Customer retention can be defined as the percentage of long term clients of the company. A high percentage will mean that you have more long term clients than short term clients.
Customers are likely to repeatedly buy from a company they trust. Long term clients are more important than short term clients because they tend to
• spend more money on the company’s products
• cost less for advertising because they are already familiar with the company’s products and enjoy them.
• give testimonials and make references to potential clients. As a result, the value of these customers doubles. The company will make profits from their sales as well as those of their friends or referrals. They can provide you with opportunities that you would not ordinarily have access to. When customers are happy with your product or service, they are motivated to become self-appointed brand ambassadors.
I list below some customer retention tips
Provide support to your customers
Despite your best and well-meaning efforts, things sometimes go wrong. Your customers need to know that you are always available to answer queries or solve any problems that may arise.
Keep Your Promises
Always deliver on your promise and make the satisfaction of your customer a major priority.
Feedback Surveys
Measure customer satisfaction through feedback surveys. Offer some incentives for customers to fill in the surveys. Act on any areas of concern so that the customers know that their feedback is taken seriously.
Establish A Customer Loyalty Program
Establish a reward program for long term clients as a way of thanking them for them for their custom. As an example, you can do this by way of giving the customers discounts or having them exempted from some monthly charges. The loyalty program will work better if it is backed by a loyalty budget.
Surprise Gifts
Give your clients some surprise gifts as they usually leave a lasting impression.
Personal Relationship
Establish personal relationships with your customer. For example, you can send them a card, a gift or personalized special offer on their birthday. This will show that you care about the customer as a person.
I cannot claim that this list is exhaustive. However, the long and short of it is that you have to make the customers feel appreciated and special. It is generally thought that it costs about 5 to 10 times more to acquire new customers than retain existing ones
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