According to Harvard Business Review, acquiring a new customer is anywhere from five to 25 times more expensive than retaining an existing one. If you haven’t paid attention to how your customers behave after the sale, now it’s the time. Putting together a good retention strategy will result in many advantages such as lower account maintenance cost and significant profit. Following this simple guide will help you understand how to retain customers and show the effective ways to build brand loyalty.
Provide superior customer care
PR Newswire says that 70% of consumers would remain loyal to certain retailer because of good customer service. In order to succeed, you should be available for your customers when possible- both before and after the sale. Your team should be enthusiastic, perfectly trained and have good knowledge of the product in order to help and give necessary advice as well as listen, apologize and suggest different ways of problem solving. After the initial complaint, you should follow up with a customer to see whether your solution was satisfying and if it wasn’t- encourage them to contact you again and ask for feedback. That will help you build a strong relationship with your customers and gain their loyalty and trust in return.
Offer more than competitors
Do your research and find out what customers really want and what is missing on other platforms. Give them what competition is unable to offer, which could be 24-hour support, free shipping or pay after delivery. According to Klarna, alternative payment methods are shaping the future of E-commerce, so consider giving your customers more options to choose from. Remember- be generous with any features, services and resources your provide and find something that makes you hard to replace on the market.
Make them feel special
Your loyal customers need to know how much you value a relationship with them. According to Marketing Donut, you should give them a real reason to come back to your firm. Every time they make a purchase, send them samples, accessories or personalised birthday cards. Treat them with offers, vouchers or free trials to remind them how special they are. A small investment can really pay off in the future and your customers will talk about how great your service is. Increase of sales guaranteed!
Keep them in the loop
Releasing a new collection? Changes in delivery or returns policy? Make sure your customers are informed of any changes you make to avoid disappointment at the checkout and complaints, which could lead to losing some of your loyal customers. Always follow up after a purchase to update them on the order status and after the complaint to see whether you have left them satisfied and resolved the issue. Occasionally remind them about the current offers- don’t be over promotional but show your customers that you remember about them want them to stay informed.
Be active on social
Social media platforms can help you build a relationship with your customers and make them feel like a part of the team. It is a simple (and free) way of building customer loyalty in marketing, showing your brand’s personality, share useful information and promote some of the services you provide. Don’t focus only on constant advertisement of your products but use it as a tool to network, communicate and engage with your customer base. For the best results make sure you maintain actual conversations with your followers- answer all of the messages, repost content and mention your customers in posts, comments and stories.
Communication is a two-way street and you can establish a healthy, meaningful rapport through social media – Mike Templeman, Forbes Magazine.
Research has shown that increasing customer retention by 5% can improve company’s profitability by up to 95%. In order to show that you deserve their trust and loyalty, make sure your business is consistently delivering superior customer support, be generous regarding your promotions, offers and refunds policy, update them with any changes affecting your brand and the most important- receive feedback from your customers and work on improvement.
Long-term customers are more likely to introduce and recommend your business to others and if they are fully satisfied they will not be tempted by switching to a competitor.