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Top Tips for retaining customers

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Top Tips for retaining customers

All around the world every business has customer retention on their mind. For businesses to retain their customers they need to be constantly proactive and on the ball, this is not only because it’s as much as 7 times more expensive to acquire new customers than to retain existing ones but retaining existing customers will also help to grow business.

Retaining customers can be a tough task, 68% of customers leave as they aren’t satisfied with the service in which they have received, 14% are unhappy with the product or service being provided and 9% leave to use the company’s competitor. A report from DMC showed that 25% of customers have left a businesses over the past six months due to poor customer service received.

Build trust and relationships

No matter what industry you’re in, you are more likely to retain customers if you have expert knowledge within your field.

A recent study showed that as trust increases, commitment grows too. Having the relevant knowledge within your industry will help to build a relationship between you and your customers leading them to trust you, trust being a critical tip in retention.

Honesty is the best policy and many businesses can lose customers due to lack of honesty.

Build relationships on trust and honesty, customers will respect this and return to you. Trust doesn’t happen quickly, so take your time and you will be rewarded with long lasting relationships.

Make sure you are reliable

All customers want to feel supported and valued, so when a customer requests information, buys a service or product, you need to make sure you as a company are on top of supporting any needs they have and make sure they are aware that you are there to help them.

Every time you respond to a query or interact with the customer they will feel supported, building the trust up between yourselves.

Don’t promise anything that you are unable to deliver, try under promising and over delivering to your customers, this works since customers will see you are doing more for them then what they expected, making them feel even more valued, increasing their loyalty.

Understand your customers

According to OnStrategy 66% of new businesses survive for only two years and only 40% six years, with one of the most common reasons being lack of understanding of their customers and their place within their industry.

Every customer is different and each one will require a different support system and product. Take the time to find out what exactly your customer needs from you, find out how you will be benefiting their everyday businesses life.

Understanding your customers will help you in the long term, if there is a problem you need to have enough information about the customer that you are able to provide the right tools and solutions to fix the problem successfully.

This will work to your advantage in fighting off the competition, you know what your customer wants and you can suit services and products to them, whereas your competitor is yet to create that relationship, and if the job is done right they won’t get close.

If a customer leaves take the time to find out why they have left and whether you could have provided any support that could have prevented them from doing so, this will help you retain more customers that could have potentially left for the same reason in the future.

Stay in touch with customers

This part is often overlooked, staying in touch and going above what is expected could really help boost customer loyalty.

Even after you have provided the customer with everything that they need, keep them close by.

Update them with email newsletters once a month, showing them new services or products. This will encourage them to return and still feel included and valued within your businesses.

I am the founder of Startup Today. I am the main writer and have put in many hours of work into creating this blog. If you want to find out more about me then lets get in contact.

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