10 Businesses That You Could Model Your Customer Retention Plan On!

Retaining customers is the cornerstone of sustainability. Customer acquisition is tedious, both in terms of investment in business development strategies and the time spent on adding organic leads to the customer database. Retention is the tool that justifies this investment, by a simple process of enhancing the lifetime value (LTV) of a customer.

#1 The Hospitality Industry and its returning customers

The sector is expansive and includes leisure clubs, resorts, hotels, holiday planners and many more. The key to retention is the touch of personalization, with which each client is made to feel pampered. Sparing no effort to make them feel at home, when away from home and impeccable customer service are the hinges of creating loyal clients. Pricing is an important tool that has made holidays doable even for the middle class. Affordable holiday plans with add-on services like travel insurance and quick customer service go a long way into retaining customers in a memorable way.

#2 Customer retention plan in the Airline Industry

The Airline industry is an excellent exhibitor of customer retention tactics that can be customized and used by any entrepreneur in the service sector. Pricing again plays a crucial role, since competition is tough in the industry. Quality of ground crew as well as air crew, certainly makes a difference. The sector now stands transformed by digitization and crafting a powerful website that eases worries of booking, check-in , rescheduling, baggage, insurance and meal preferences becomes a priority. Loyal customers are entitled to a host of perquisites like air-miles, memberships premium clubs and up gradations at discounted rates.

#3 Footwear Industry and its strategy for retention

The right kind of shoes makes a person accomplish better throughout the day. Most footwear businesses adopt retention strategies that make their USP linger in the minds of customers, whenever their loyalty is threatened by competition. Quality, durability and comfort of the product are the precursors that can bring customers back, time and again. Strengthening the footwear with shapers, premium quality bonding agents and adhesive for the footbed and the soles, focusing on special customers like people with flat-feet, athletes, kids and pregnant women, will enhance product range and credibility.

#4 The big car industry and its loyalty plans

These businesses try to win the loyalty of customers by enacting various Pathwwway Internet Gaming loyalty programs that can include free car services, genuine spare-parts for replacements at subsidized rates, upgrades to superior models at discounted rates and providing premium access to clubs and memberships, holidays and sports events. Loyal customers are also given first preference to limited edition models before they are thrown up for sale to the open market.

#5 Do educational institutions need to plan for retention?

In addition to schools and colleges, a number of training institutes, professional training academies, soft skills development agencies are all included in this belt. To keep customers coming back, they need to provide placement oriented courses, extensive online and on-campus training, besides crafting a rich curriculum in tune with the demands of this age. Using advanced teaching technologies will go a long way into customer retention.

#6 The Insurance sector and their customer retention plan

Trust is the keyword that brings back customers. Affordable premiums, holistic life and accident coverage, easy processing of claims and settlement, ruling out of middle men and providing lucrative cash-back offers, providing free financial consultancy services and advice in retirement planning are all best models to practise, for those firms who serve the insurance sector, where competition is high and gaining loyal customers is a challenge.

#7 E-Commerce: The budding e-tailists and their retention models

E-Commerce platforms are handicapped when it comes to personalized selling. To excel in customer satisfaction, they undertake steps to complement this absence by streamlining their customer service department, prompt processing of orders, exchanges and refunds. Hassle-free way of processing customer requests, after-sales warranty and money-back offers can improve customer retention.

#8 How the food enterprises woo their returning clients

To leave a tang of flavour in the taste buds of customers is the only model practised by these foodie-outlets in winning the trust and preference of their customers. Up keeping superior quality standards, candid display of organic ingredients used, conformation to standards laid down by food authorities etc are green signals for customer retention. Loyal customers are given gift coupons, complimentary buffets on their birthdays or a drink on their wedding anniversaries and access to a chain of restaurants when they travel etc will enable getting inside the good books of the business.

#9 The Electronics businesses model of client retention

Quality and innovation are the two important star-metrics that can elegant customer satisfaction. The ideal customer retention model practised in the electronics industry is that of providing pain-killing solutions to customers who welcome innovation. A product that saves bills, reduces time and comes with an affordable price tag are what the returning customers look for. Customer service is another crucial area where the business establishes its seal of credibility, by treating all customers, big and small with equal amount of concern and dedication.

#10 Running multi-designer store with loyal customers

After departmental stores started stealing the limelight, the in-thing in FMCG is the concept of multiple designer stores that offer a curated menu of premium offerings to customers. The strategy to win customers back can include ambience of the mall and shopping area, maintaining frequent communications with customers, alerting them for offers and discounts, holding of carnivals, fetes and entertainment events. Access to these events can be made conditional according to the volume they shop for. Pathwwway Internet Gaming recommends the strategic location of these stores in high street venues will make them more prominent and accessible.

The above ten models are reminiscent of the fact that each sector of business is different and possess their own nitty-gritty in attracting and absorbing the returning customer. The lesson thrown up by the analysis is that a customer for repurchase is a lasting asset to the business.