Effective Strategies to Improve Customer Retention – When it comes to business growth strategies, so much attention is placed on acquiring new customers that businesses often overlook the importance of retaining the ones they already have. But there are many reasons to give equal attention to your existing customer base. Not only does acquiring a new customer cost five times more than retaining an existing customer, but an increase in customer retention by as little as five percent can increase profits from 25-95 percent.
Even though customer retention is an essential part of assembling a thriving business, maintaining a roster of satisfied and loyal customers takes plenty of thought and commitment. This post will look into the importance of customer retention and offer some effective strategies you can employ to maintain a great customer experience.
Set Expectations & Be Flexible
Whether it’s a recent acquisition or a longtime customer, setting expectations from the outset and clearly defining what the customer should expect goes a long way in maintaining positive, long-lasting relationships. If a customer believes you can deliver on a promise by a specific date, but in reality, it will take months of time and resources to see the results, it’s challenging to build back your customer’s confidence. Customers want to feel as though they are receiving unwavering service and value. An open line of communication and a little flexibility goes a long way in ensuring you’re delivering on your promises from day one.
Prioritize Customer Support To Improve Customer Retention
Exceptional customer service is one of the key pillars in building successful customer retention. A recent survey in Forbes found that nearly 70 percent of respondents would spend more money with a company with excellent customer service. Whether it’s establishing a dedicated contact that can answer simple questions or providing resources to resolve technical issues your customers may encounter, your support must be fast, effective, friendly, and consistent. Delivering top-notch customer support isn’t always easy. But with a robust system in place that includes convenient channels like email and live chat, you’ll be able to meet your customer service priorities with ease.
Make It Easy to Access Information
In today’s connected world, customers expect to have greater access to their accounts and more transparency than ever before. Fortunately, new technology allows organizations of all sizes to deliver DIY resources that enable customers to control many aspects of their accounts and services on their terms. “To give our users more opportunities to access their accounts at any time, from any location, we offer robust portals for commercial and residential users,” said DICE Corporation Co-President Avi Lupo. “These user-friendly tools allow users to manage everything from account payment information to analytics and service scheduling, giving central station operators more time to focus on higher priority tasks.”
Keep Records of Communication
One of the best ways to understand your customers’ personalities, including likes and dislikes, is to create and routinely update customer profiles. Research shows that consumers are more loyal to brands that understand them. Using CRM tools to collect anything from pain points to buying patterns to company size and revenue allows your team to engage with the customer on a personal level. When done effectively, this should improve the overall experience with your product or service, will enable you to tailor your communication to meet the customer’s needs better, and build loyalty to your business.
Related Reading: Set Your Field Service Technicians Up for Success in 5 Simple Steps
If you’re in a service-oriented industry, you know that field technicians play a significant role in the success of your business. After all, they not only manage on-site installations and repairs, they’re also valuable company ambassadors who answer questions and develop meaningful professional relationships with your customers. But managing a successful team of off-site technicians can be a challenge since most of your employees work insularly and have little time to focus on developing meaningful synergy with co-workers and even your brand.
To help you keep your team engaged and equipped to handle anything that comes your way, we’ve put together five simple steps you can take right now. Not only will these suggestions give your technicians confidence to handle any situation, but you’ll also be on the right path for many years of success.
Invite Feedback To Improve Customer Retention
Whether you use a customer survey or speak to them in person, it’s always a best practice to invite customer feedback regularly. It’s impossible to improve customer retention without first understanding why your customers choose to stay with you or part ways. Once you get an idea of the reasons and some of the signs that could indicate discontent, you can begin working to prevent customer loss by proactively addressing issues before they come up. In addition to solidifying your relationship and showing you care about the customer’s needs, you can identify trends and solve problems before the customer ever thinks about leaving you for the competition.
The key to business growth isn’t just bringing in new customers; it’s also about retaining the ones you have. Although there is no one-size-fits-all approach, following these strategies will give you the framework to build positive relationships with your customers and lead to revenue growth. If you’re interested in learning more about how the New DICE’s connected platform can help you improve customer retention, contact us to schedule a virtual demo.