Customer acquisition is an essential part of building a successful business. However, what might be more valuable for your company is customer retention.
Recent customer loyalty studies have shown that if you increase your customer retention by just 5%, you can boost your profit margins by 25-95%.
If you want to focus on boosting your customer retention, learn these five tips to make your current or past customer into a repeat customer.
1. Create a Stellar Customer Service Experience
Creating a stellar customer service experience for your customers might sound like an easy tip. If you look at the core of customer retention, you will find that customers want to come back if they are served and cared for well.
Make sure to include easy ways for customers to reach out to your team for support or questions. Train your team to be kind and caring when addressing customer needs, take inventory on all your customer touchpoint processes and ensure each is high-quality and customer-centric.
2. Request Feedback and Act Upon It
One of your best business resources in making repeat customers is to ask for feedback and then do something about it.
People love to share their opinions and weigh in on the development of their favorite companies. Give opportunities for feedback or surveys where they can share from their seat.
Once you have this feedback, don’t just sit on it. If there is a process that needs to be changed, change it. If there is a system breakdown or web issue, update it.
Good advice is of no good if you do nothing about it. Allow your customers to see that you care about their opinions, and you make strides to serve them well.
3. Offer Incentives or Discounts to Repeat Customers
Keep customers coming back by sharing exclusive discounts or incentives. Everyone likes a good deal, and offering these to past customers allows you to re-engage and bring them back to your site.
Doing so will allow your customers to feel valued, and you gain additional sales. It’s a win-win situation.
4. Cultivate Brand Awareness
Customer retention doesn’t just happen within sales or your business emails. As you innovate and develop new products or services, you need to cultivate your brand for new and existing customers.
Utilizing services from an SEO company, you can connect and engage with your repeat customer’s needs and emotions to offer them the product or solution they need.
The more a customer engages with your website and content, the more they will stay connected with you and share your business with others. Creating brand awareness through your content builds trust and encourages customers to refer others to you.
5. Automate When Possible
As your company grows, you don’t want to stop the personalized touchpoints you have throughout the customer life cycle.
Keep in touch with your customers by using automation. Automated emails to check-in, offer discounts, or say “thanks”, goes a long way in allowing a customer to feel valued by your company.
To do this well, make sure that your automation comes across as genuine, not as a robotic auto-responder.
Serve Your Customers Well for Long-Term Business
Take your business to the next level by drawing in new business and making repeat customers for long-term business growth. Start implementing these five business tips to build a stronger and more successful business.
Find other tips and resources to serve and develop your company on the Business tab. Learn strategies and tools to run an effective and sustainable business.