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Top 5 Customer Retention Strategies
1. Complaint is a gift
Nearly 96 per cent of dissatisfied customers don’t complain, they walk away, and brands never know why. The reason for this is most customers don’t know how to reach customer care and complaint, and most of the time, they don’t think that their complaint will make any difference. A system for uncovering complaints can consequently be the success factor of the business. When customers complain, they are talking to the brand, and if the brand is not available to talk, then they will tell others about their experience, which will not be suitable for the brand. So, when a customer complains, understand the complaint and provide them with a state of satisfaction and create even greater customer loyalty.
2. Don’t just sell products, educate the customers.
- Send a series of lifecycle emails designed to guide new customers through the process of learning how to use your product.
- Create an online academy of training resources for new customers who prefer self-service training.
3. Offer a discount or credit to return.
When discounts are sent to the first-time customer, they want to purchase more. Likewise, giving a discount for a customer’s next purchase is a great way to push them to come back. For this reason, discounting is an effective way to draw attention to the customers that haven’t purchased in a while. Brands can even strengthen that push by giving them more than the standard 10% off. Giving 20%+ is more motivating, and according to MarketWired, once a customer comes back for a second purchase, they have a 54% chance of doing so again.
4. Be transparent and honest with customers
5. Provide Personalization
Focusing the time and energy on improving the experience for retaining customers as oppose to always trying to find new customers can be a powerful way to supercharge revenues for your brand.