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Customer retention is very important for sustaining long term business. The critical things to consider when deciding to move forward with campaigns to capture new customers or focus on current customers is ROI and customer satisfaction. Happy customers are repeat customers and repeat customers drive long term profits. The following examines some strategies and techniques companies use for retaining customers and driving long term ROI.
People talk, share, like, and tweet more often today than ever before on social media. Often, people will browse through social media sites for companies they do business with or are thinking of doing business with. It is important to monitor social media to see what people are saying about your company. Since people are more likely to share negative experiences more than positive ones you should address any negative experiences people share.
Persuasive writing in campaigns is useful in customer retention. Use not only words people want to hear but phrases and key terms in campaigns can help keep your customers coming back. Discounts and special offers to current customers as well as other campaigns to bring customers back are highly effective. People love free, new, and instant products and services paired with special attention through customer service.
Conservative customers hate parting with their money so for those you may have to work a little harder to get them to buy. For those customers you should offer bundles, specials, and reassuring phrases such as “small fee” or “easy payments” and be willing to work with them without pressuring them too much. Aggressive campaigns should be toned down for those who hate spending more than they have to. These customers make for a tough sell however it will prove a worthwhile investment to tailor campaigns designed for them.
By offering personalized service (or making it appear you are), your customers will feel like they aren’t just a number. Personalized retention campaigns can offer custom deals and offers based upon a customer’s purchase history. This strategy also helps your customers save time from having to sift through emails or find disappointment that you are sending them emails for products and services they don’t need.
While customers will appreciate a speedy resolution or answer, quality matters more. Customers are more likely to engage with a company when they receive quality customer service. Speedy service is great but if it lacks in quality you may not experience as high a volume of return business. If you are a SaaS business, you can use AddHints to reduce burden on your customer service. Use AddHints to guide users through your application so that they don't need to contact your customer service.
One of the best methods to improve customer retention is to use the proper channels to reach your customers. While some may prefer social media over email, don’t cut email out completely. In this situation you may wish to discover which customers prefer which platform. Once this is established you can send separate campaigns through different means. However; don’t get carried away and focus on a small number of platforms.