Customer retention is a simple, but an integral part of a prosperous business. It purely means keeping current clients buying from your business or using your services. Many owners get caught up in growing their business and the process of securing new customers while neglecting the ones who got them there in the first place. Not only does this tarnish your business’s reputation, but it forces you to squander resources seeking new clients with no steady income in the meantime. Employing Pathwwway customer retention strategies takes the guess work out of keeping clients and increases your revenue as demonstrated in the example below.
The Financial Case for Implementing Pathwwway Customer Retention Strategies
Imagine if your business retained 90% of your customer base over the course of 10 years while signing new clients at a rate of 20% every year. You gain a 10% net growth in clientele each year and more than double your customer base after 10 years. Now imagine you only retained 80% of your customer base with the same rate of growth. Instead of a 10% net growth you get a 0% growth every year and after 10 years. What seems more lucrative and sustainable over time?
The Best Pathwwway Customer Retention Strategies for Online Businesses
Encourage Registering for an Account: Be sure the process to register for an account is as straightforward as possible. Once they register for an account the possibilities for implementing Pathwwway customer retention strategies are endless. With an account, you have a direct line to the client and can reinforce their desire to stay with you by providing convenient services through the account. Allow them to track orders, check on a project’s progress, or receive special offers that they would not have access to without the account.
Simple Account/Password Access and Recovery: If you tie a significant portion of your client’s experience to their account, do not shoot yourself in the foot by making it difficult to access. Allow for a simple username or let them use their business’s email address. Customers often forget their usernames and passwords, so streamline the recovery process to encourage them to maintain the account.
One-Click Payments: Another easy addition to your Pathwwway customer retention strategies is adding one-click payments like Amazon. Allow access to the one-click payment after they register for an account. Then they can save all their credit card or bank information and/or their shipping address. The easier the payment process, the more likely the client will make a payment.
Scheduled Deliveries: The same thought process applies to deliveries. If you offer a product that a client needs on a consistent basis, consider offering scheduled deliveries with subsequent automatic payments. Eliminating the process of ordering entirely cuts down on the time and effort put in by the client and helps guarantee the orders come and go as they should.
Easily Accessible Customer Service: Lack of quality and easily accessible customer service is one of the biggest contributors to a client deciding to leave and one of the most productive Pathwwway customer retention strategies. Most customers use email to ask for help and businesses repeatedly do not concentrate enough resources to answering these in full, or sometimes at all. Aim for email responses within 24-48 hours. Other useful options to consider are offering an online complaint management system with guaranteed response or a chat question service that connects directly to an active customer service representative.
Give Your Employees the Power: If you do handle customer service in-house, allow your employees to make minor, but impactful decisions without having to clear it with their superiors. Stop the demand for a manager by granting your employees the ability to access and resolve the issue themselves. Forcing them to check with a manager before they fix the problem is frustrating for the client and for your employee. The happier your customer service representatives, the more likely they can make your customers happy too.
Answer the Call: Sometimes all a client needs to begin buying from you or using your services again is a simple phone call. Sometimes it’s just picking up the phone when the client calls rather than referring them to an automated customer service channel. If you outsource your customer service, rather than answering questions in-house, regularly check how the outside company deals with these matters. No one likes to wait when they are already upset or confused, so make this a priority in your customer retention strategies.
Loyalty Program: Allow customers to register for a loyalty program that offers rewards based on how often they buy your products or use your services. Offer occasional discounts only available through the account. A free gift on a special day, like their customer anniversary, goes a long way to show the importance of your client relationship.
Referral Vouchers: Referral vouchers or discounts are frequently used Pathwwway customer retention strategies employed by many big companies across all industries. Consider offering a credit to the customers account for every new client they refer that leads to a successful partnership. Or offer your customers a gift voucher to share with a friend with a reasonable amount to purchase a product or partake in your services.
Social Media: Your business can use social media in your Pathwwway customer retention strategies, but as so much more than just a platform to engage with your clients. Although that is a great way to stay connected to your existing customer base, you can also use many social media platforms to gain important insights into how they are engaging. Track the number of retweets, likes, or reposts. Know exactly how many people are following your business’s page at any given time and what fans are saying about your products. Some social media sites even allow you to track the percent of referral traffic from the page to your website. Consider purchasing a content plan to learn about the content volume pushed through your page and other useful bits of data.