10 of the Most Effective Customer Retention Strategies

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(Newswire.net — November 5, 2020) — There’s only one thing better than getting a new client, and no, it’s not about getting two new clients, but we’re talking about retaining an existing client.

Although it’s great to have new customers onboard, getting customers to keep coming back means less expenditure to your business and a great ROI.

How do you utilize customer retention techniques to keep those customers, though? Read on, and we’ll reveal all!

1. A robust onboarding Process

Using an onboarding process means showing customers how your product or service functions, and instead of self-help channels, a customer representative will teach the customers in a personal way to meet their requirements. You need a well thoughtout system of onboarding, that can be automated with Agile onboarding software. Doing so saves the customer time and helps them understand how the product can benefit them. 

2. Consider a Client Feedback Loop

If you don’t know how your customers feel about your business, it’s pretty hard to improve it. Consider a means of gathering customer feedback to share with the rest of your business, and you’ll soon have a robust feedback loop that collects, analyses and distributes surveys and feedback.

You have several ways to collect feedback, such as using services like Survey Monkey or setting up focus groups, or asking clients to undergo user testing. Using some or all of these methods will allow you to gather customer feedback so that you can understand your existing customers’ engagement with your brand and discover their pain points.

3. Set up a Newsletter

Setting up a newsletter is straightforward and cost-effective in retaining customers. There are email automation tools that could contact all of your customers to communicate updates and offers simultaneously. Utilizing an RSS feed to source content along with a frequency of once per week or fortnight means that you never have to click send or manually update the email content. It may sound simple, but newsletters ensure your brand stays top of mind. Using a newsletter as a customer retention solution also decreases churn.

4. Educate your customers

Show you are dedicated to your customers by using a customer education program, creating a variety of customer help tools such as an FAQ or a knowledge base, and even a customer forum. Customers can then use these tools before reaching out to customer support. No one likes waiting on the phone!

5. Make use of subscriptions

A subscription service isn’t usually the standard for a commodity-based business model, and taking Amazon as an example, they created the Prime service. Faster delivery was initially the baseline of the service, which generated some mixed reviews from consumers, but it quickly grew on those that regularly shopped with the site. The service gave customers a reason to stay loyal and appreciate the benefits versus competitors.

6. Use social proof to your advantage

It’s not always best to be reliant on your own advertising. Customers are a lot more likely to trust your brand if it has positive backing from friends, family, colleagues, or other consumers trying the products or services being offered.

7. Customer Loyalty Initiatives

Customers likely impacted by churn are usually the top priority, but you should never forget about your loyal customer base. Generally speaking, if you put all your effort into keeping the risky customers, what will your loyal customers think? It wouldn’t seem fair! Customer loyalty incentives can reward customers for loving your brand.

8. Advisory Board

As stated previously, your most valuable customers are the loyal ones, not because of the money they spend but the valuable info they offer. You can get feedback on your business’s significant aspects, which is worth its weight in gold.

9. Communicate regularly

You should take a step away from the office sometimes if your customers do not provide the feedback you need. If you’ve seen zero engagement from long-standing customers, you should reconnect with them. A communication calendar is a good way to have those check-up reminders on your customers, and you might even create some opportunities to upsell in the process.

10. Setup a Corporate Social Responsibility process

There’s more to any business than their products and services; there’s what you advertise, what you buy, and sell that shows up to your customers. If any inconsistency arises between your brand’s actions and messages, it won’t take long for someone to notice.

You should ensure the relationship with your customers goes beyond the products and services you offer them.

We hope you’ve found this customer retention guide useful. Please drop us a line with any comments.