If you want to see exponential growth in your sales and turn your business’s struggle into a relaxed breeze. This blog 7 Tips To Increase Your Customer Retention Rate is definitely for you.
The only thing that can get your email box flooded with customers is:
Increasing your client retention rate over acquiring new clients.
Reason:
The more loyal customer you have the faster you are able to achieve your goals.
But how you can make your customer loyal or in love with you?
Companies that have increased their retention rate have seen massive results in their sales which increased up to 20-95%.
Don’t worry, you can also upscale your small business and become a giant fish of the ocean by following these:
Before we get into the details, let’s determine the difference between customer retention and acquisition.
Customer retention: Customer retention is knowing how you can hold your potential customers with yourself OR by providing enough value and offers to them how you can build trust to always take a purchase decision from you.
Customer Acquisition: Customer acquisition is the name of the process by which you bring new customers to introduce your business. You introduce your product/services and make them easy to build a strong relationship with your business.
Why does Retention Always Win over Acquisition?
There is nothing like an embarrassment to acquiring new clients. I will say you should always work on acquiring new clients. It will continuously be running your sales cycle.
But, have you Imagined?
Customer acquisition is 25 times more costly than customer retention.
7 Tips to Increase Your Customer Retention Rate
Marketing research explains you have only a 5-20% chance of selling to new customers. But if you work on customer retention strategies, you can increase up to 60-70% of sales into your sales bucket.
But how you can make a balance between them?
1. Focus on Customer Experience
You can set a benchmark by providing good customer service right after when your customer comes to you. You need to focus on what your customers are experiencing. Will they make a purchase decision the next time from you?
2. Customer Loyalty Program
Customer loyalty programs have the potential to increase your purchase frequency. It is so effective for new business owners who are struggling with their sales.
By creating a customer loyalty program, they can build their customer’s trust, build a strong relationship, and make repeat customers.
3. Always Be in Your Customer Shoes
Always Stay in touch with your existing customers. You should know what your customers demand, and what pain or pleasure your customers are experiencing.
The best way to approach your customers is by email. Email marketing is a super effective tool for marketing and retaining customers.
By updating them about your business, offers, products/services, and by sending greetings you can always stay right next to them.
4. Appreciation Paints a Beautiful Picture
If you want to stand out from your competitors. Start valuing your customers, appreciate their concerns and decision, and make them feel great because you both are important to each other.
You always have a competitor in your underarm. Appreciation is the only thing that can make you stand out from them.
5. Make a Connection with Customers on social media
Social media plays a vital role to retain existing customers. Be specific with your target audience, try to know their pains/problems, make a connection with them and allow them to come to your business.
Once they approach you and get your product/service. Ask them about their social media.
When you receive their social media, share your business’s upcoming updates, testimonials, reviews, sharing their experienced stories.
By doing these you will be able to enhance your scalability and retention of clients.
6. Ease of Doing Purchase
Make your web page, landing page, or sales page readable and easy to take action on. It puts a massive impact on customers’ decision-making power.
Nobody likes page after page. Due to a short span of time, make your web page easy to take action on.
Irrelevant instructions/details confuse the customers and it is likely they skip your webpage without taking any action.
7. Ask for Feedback
By getting feedback from your customers, you can improve your services and the experience that your customers are experiencing.
Feedback shows your customers how responsible you are with your business and how you care about your customers.
Wrap-up
Customer retention is far more important than customer acquisition. Retention of anything makes things or businesses successful.
Most companies are highly based on their retention rate. They mostly focus on customer retention instead of acquiring or investing in new customer strategies.
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