Grow organically within your network
Is there anything better than getting a new customer? It seems like a trick question, but the answer is not to get two new customers, but to retain an existing customer.
While attracting new customers has its appeal, retaining existing customers and building loyalty generates more revenue (with 95% benefits) and costs 7 times less.
How do you go about creating a retention strategy that maintains customer interest and satisfaction?
Here are the customer retention strategies currently used by major brands to promote loyalty. They are elements that range from practicality to customization and that any team or marketing professional in charge of customer success can carry out today.
Customer retention is a strategy applied by a company or brand to keep its current customers for a much longer term. This initiative increases the value of customers and encourages them to continue shopping and become brand ambassadors.
Here is how you can grow organically within your existing network
Talk to your clients
Strengthen your relationships with fast response times and strict service level agreements. You respond quickly to your customers and have employees committed to these values, since their level of performance is directly proportional to the income they receive.
Gives your customers the opportunity to comment on the successes and failures of the company. This will enable you to identify dissatisfied customers before losing them.
Create a divide between your brand and your competitors
Do you want your customers to see you as the eligible option over your competitors?
Being true to your brand identity demonstrates integrity and makes it easier to attract customers who could become your main ambassadors.
Can you find a cause that you are for or against? If your brand is friendlier, you can bring your story to life and mobilize the audience. To get the best results with this strategy, don't be afraid to resort to daring marketing tactics.
Take advantage of the opinion of your consumers and capitalize it.
As we know, sometimes the best advertising is not yours. In fact, customers are more likely to trust the opinions of their family, friends, and other consumers more than the content and ads directly delivered by your brand. And that's where social proof comes in.
Use your customer testimonials and information to attract new consumers and convince existing customers to stay or upgrade your products. Find your most prominent and loyal customers and tell their stories through your website or on social media to share their successes and help you grow.
Your most loyal customers are also the most valuable. Not just for the money they spend, but also for the information they provide. They tell you why they love your brand and make suggestions about where you can improve.
Educate your customers
If a customer has already made a purchase from you that do not mean that it is the final path of their relationship.
Today more than ever your customers have more options available and if they find that your direct competitor offers a similar offer and price that seems more attractive and exciting, you could lose them.
Education is one of the most valuable things you can offer to your customers (even your site visitors).
A customer education program demonstrates a long-term investment in your customer base. Your company creates a variety of self-service tools for customers, such as a knowledge base and community forum, so that they can then use these features to locate solutions to service problems before contacting your support team.
Inspire your existing customers with a mission
Sometimes a brand inspires loyalty not through tactics and systems, but through what they stand for.
Your company is more than just a product or service. Customers see everything your business buys, sells, and advertises to your target audience. If they perceive any inconsistencies between your brand messages and your actions, they will quickly recognize the deception.
Instead, it's important to get involved with your customers beyond products and services. Think about your core values ??and create a Corporate Social Responsibility program that pursues a moral goal.
The importance of nurturing current clients
Existing customers are 50% more likely to try new products and spend 31% more than new customers. Therefore, it is important that companies put more effort to retain and retain their consumers, since 44% of companies focus more on customer acquisition compared to only 18% who focus on retention.
But what drives customer loyalty? Some statistics show the following
- 95% of customers prefer that businesses act proactively and not wait for them to contact them. Customer service is essential!
- 79% will seek more products from a company with a loyalty program.
- 90% of millennials prefer to have a customer service option through their smartphone.
Ideally, different customer retention strategies work hand in hand to create a customer experience that fosters loyalty, positive sentiment, and makes customers more willing to continue shopping.
By retaining a customer, businesses can help them get more value out of a product, encourage them to share comments and stories about using the product or service to influence new leads, and start building a community of like-minded customers or users, with whom they can connect.
One main benefit of nurturing current client would be the prospect of having a loyal customer base. New customers are important for growth, but for guaranteed revenue, a loyal customer base is essential. To have customers that engage with your brand frequently is a positive reflection of your company and its future success.
Just as losing customers is always a difficult thing to manage, having that support from a loyal consumer-base can help keep your brand afloat.
Another benefit would be the fact that whenever you bring out a new product, you have a community of people ready and eager to hear about it and likely to buy it. Keeping in regular touch with your audience and existing customers means they feel like they are ‘in the loop’ with brand updates and are more likely to feel excited by new products than people who don’t know your brand at all.
This is important if you typically struggle with getting purchases when new products are released. It could be the push you needed for your product to grow. The good news is that you don’t need to start each product launch from scratch if your brand already has an engaged following.
If you are looking for business growth in 2021, think about the nurturing campaigns that other companies have done well. The majority of big corporations caters to their customers and nurtures them to keep their eyes wandering to a competitor.
Aside from the quality of the product, customer service can make or break a company.