Engaging prospects and converting them into leads can be an exciting journey. However, the common mistake that most companies make is overlooking their existing customers. Studies show that by failing to attend to existing customers, an average business loses over 20% of its total audience. In some specific industries, this loss is as high as 80%. In fact, retaining customers is 7 times less expensive than attracting new ones.
Regardless of the type or size of the business, customer retention is critical to a company’s success. Thus, to stay in touch with existing customers and keep them satisfied, it’s important to follow current trends and optimize marketing strategies. From email marketing to customer feedback, businesses must be flexible in adopting the best practices to build trust and loyalty with customers.
Since many companies tend to forget the importance of retaining customers, this blog will discuss the strategies businesses should implement to retain their customers and boost business growth.
Strategies to Retain Customers
If a company is unsure about how to keep the existing customer base, here are some strategies to follow to increase customer retention:
Stay in Touch
Like informing potential clients about any newly launched products, alerting existing customers about promotions, product updates, and offers is equally important. Content that is relevant to them keeps their interest high and encourages them to return for future purchases. Some businesses also ask for testimonials from their old customers and feature them on their website. Such activities make customers feel special, strengthen the buyer-seller relationship, and promote trustworthiness.
Utilize Social Media Platforms
Aside from connecting with new leads, social networks are useful platforms to monitor relationships with existing clients. Marketers use these platforms to learn about their opinions, feedback, and interests as well as identify loyal customers. To grow a business in this competitive age, it is essential for brands to take advantage of these platforms.
Provide Incentives
To keep the client base intact, it is important to make existing customers feel special and rewarded. The more a business caters to its clients, the better the latter values the business. So, to make a profit from the existing customer base and draw new customers from their references, companies must recognize their loyal customers and show appreciation with special offers, gifts, and coupons.
Solve Problems
If customers are facing challenges with the business’s products or services, it becomes the brand’s responsibility to solve them. Should there be any problem with the product, businesses can directly chat with the customer through different media like live chat, FAQ page, social networks, and so on. The more timely a company solves problems, the greater customer loyalty it enjoys. This not only helps avoid future mistakes but also enhances the customer’s faith in the brand. A loyal customer can forgive occasional technical issues or challenges with the product as long as they are provided with outstanding customer support in return.
Be Consistent
Response time is very crucial when it comes to retaining customers. To create a strong brand image, it is essential to meet customers’ expectations and respond to them in a timely manner. Thus, if a customer requires the company’s assistance, businesses must not take too long to respond. Consistent customer support is one of the keys to retaining loyal customers.
Most Important Digital Marketing Mediums to Retain Customers
In today’s fast-paced world, it is impossible to overlook the importance of digital marketing tools and techniques to improve retention and boost sales. Thus, most successful businesses are utilizing digital channels innovatively to strengthen their bond with customers. Here are a few digital marketing mediums businesses can use to keep a hold on their existing customers:
The Importance of Retaining Customers
Existing customers are the key resource for a successful company. They not only boost the overall sales of a company but also refer new leads to the business when they are happy with the product or service. Creating a positive brand experience plays a great role in influencing customers to make repeat purchases and invest in the company consistently. This is crucial as a healthy, long-term customer relationship brings a greater return on investment to the business.
