Customer retention is important for businesses of all sizes, large or small. Retention is so important because acquiring new customers is five to seven times more expensive than retaining the existing customers. It’s cost-effective and simply makes more sense to formulate strategies focused on retaining the existing customer base. Customers usually leave because they’re unhappy with the customer service they receive. Therefore, customer service and catering to the needs of existing customers is a crucial component in retaining them. This article will demonstrate some customer retention strategies so your brand can reach its goals.
The first strategy is to set customer expectations at the beginning of the customer relationship. Build loyal customer bases heavily relies on “under promising and over delivering.” This way, when you promise the bare minimum but greatly exceed expectations, the consumer will be extremely impressed with the brand. It makes the service you provided much more valuable in the eyes of the consumer. One negative experience negates 50 positive ones. Therefore, make sure your employees are willing to do whatever necessary to resolve consumer problems in the quickest way possible.
A second strategy is to build trust through positive business-customer relationships. Trust is an important aspect in business because consumers want to feel confident in the brands they give their money to. Trust and commitment go hand in hand, in everyday relationships to those built between a brand and consumer. As a brand, you should communicate the goals and values to strengthen the relationship with clients. If you stand for positive causes, morals, etc. than you will look more trustworthy in the eyes of the consumer. Some relationship building strategies include monthly e-mail campaigns and starting a blog to engage consumers and create a trustworthy persona.
For the best interactive marketing strategies, follow the above guidelines.