Maintaining customer retention is an extremely imperative aspect for a growing business.
According to a study, "5% increase in customer retention rate can increase profits by 35-95%."
What is "Customer Retention"?
Customer retention is the ability of a business or company to retain its consumers over a particular time period. The essential function of a company is to make and retain a customer. In fact, retaining customers is less costly than making them.
How to Improve Your "Customer Retention Rate"?
We're all about making customer relationships, but we also think that providing premium customer service and experience are best things to do and they’re also very good for your business. To improve retention rate, every business should implement a customer retention management (CRM) system. This would definitely help in managing your retention rate.
Strategies to Improve "Customer Retention Rate"
We're introducing a number of useful strategies to help improve your customer retention rates, backed by various researches and studies.
1. Store customer feedbacks in customer retention management (CRM) system. Use feedback statements, email notifications and alerts to evaluate performance and take curative actions.
2. Your brand has to 'stand for something 'in order to build effective connection with your customers.
3. Frequent communications are very important in maintaining customer relationships. Customers will welcome it because they feel important and valued.
4. NPS survey is also plays an important role in improving customer retention rate. A good nps score means more happy and loyal customers.
5. Great customer service is very essential in retaining customers and improving retention rate.
6. Getting reviews from your customers is a good way to know your products and services, so you can improve them for better customer experience.
7. Social media platforms are the best way to acquire customers and you can also improve your customer retention rate by providing new offers and deals on social media.
8. The majority of people choose products and brands that have some resemblance to them in a unique way.
9. Certain words push customers to purchase more than others. Specifically: "new", "free" and "discount". Frequently use these words in your marketing campaign.
10. Encourage customers to complaint is actually a good way to know your customers and you can provide great customer experience by offering best customer support.
11. Understand customer emotions and show them how your product can be useful to them.
12. Create anticipation with existing customers by explaining them what your newest products let them achieve.
13. Develop simple user activities to positively engage with your customers.
14. Customers love those products who would assist them achieving improved results.
15. Delight customers with amazing discounts and freebies but don't overspend on it.
16. Thanking your customers is a pleasing and heartfelt way to make them happy.
17. Offering personalized user experience to customers would be a great way to retain customers for long time.
18. The correct driver of customer loyalty and retention is the easiness of getting a matter solved — enjoyment isn’t the base of a customer service tactic.
19. Customers are more likely to be connected with a brand who offer the best and fast service.
20. The most excellent way to improve your customer retention rate and service efforts is to use the platform your customers most desire.
Keywords: customer retention management, NPS survey
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