When talking to other business owners recently, one of the common priorities we’re hearing is around customer retention. And we all know retaining customers is essential for any business, and it shouldn’t be complicated. Not only does it reduce churn and save money in the long run, but it also increases the lifetime value of your customer.
As a refresher, we thought it would be useful to share three top tips to help you keep your customers coming back for more:
Provide amazing customer service:
Nothing beats good old-fashioned customer service. Make sure your customers feel heard and valued. Respond to their queries and concerns in a timely manner and go the extra mile to make them happy. This helps to reduce churn, as customers are more likely to stay with a company that values their satisfaction and happiness. Service with a smile (you can grimace later).
Keep your product or service fresh:
No one likes stale bread (except maybe a duck). Keep things interesting by regularly updating and improving your offering and communicating it to your customers. This will keep your customers up-to-date with what you’re doing, what’s changed and what else you can help them with. Plus, the more you keep front-of-mind they more they’ll be inclined to use your product or service.
Segment your data:
This is a biggie! As we know not all customers are the same. By grouping customers based on their behaviour, purchases, demographics, or other characteristics, you can really understand their needs and tailor your engagement to suit. So, if they’ve just bought a bike from you, offer them a helmet – not the same bike at a reduced rate! (yes that has happened).
Focusing on retention is all about building long-term relationships. And be honest, who doesn’t love a loyal customer who keeps coming back for more?
And it’s worth remembering, as a general rule of thumb, the cost of acquiring a new customer is five times more than retaining an existing one. Food for thought wouldn’t you say?
And if you’ve got any questions or thoughts on our pearls of wisdom, we’d love to hear from you. Just drop us a message or pick up the phone.