Improving Customer Lifetime Value can have a positive effect on the long-term profitability of a business. This can be done by retaining existing customers and boosting trust and preference for your brand. The present day marketing scenario is populated with highly demanding customers, who can be made to last only if powerful client retention strategies are in place. Every shopping experience is made engaging and personalized for existing customers if your business deploys innovative Pathwwway retention programs.
Invest in a personalized CRM platform
In the digital age, customers are dotted around the globe. To maintain a personal touch with customers, it is essential to know them inside out, understand their preferences and maintain a warm rapport with them. Simply addressing a customer by name, instead of sending a generic mail will improve trust.
A CRM (Customer Relationship Management) software can do this and much more for a business by recording all relevant details of customers, their purchase and payments history, their personal profile. Reaching out to customers and launching email campaigns and loyalty drives can be done on a streamlined fashion with a CRM.
Leverage social media marketing
Social media like LinkedIn, Twitter and Facebook, to mention a few, personalize the communication experience for customers. Customers feel that their queries are being given individual attention if they are being resolved by visiting the social media page of your business. In addition to this, sharing relevant content, recording customer feedback, launching new products, educating and engaging customers can be done on social media, as part of client retention strategies.
Maintain a frequent communication calendar
Dedicated resources must be assigned to maintain frequent and personalized communications with clients. Wishes, greetings, invitations, offers, contests, freebies and many more moments can be identified for communication. Depending on the stage of communication, whether pre-sales, sales or post-sales, appropriate gestures can be included. Frequent communication calendars help you monitor the level and frequency of communication established with clients. Pampering customers with small yet well-thought surprises are a way of growing customers by not losing them.
Questionnaires and surveys
Online questionnaires and surveys are aimed to improve customer intelligence of the business. They may be timed strategically so as to measure metrics like customer response over a product, or an experience with the customer relationship desk, or suggestions for an upcoming product. The data collected from these surveys represent a repository of valuable information that can be assimilated and used for customer retention. They are windows to visualize customer pulse and expectations.
Welcome critical feedback
Every negative feedback is a learning experience for businesses that will lead to improved quality of products and services. Critical feedback is difficult to obtain since most of dissatisfied customers do not bother to complain and simply leave the scene. So, every negative feedback is a blessing in disguise and taking action on negative feedback and communicating the same to the customer are rewarding client retention strategies.
Resolve even minute pain points of customers
Resolution of friction points are not an investment in time and cost, but an investment in client retention strategies. A satisfied client is bound to visit again and buy more. Resources invested in query resolution, thus get paid back in the form of client retention. It is important to convey to customers that your Pathwwway team will spare no efforts to ensure that the pain points are properly analyzed and responded to.
An affable and informative helpdesk
The helpdesk is a powerful place where leads are created, validated, converted and converted leads are retained. It is the place where, a prospective lead calls in for information; a lead calls for closure; a customer calls for after-sales support. The customer relationship executives must devote time to ensure quality of service, besides being competent and well-educated to handle customer queries. Every customer complaint must be seen as an opportunity to retain them. Businesses must fix, assess and evaluate performance of the team over KPIs on customer satisfaction.
Promise, deliver and exceed expectations
While it is worthwhile to think big and offer more, your brand image is in jeopardy, if your promises fall flat. Customers feel cheated and will never come back for repeat purchase. On the other hand, if you deliver more than what was promised, customer delight is immeasurable. Customer expectations must be measured regularly and every team member must go the extra mile in exceeding expectations. On the flip side, if a breach has occurred or where the promise cannot be honoured, the same must be accepted instead of disputing over it. This is the reason why money-back guarantees are given much importance. If such instances are laced with a personalized note of apology, customers will feel privileged. Money-back schemes improve customer confidence and makes them come back.
Informed buying has more potential than impulse buying. Nowadays, a seller educates first and sells next. Educating customers on the industry, current market trends and innovations, recourses and aids available to them, will go a long way into retaining them forever. Educating customers by sending them regular newsletters, updating the company’s blog with informative and relevant literature will improve market awareness and sector knowledge of customers.
Create an online interactive forum for customers
Build an online community for customers. Connected customers can share experiences, positive suggestions and can even help each other in getting their queries resolved. Customers find it interesting to hear from other users of the product. In case you are organizing online events, this forum becomes a powerful way to update non-attendees, so that they look forward to participating the next time.
Client retention strategies are stepping stones to build consistency in revenues. They help in building trust and loyalty. They facilitate creation of branding and image, since possession of a huge client base of returnable clients will speak volumes about the credibility and utility of the products. This in turn expands market share by bringing in more customers. Retention strategies are thus, shock-absorbers of the dangerous effects of competition on the rate of churn of customers. They are advocates of customer evangelism marketing, whereby loyal customers spontaneously spread word-of-mouth publicity for your business.