Virtual Reality: The Future of Marketing
The ability to retain customer and client relationships in a Digital Marketing setting is crucial to overall success, especially in the time of Covid. Customers want to feel that you have their best interest in mind especially during times of duress. If you want to grow your brand you need to keep your customers needs at hand, the more customers you can keep in your sales funnel the more likely you are to achieve your overall business goals.
The pros of customer retention
Existing customers are the bread and butter of every company. Landing new leads and clients is important however, cultivating relationships with customers who are already in your cycle is imperative because these are people who are already familiar with your company and product. Customer retention comes with a variety of benefits such as better conversion rates, higher profits and lower overall marketing expenses.
Keeping customers happy and in the mix can be tricky at times but retaining existing customers will ultimately save you a ton of precious time and energy in the long haul. According to Hubspot, retaining customers gradually results in a higher return on investment. The question is, how do you build an effective customer retention strategy that keeps customers thoroughly engaged and in-tune?
We are breaking down 5 successful tips to implement in order to greatly improve customer retention. The following are easy tips utilized by the some of the biggest brands available.
5 Key Ways to Improve Customer Retention
1. Make it a point to provide great service
This may seem like an initial no brainer, however, customer retention is highly dependent upon service level. The customer experience plays a pivotal role in repeat business and purchases. Your brand could very likely have a strong product but be severely lacking in quality service. The number one reason most consumers seek business elsewhere is due in part to poor treatment and poorly cultivated customer relationships.
How can you change this? Improving the customer experience can ultimately be achieved by utilizing two methods: customer feedback and customer support.
The first includes adapting customer feedback. This can come from a variety of channels such as customer surveys, reviews, live chat and email. In order to effectively change your approach you have to first know what isn’t working. This will help lay the ground work for adapting a strategy that seeks to improve upon the overall experience.
The second is utilize customer support, this also means making your service team readily available and easily accessible. Many brands incorporate a live chat function on the main site in for the purpose of fielding customer requests in an efficient and timely manner.
2. Actively Keep In Touch
Having an open line of communication and making a point to genuinely check in with clients helps to better establish a sense of loyalty which can translate to a stronger business relationship. Treat your customers in the way you would treat a close friend, actively listen to their needs and ask if there is anything that you can provide.
Establishing a relationship is beneficial in the long run, many customers stop purchasing or supporting a specific company due to not feeling valued. Customer loyalty programs have greatly changed that landscape by providing special treatment and incentives in order to keep consumers actively engaged.
If you’re looking for ways to actively stay in contact without spamming try implementing an email newsletter. This is an easy way of keeping consumers in the loop with any news or major developments regarding your industry or brand.
3. Utilize Personalization
Customers want to feel special and personalization is a method that specifically incorporates that ideology. Personalization is the process of tailoring a product or service to accommodate a certain group of individuals. Examples could include segmented audiences such as an email list of past customers or individualized experiences such as a custom coupon given on a customer’s birthday.
The personalization approach has been known to yield positive results with clients since it incorporates very specific and intimate details.
4. Use Automation to your advantage
Marketing Automation is one the latest buzzwords that’s thrown around quite a bit nowadays. The process has helped to significantly streamline marketing efforts by relying on software to handle specific routines. Which in turn, gives marketers more leeway in terms of time management.
Having to constantly monitor and keeping customers up-to-date is sometimes exhausting and time consuming. Using Automation will set a faster pace for tasks to be accomplished, which is why it’s such an asset for re-targeting efforts.
Automation allows you the ability to more easily keep in contact with consumers as well as manage customer contacts, schedule promotional emails and event notifications.
5. Only promise what you can deliver.
Promises are like a debt between a business and a consumer, if you don’t fully deliver be prepared for a disappointed customer. This is dangerous territory to be in.
Fortunately, you can avoid this type of scenario by being completely transparent in terms of feasible expectations.
Only promise what you can actively bring to the table, that way there won’t be an issue if expectations are not met. Customers who are dissatisfied are more likely spread their negative experiences about your brand.