By RajdipKumar Gupta
Businesses cannot succeed without acquiring new customers, but the ones who ignore customer retention also can’t succeed nowadays. Most businesses underestimate the power of customer retention and tend to fail in applying the right customer retention strategies. An improved retention rate creates an opportunity for businesses to connect with the customers and indulge in relationships, which actually lets you know what the customer expects from your business.
Now with no cross-border travel restrictions, the online travel booking sites see a huge spike in online ticket bookings. But what if this momentum doesn’t last for a long period of time? To avoid this dreaded churn rate, it is important for them to shift their focus from only customer acquisition to customer retention. Without any loyal or repeat customers businesses will hardly be able to survive. Businesses need to come up with new strategies so that customers are not deflected to other competitors.
These statistics also highlight that companies need to focus more on developing customer retention strategies and nurturing them to be loyal and repeat customers. Let’s deep dive into some of the customer retention strategies that will help your business stay afloat in the long run-
Offer Special Discounts & Gifts
Who doesn’t like special discounts and gifts? Almost everybody does. According to recent research done by AP News, 61% of consumers think surprise gifts and offers are the most interesting ways a brand can interact with them. So, offering special discounts and gifts to your customers can benefit your business in both good and bad times. Your strategy should always focus on gaining and retaining loyal customers. You can attract new customers with a promotional offer that leads to excitement and urgency in buying. To retain existing customers, businesses can offer exclusive discounts and give something as a freebie. This way, you can boost your sales and ensure customer retention.
Stellar Customer Service
Making customers your top priority and integrating customer service into every aspect of business solves customer retention problems. Offering a stellar pre-sale, during the purchase, and post-sales customer service can turn an unhappy customer into a loyal and repeat customer. Ensure that your customer service is consistent and offer customer service to them on their preferred channel of communication. Truly, customer service is one of the major backbones for any business to succeed.
Send Emails to Keep Customers Happy
Email marketing is one of the most valuable tools when it comes to customer retention. It is cost-effective and can easily target specific customers. Sending an email with personalized subject lines increases the potential of an open rate and this also gives access to vital data. Analyzing the data gives you more opportunities to cross-sell and up-sell products.
Here are four types of email that can improve customer retention
When someone signs up for an account or subscribes to a newsletter then a welcome email allows your business to share more information.
Ecommerce stores are more likely to use these types of emails, where they send a friendly reminder to customers about card abandonment.
CRM tools track customer engagement, and re-engagement emails can be sent to someone who has already unsubscribed from your service.
Thank you Emails
Once the purchase is done, brands can send out thank you emails to their customers for buying and gives your customer a sense of satisfaction.
Online Customer Survey
Doing an online survey gives your business a chance to show that you want to understand customer requirements and are willing to develop an accurate model for customer retention. The online customer survey data accurately determine the areas of improvement which customers have suggested. Once you show that you listen to their concerns and complaints, they are more likely to respond positively to further customer satisfaction surveys. Active listening to customers helps you to measure and improve customer satisfaction, and also retain customers in a long run.
There are a lot of factors that influence whether a customer will stick to your product/services or will be a one-time buyer. For this businesses need to identify a goal that will work for them and start investing time and money into the right customer retention strategy.
Customer acquisition goes on a toss without a proper customer retention strategy. We know that your current customer base is a valuable asset to your business and that retaining them necessitates a strategic approach. Route Mobile solutions can help you skyrocket your profits, enabling you to focus on building a loyal customer base. Contact us NOW!