You know how there are memes on the internet chastising people for completely giving up trying or putting effort into a relationship? The same intent translates into the relationship between a company and its customers.
While acquiring new customers may look like the best thing for your company, retaining an existing one is a trick to a successful business.
If you are a regular follower of our blog, you may already be a marketing sensei! It is now time to learn about how to keep in touch with your customers.
In this blog, not only will we discuss different ways to keep customers coming back to your store but also how to deal with difficult customers if you ever encounter them….
But first, let’s take a quick look at this summary video:
The Math of Customer Retention
A survey by Social bakers states that 61.7% of businesses prioritize customer accession through social platforms compared to only 28.9% towards customer care. Contrarily, the success rate in existing customer sales is around 60 to 70%, as opposed to a low probability of 5 to 20% in newer clients.
Thus, it can be argued that smaller companies should utilize their existing customer network to triumph in the business market. Furthermore, even a growth of 5% in customer retention can increase that company’s business by a whopping 95%.
In conclusion, we shouldn’t underestimate the sales opportunities that stem from customer loyalty and word-of-mouth recommendations. Up to 90% of a business’s new customers come from the recommendations from their existing customers, so it’s crucial that your existing customers have only nice things to say about you.
Strategies for Customer Retention
When brainstorming for customer retention plans or campaigns, one line of thinking would be to put yourself in the customers’ shoes and make a list of all the things you would want from your company as a customer.
The next step is to cross out all unfeasible demands and work on the remaining points that:
a. have the potential for actual customer retention and
b. are doable for the company
If you are wondering how to build a good customer relationship, the number one way to gain loyal customers is to be loyal to one’s customers. Yes, it’s that simple!
With the number of businesses growing every day, it is more important now than ever to provide effective customer service in order to stay relevant. It is essential to not only communicate for formality but also seek the customers out and consistently update their contact information.
Businesses need to be cognizant that their customers have different needs and expectations. When these needs are catered to (only reasonable requests, of course) as required, they feel valued and personally invested in the company.
This can be done in various ways, for instance, recognizing their birthdays, giving recommendations on matters outside the business, or even letting customers in on the new products via sneak-peaks.
The number one way to gain loyal customers is to be loyal to one’s customers.
Every and anyone who’s the least bit interested in beauty knows of Sephora. This $10 billion company inspires customer retention with this Beauty Insider rewards program available for free to all its customers.
For every purchase, customers get points that they can then redeem. It also remembers their birthdays and gifts them on their special day!
Additionally, showing support on their social media or blog posts by posting a like or a comment and asking them out for luncheon is especially important for B2B customers to build a personal, trusting relationship.
However, we shouldn’t be surprised that most customer retention strategies for 2021 are digital that require just two things: some form of information system (to utilize your customer data in the best possible manner) and an intent to keep the customers reeled in.
1. Tackling Social Media
One of the answers to “How to retain existing customers?” is social media. Digital platforms are a great way to introduce new customers to a business and increase the business’s outreach.
However, it is equally essential in keeping the existing customers in check. This can be done succinctly with targeted social media content, such as Q&A stories asking what they like about a particular product, a poll about which product from your brand is their favorite so far, or quizzes that only existing customers would know, etc.
2. Hear One, Hear All
In terms of content marketing for customer retention, newsletters are a great way to keep customers updated on new items/services.
Customer testimonials also help in keeping in touch with the customer, with positive testimonials aiding in attracting potential customers.
While running a business, the key is to be focused on benefiting the customers and not pressuring them.
3. Reward Loyalty with Loyalty
There are several methods to celebrate your clients; loyal customers are always thrilled to be the first ones to know about new discounts and offers, as such.
Moreover, they are equally elated to know the inner workings of the business. As a result, the business will be provided with unmatched coverage.
4. I Just Called to Say….
Another way to retain acquired partners is excellent customer service as everyone wants their complaints and queries to be addressed. What better platform than social media for all of this?
Be receptive to your customer’s comments and direct messages; make a thread answering their question, conduct live streams where you can invite your customers for a chat, etc.
Overall, there must be a balance between constant outreach and connection maintenance to keep growth steady and sustained.
Client Servicing 101
Your customers are your business’s most valuable assets and should be treated accordingly.
A company’s lack of effort to connect with the customers makes it easy for them to forget about the brand. Many customers even start losing interest in the company when businesses grow too fast and lack enough manpower or when it fails to reward customer loyalty.
This is a big loss to businesses when customers, to whom your products and services were initially a favorite, find solace in your competitor.
However, if a member gets a regular email or social inbox with interesting offers, this may hold the customer’s attention and their business!
Content marketing for customer retention can also be applied in the form of fortnightly checking in with the customers or even daily messages of affirmation to help them be inspired while starting their day.
Please note that these messages (especially the daily ones) can be annoying to some of your customers, so it may be better to send such messages to only those who appreciate it; you can do this by conducting a customer survey or analyzing your email open rate.
Building a Strong Community Together!
Staying in touch with customers and building relationships on an individual level can also help create a community base that is loyal to your brand and shares your content leading to new referrals, ensuring more outreach.
It also helps anticipate your customers’ needs individually, helping to identify those who are at risk of leaving your business. It even wins back members who have set in motion canceling their contract by making relevant, personalized offers to help dissuade them.
Hence, personalized, targeted communication is necessary for a mutually beneficial relationship. Employing this, companies can secure revenue and a lasting connection, leading the customers to feel satisfied, valued, and appreciated.
Similarly, engaging in a conversation with the customers to provide advice and help through social media is one of the sociable ways to stay in touch with them. Another way would be to drop a personalized email to catch up and include your helpful post or articles.
How to Handle Demanding Customers Like a Pro
There are instances when no matter how much effort you put in customer servicing, some customers neither appreciate it nor stop their association with your business.
So if you find yourself dealing with such demanding customers, here are six useful tips to handle the situation like a pro:
1. Do not belittle them
2. Stay calm
3. Stand your ground
4. Listen to their complaints
5. Apologize and solve their problems
6. Do not take it personally
Customer Retention: The Crash Course
Now that we have reached the end of this article, it’s time for a quick recap of strategies you can follow to retain your customers.
1. Keep your customers informed about your businesses
2. Be kind to them
3. Be receptive to their feedbacks
4. Give unique opportunities to the customers
5. Create a community for them
6. Engage in things that matter to your customers
7. Appreciate and be grateful to your customers
By employing specific customer retention strategies that we have mentioned throughout this article, you will find that it is crucial to keep in touch with customers so that they remember to choose and recommend your company the next time they need a product your company offers.
Remember, the relationship between a customer and the company isn’t any different than other kinds of relationships. That is, both parties need to make an effort to make it work. This is especially true for small businesses and startups.
How did you like May Thawdar Oo’s blog post “Business 101: Keep Your Customers Reeled In!”? Let us know in the comments if you have anything to add, have another content idea for beauty content marketing blog posts, or just want to say “hello.” 🙂