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4 Ways to Improve Customer Retention Rates

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4 Ways to Improve Customer Retention Rates

Small businesses throughout the UK have started to invest more in improving customer retention rates and businesses are looking for tactical new methods to do this. With competition increasing all of the time it can be well worth it for a business to invest in retaining their current customers. Retaining customers is a lot cheaper than acquiring new customers and the profitability of customers often grows overtime so as a business owner the last thing that you want to do is lose customers to your competitors. In this post I am going to share with you four ways to improve your customer retention rates.

Startup Today - Retention

Stand out as an expert in your market

when customers come to your business they are looking for you to know your market extremely well and stand out as an expert in your market. By becoming an expert in your market you will be able to impress customers and therefore they will build up their trust in you and the service that you are providing.

By creating trusting relationships with customers they will feel pleased with the service that is being provided. Services such as sending emails to follow-up orders to see if customers are happy are a great way to build up trust.

Professional handling of inbound calls

When customers call your business they do not expect to be waiting round for someone to answer. What customers want is their call to be answered quickly by a professional call operator who is knowledgable about the services that the business provides. For small, growing businesses this can often become a problem as they simply do not have the resources to professionally manage calls. virtual call handling and investing in professional phone systems can help you improve retention rates.

Interact with customers on social media

nearly everyone these days is on some sort of social network from Facebook and Twitter to Instagram and Pinterest. In recent years businesses has slowly started to embrace social media started to interact with customers. Interacting with customers on social networks, especially as a small business will allow you to build positive relations with customers.

When interacting on a social network  I like to search for customers mentioning by business and then reply or favourite their post. If a customer is unsatisfied with your service and mentions it online then you can help them out in front of others on social networks and demonstrate good customer service.

Go the extra mile for your customers

If you are willing to go one step further for your customer to impress them then you can impress your customers and make yourself stand out in a crowded market. There are many small and cost-effective things that you can do to go the extra mile for your customers with anything from following up on a complaint to offering them a better deal on your services. All of these are going to improve customer retention rates and hopefully boost revenue.

Sara Parker blogs for Face for Business, a new company that provides virtual receptionists for start-ups that don't have the resource to answer all of their own calls.

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