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

Link Building to Increase Website Ranking is Networking and is Part of... Guest Blogging for Backlinks is White Hat SEO.... Like pretty much everything, a good thing taken too far becomes a bad thing.Humility is good un...
How to achieve top performance by incremental improvements There are some fairly simple factors that separate top-performing businesses from the rest.So what do top-performing organizations do differently ...
Internet Marketing Strategy | Open external links in new window Plugin This post is part of a series about the Internet marketing strategy I call Inbound Marketing, as well as part of a sub-series on the technical aspects...
Educating Prospects During the Interest Phase of Your AIDA Sales Funne... Not Everyone Buys Right Away, Some Need Time and Attention A prior post discussed an article recently published by James Green about the need to nurt...
Tips to Maximize Synergy Between Social Media Marketing and Content What's the Point of Social Media Marketing? The purpose of social media marketing is to spread awareness.Which leads to the next question, awaren...

Leave A Response

* Denotes Required Field

CommentLuv badge