Increase Your Customer Retention Rates
How to increase your customer retention rates is the goal of every business. The customer retention rate is one of the most important metrics used to calculate the effectiveness of your marketing strategy.
The reason is simple.
It costs more to acquire a new customer than keep an existing customer.
You can’t rely solely on new business.
Otherwise, you’ll never grow your business.
Use these simple steps to help increase your customer retention rates.
Give Your Customers More Than They Expect
The first way to increase customer retention rates is by giving your customers more than they expect.
Deliver more than you initially promised.
For example, you could include a free bonus or deliver your product or service ahead of schedule.
Consider the expectations that your customers have.
This includes the quality of the product or service, the delivery and additional features.
If you can improve one of these areas without increasing your costs, then you’ll be able to give your customers more than they expect.
Establish Trust with Your Customers
You need to cultivate the relationship that you’ve got with your customers.
This comes through the establishment of trust.
If customers trust you to always deliver what you promise, then they’ll likely come back for more.
Content can also help establish trust.
Giving existing customers access to bonus content, free offers or PDF guides can go a long way towards building trust.
This also helps with the first tip.
You’ll exceed their expectations.
Make Your Interactions More Personable
When you engage with customers, you need to be personable.
This includes the use of personalized emails and personal responses to their comments.
Depending on the email marketing platform that you choose, you may be able to automatically personalize your emails.
Using a template, the software will automatically insert the first name of the people on your mailing list.
You should also encourage your customers to leave feedback.
Ask them questions.
You can do this through social media or your email marketing.
This lets them know that you’re listening and that you care about their thoughts.
When a customer leaves feedback, either positive or negative, you should contact them as soon as possible and address them by their name.
Thank them for their feedback.
Deal with Complaints Promptly and Directly
You should never make the mistake of ignoring an unsatisfied customer.
When someone’s unhappy with your products or services, your first step should be to learn more about their complaint.
Contact customer, remember to be personable and ask for more details.
Use this information to try and find a way to solve their issue.
Even if you need to issue a refund or a replacement, you may be able to save yourself from losing a customer.
This could also save you from taking a hit to your online reputation.
Make Sure You Deliver an Exceptional Product or Service
The final step to increasing your customer retention rates is to ensure that you deliver a quality product or service.
This ties into the first tip.
You want to go above and beyond and deliver a great value.
The bottom line is that if you have something of value at a reasonable price people will buy it and they’ll come back for future purchases.
Think about your favorite cereal, shoes or vehicles.
You continue to purchase from the same company because they deliver a quality product.
If you can do the same, then you’ll be able to increase your customer retention rates.
Customer retention is an important metric to pay attention to. Use these steps to begin increasing this key factor.
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