We all have heard that acquiring new customers in a business is very important, to achieve success and to earn more profit.
Is it so? Or is this the single strategy on that we should focus on?
It sounds like a confusing question, but it is not so true that acquiring new customers is the only effective way to increase business ROI. Customer Retention is something that is fuel to higher business growth.
Keeping existing customers is equally important as gaining new customers for your business. If you make efforts to retain the customers, it not only saves time but also increases brand loyalty.
That’s why you should always make your business strategies in such a manner that they help you to gain new customers along with keeping the existing ones.
Still, if you have doubts about retaining the old customers and how it can be a good marketing strategy to get success, here are some statistics that will help you in making the decision.
1. More Affordable – According to econsultancy, “Attracting a new customer costs five times as much as keeping an existing one.”
2. Increased Loyalty – According to American Express, “Old or existing customers buy more often and keep coming back again and again.”
3. Get Referrals – According to American Express, “Satisfied and happy customers are more likely to refer a business with their friends and family, that brings new customers, free of charge.”
4. Higher ROI – According to Bain & Company, a 5% increase in customer retention produces more than a 25% increase in profit.
But how do you keep your customers and ensure long term relationships with them? So, if you are not aware about it or don’t know from where you should start, here are some points that you can follow for retaining your customers.
#1 On-boarding Training Programs
On-boarding training teaches new customer service agents on how to deal with customers in different scenarios. Also, how agents can sound more confident and engage customers on call. to handle a call efficiently, firstly agents should know what product & services they are offering. Having knowledge of service is crucial in delivering good customer service.
So, whenever you hire a new workforce, kindly ensure that all agents have relevant and enough knowledge to serve a customer.
These practices help agents to increase their productivity and hels to convert leads into customers.
On-boarding training is the most effective way to attract new customers and to retain the existing ones. You can easily achieve the desired business results by implementing the training programs in your business.
#2 Get Feedback
Until and unless, you don’t know about your customers and what they feel about your services, how you will be able to improve their journey?
Getting customers’ opinions is the easiest way to streamline their journey and to find an area of improvement in services.
That’s why you should also focus on collecting customers’ feedback, along with analyzing the response & taking required actions accordingly.
To collect customers’ feedback, voice broadcasting is the easiest method to reach a massive audience at once. Basically, voice broadcasting offers a platform where you can send your message to a thousand numbers of customers at a time by maintaining the message consistency.
Sending offers, asking for feedback all this can be done via voice broadcasting. Call blasting ensures customer retention by making fewer efforts in feedback campaigns.
#3 Keep Track of Communication
When you find your customers not being able to reach out to you for a long time, you should try to reach them out to re-establish relationships. Keeping track of communication helps you to know when your customers visited you last. You can integrate your hosted telephony solution with CRM so that you can easily fetch the past communications and interactions whenever needed.
This advanced feature of cloud-based telephony saves your time and effort in retaining your customers.
#4 Business Newsletter
Newsletters are the cost-effective way to retain customers. It nudges customers to think of your brand and enhances business believing. You can send business updates, promotional offers to customers so that they will be engaged and updated . This is a simple way to retain customers for longer business relationships.
#5 Loyalty Programs
It is important to keep your existing customers engaged with you. You can’t ignore your loyal customers as they are a crucial factor for business growth. You can give rewards or offers to existing customers for their continued loyalty. This practice makes customers happy and increases the chances of longer business relationships.
#6 Proactive Support
As it is obvious, no one wants wait for longer period to get their queries resolved.
Proactive customer support will help to make the communication process streamline and reduces the chances of call hang up.
There are many advanced communication solutions available that can help you to serve customers efficiently, such as cloud telephony solutions. If you use hosted communication solutions in your business, you don’t have to worry about handling massive number of phone calls. It ensures the latest telephony features like IVR, which routes customers’ calls efficiently to the right departments.
Also, It enables self service options which allows you to solve your basic queries on your own. These types of solutions streamline your communication process and offer the opportunity for proactive support. Ultimately, your customers will show interest in your brand and will be engaged with you for long terms.
Existing customers provide you a better and easy chance to earn profits. Follow different approaches to retain customers and increase the chances for business growth.
Comment below, what is your strategy to keep your customers happy and engaged!