“If people believe they share values with a company, they will stay loyal to the brand.”
– Howard Schultz
Our customers are both our brand ambassadors and brand advocates. Any business’ long-term success is highly dependent on their customer retention rate. Unmatchable growth happens when loyal customers do their part by making repeat purchases and deriving more customers by word of mouth. Therefore, it is critically important to keep your existing customers content by a pool of strategies that make them feel valued and important to you. Afterall, their satisfaction is our motto that’ll eventually help us grow as a brand.
According to various marketing research and studies, more than 50% of your sales are likely to come from existing customers and they are highly likely to try out your new products or services as compared to new and prospective customers. They key to retaining customers and using it to your advantage can be a game changer.
Mentioned below are some of the very effective strategies that can derive more customer retention and assist your brand achieving the desired revenue results; or at least way closer to what you want. These are applied strategies that have almost always worked for the companies; including ours at RNF Technologies.
- Starting off on the right foot
Some of the very easy and obvious ways to ensure your first impression is a lasting one is by making the checkout and payment process as smooth as possible. UI is apparently the very first factor that’ll reflect quality to the customers.
- Utilising the power of emails
Although the advent of technology has led us to exploring new ways to get in touch with the customers, nothing beats the effect of an email. Send out birthday wishes to your old and existing customers, send out informative guides, invite them to your seminars and webinars. Keep them involved and updated! Make sure you aren’t spamming the customers with your emails. Occasionally reaching out should suffice.
- Enabling feedback/review options
Giving the customers a platform to have their requests addressed or provide their feedback to your products or services is a great way to gain their trust by having them sit in the driver’s seat. Let them suggest things to you, tell you what they like and what they don’t. Remain active and highly responsive on social media platforms and send out instant replies to the queries.
- Having loyalty programs in place
Knowing that they’ll be rewarded in a certain way if they avail your service or buy your product, the old customers will be compelled to click on that payment button.
- Understanding your customer’s thought process and journey
Being aware of the client’s actions – if they read your blogs, if they visit your webpage, if they’re following you on social media, knowing their backgrounds and basic interests – can help you effectively use your lead generation campaigns and alter the strategies accordingly.
Know that coaxing up your existing customers back isn’t an overnight task. It might take you months to achieve this goal. Get to know your customers better and plan out your strategies accordingly!