Did you know that retaining an existing customer is up to 25 times less expensive than gaining a new one? Opening the gate for new faces is always exciting, but don’t forget about your current customers, or you’ll lose them. Retention strategies deserve their place in any effective, long-term marketing campaign. Here are 6 retention tips for keeping your customers engaged and satisfied without breaking the bank!
No. 1: Stay In Touch — Encourage Interaction!
Always alert your customers to all your promotions, rewards, programs, product updates, and other content you think they’ll enjoy. However, simply texting a greeting isn’t enough to organize your next coffee hangout with new or old friends. Share valuable information and past client success stories. As your company develops a larger following, consistent communication efforts will support your growth and retention. Don’t expect every email blast to earn immediate sales. But expect it to earn a little more rapport and top-of-mind recognition for your customers.
No. 2: Make The Most Of Social Media.
It’s rare that people find all their needs by walking or driving around the community. That’s why social media marketing develops a “local storefront” in your customer’s “neighborhood,” aka social media newsfeed. The average U.S. consumer uses social media for 2 hours and 19 minutes a day — are you making the most of that opportunity? Social media marketing can help you offer great customer service. Plus, you can monitor customer opinions, interests, and motivations in the market to increase retention.
No. 3: Don’t Be Afraid To Get Personal.
Research shows that 70% of the buying experience is based upon how the customer feels they’re being treated. You’ve worked hard to earn buyers! Keep them for life by consistently treating them well, individually, whenever possible. To do this, customize offers to actual customer behavior (via analytics). It’s more accurate than making predictions based on general demographics or personal perceptions. Always recognize loyal customers by name and give a little love through coupons, special offers, sneak previews, and thank-you notes. You may even want to invite them to forums or ask for feedback — and then express appreciation for their opinions.
No. 4: Be A Problem-Solver.
Ask yourself what problems your current customers might have. For example, over 75% of customers believe it takes too long to reach a live agent via phone or online chat. Don’t refer a frustrated customer to an FAQ or email contact page. That will likely worsen the situation further. It’s best to fix problems right away to get a great result, which means better retention.
No. 5: Respond Quickly And Take Responsibility.
What’s a reasonable email response time? Twenty-four hours, according to some surveys. Others reveal that consumers expect responses in as little as 1 hour. No matter what your customers’ expectations are, though, take responsibility in order to maintain the relationship. Your attentiveness will support your retention efforts. Ultimately, your brand is only as good as its reputation — nobody wants to support a business with a poor reputation.
No. 6: Know When It’s Time For A Graceful Exit.
Over 71% of consumers end their relationship with a business due to poor customer service. As we’ve mentioned, though, everyone defines “good” customer service in slightly different ways. If a split is unavoidable, always say goodbye with grace. Make sure the relationship ends on a positive note. It may even be enough to stave off a bad review.
No. 7: (Bonus) Check Out Shaun Buck’s FREE Retention Guide!
If you haven’t yet, we think you’ll love our CEO Shaun Buck’s FREE guide for retaining customers. It delivers even more marketing strategies to help lay deeper groundwork for your customer relationships, which means steady loyalty and revenue.
Focusing on retention is a common oversight because it’s simply not as glamorous as attracting new customers. However, retention has proven to be crucial for positive customer relationships and greater ROI. It just might be your company’s secret to glamorous, long-term success. Thanks for reading and stay positive out there!