How To Effectively Retain Your Customers
How To Effectively Retain Your Customers
Customers are the pillars of your business. Though acquiring more customers is important it is equally important to retain and satisfy your existing customers. A happy customer is a source of new customers.
I have seen organizations so engrossed and aggressive at getting more customers even at the cost of impacting the interests of their existing customers. For any Business one of the most important parameters is Customer Retention.
There is a concept of LIFETIME VALUE OF CUSTOMER. What is the average revenue a customer generates for your company during a particular period is called the lifetime value of the customer. For example, if you are a pest control company and a housing society is your client. On average a housing society takes pest control service from your company for 4 years. If the annual pest control fees are INR 25000 then the LIFE VALUE OF CUSTOMER is INR 100,000.
This is the value you have to keep in mind while you decide on your marketing spend on acquiring a new customer. This value also indicates how important is Customer Retention
Here are a few ways you can engage with your customers and retain them
Meet customers as frequently as possible
How many times have you interacted with your customer who bought your product or service a year back? I have seen website developers who develop the websites for their clients and the next time they call is for domain and server renewal after one year
It is always important to meet your customers frequently. Find reasons to meet them. It can be just a lunch, Training their team, getting feedback or even just a hello, etc
Think of your customers as a family.
When you think of a customer as your family then you will always care for him and be in touch with him. Remember the customer buys you first and then your product or service.
Sending a Thank you card or call.
It is a good practice to send a personal thank you message or a call to your new client acquired. This creates a good rapport with the new entrant in your organization’s family. Understanding more about your customers helps you create rapport, service properly, and retain the client.
Sharing the current happenings in your organization as well share some topics of interest of your target market or customers. This is one of the ways you can be on Top Of The Mind. If your content is good and consistent they will remember you even after 2 years.
Organizing servicing camps for your customers is another way to be in touch with your customers. This is more helpful for product businesses.
Add value to your customer’s life
Every business caters to a particular niche. It is important to understand your client demographics and also find out things that add value to them. It can be through education, events, awards, and appreciation
Keep different communication channels
Nowadays there are multiple communication channels available for communicating with the client. As mentioned above newsletter is one of them. Social media also plays a very important role and has to be used carefully. You are the brand ambassador of your company hence you have to be careful what photos and posts you post there.
Every social media medium has a peculiar use and it has to be used in that manner. For example, LinkedIn is very professional and hence the posts should be very professional and no-nonsense.
You can also have multiple touchpoints with your customers by wishing them on festivals, anniversary and birthdays, etc.
Feedback from customers
Any business needs to take feedback from their customers. It can be taken in person or through a proper feedback form depending on how many clients and your rapport with them.
If there are improvement areas then you can surely act on them and if it is great feedback then always take a testimonial from your valued customers. Testimonials will help strengthen your website and also help in creating brand awareness among your prospects.
Customer Retention will help business catapult to greater heights as it provides a base for growth. Happy customers will buy more from you, more frequently and also refer you to more prospects.
So for any organization CUSTOMER RETENTION should be the prime focus along with customer acquisition.