customers. Social media is an excellent platform for engaging customers with the brand. This helps in trust-building and adds a personal touch to the whole experience.
It is always a good decision to monitor the motivations, opinions, and interests of your customers so that you can rewards their association and loyalty with the brand.
Social media can also help in changing the brand perception of a customer in case if it’s negative. It can also be used for providing greater customer service by asking questions, suggestions, or if there is something that they would like the brand to change.
When customers are facing a problematic situation, there are two ways the situation is handled. One, they end their association with the brand and start looking for alternatives and replacements where their needs are fulfilled. The other way is where brands use customer’s feedback to address those issues.
Your brand must be represented as sympathetic and real. Let the customer know that their suggestions and opinions are not only heard but also valued.
A general consumer thinks that it takes a long time to get in touch with a right person and file the complaint. This significantly creates a negative image in the eyes of the consumer for the brand, and the situation only gets worse if you don’t address it in time.
The more customers you retain, the higher your profits will be. We do not underestimates the power of effective customer retention. And we can help you to build a strategy to retain clients. Contact us today!
It’s time your business reaches new heights of success. Get in touch with us today!
Contact us on +44 20 3003 4828.
Find out ways to increase your online traffic and improve your website rankings and enquiries, along with how we do things.
Read our insights to know the latest market trends, expert opinions and cutting-edge technology along with reports, tips and competitive intelligence.
Keep up-to-date with the latest developments in Digital Marketing, along with the latest news, views, sent directly to your Inbox.
To help striving businesses grow is our purpose. We would love to help you out with your latest ventures or any ongoing projects.
Contact us using this form and get a prompt response!