How can you increase your customers retention rates?

How to improve customer retention rate for your business

For small businesses, retaining customers is an incredibly important part of growing a sustainable business.

We are in the business to earn and keep customers.

According to research from Harvard Business School, increasing customer retention rates by 5% increases profits by 25 to 95%.

What is the meaning of customer retention?

It is how well you keep your customers over a period of time.

Retaining an existing customer is actually cheaper than acquiring a new customer. So how do you improve your customer retention rate?

For you to increase your customers retention rates, consider the following

Position your brand

Have a clear way of communicating and engaging with your customers for them to pay attention to you.

Market to your customers AND educate them too

For customers to do business with you again and again, you market to them and educate to them too. Becoming the “go to” place for answers is an integral way of creating customer loyalty.

Deliver surprise

This will keep your potential customers come back. They will always choose you at any given time. Surprise does not need to be costly discounts and specials. It can be giving something extra that was unexpected. A card in the mail, a $5 Starbucks card, or some form of recognition.

Provide timely customers support.

Use the channels that your customers mostly prefer when offering support online and remember that speed is secondary to quality.

The tactics above should give you some ideas for approaching customer’s retention.

Learn more here..

Download the eBook: The 7 Fundamentals of Being Found Online

 

Related Posts

How to maximize your customers lifetime value using a sales funnel How do you build a good sales funnel? How do you ensure your sales funnel is working well?A sales funnel is just a visual representation of your s...
Improve Online Conversions with Strong Landing Page Design Principals Website Conversions: Follow Basic Principals A high performing business website not only attracts large numbers of visitors via organic search, it al...
High Web Traffic Requires Learning How to Dance with Google Announcing that Google dominates search feels a bit like announcing that water is wet, but here it is, an official announcement from our friends at Se...
Why small businesses should focus on Facebook as well as LinkedIn Facebook is a HUGE social media network, even by the standards of huge. As of early 2016, 1.65 BILLION people actively use Facebook every month.Yo...
Remarkable landing page best practices that drives conversions A landing page is the page a visitor lands at your website after clicking a paid ad, an ad on your social media network, , a social media update, or t...

Leave A Response

* Denotes Required Field