7 WAYS TO RETAIN YOUR CUSTOMERS
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7 Ways to Retain Your Customers
Customer retention is key to building a thriving and sustainable business. In fact, a recent study conducted by Bain & Company found that an increase of just 5% in customer retention can increase overall business profits by between 25% and 95%. Follow these tips to keep customers satisfied and willing to return to your business again and again.
1. Track Your Retention Rates
Data is everything, and you can’t fix an issue that you don’t know exists. Set up a system for tracking total customers, repeat customers, and new customers over a set time period such as one month, one quarter, one year, or longer so you can understand where your business is currently at and track improvement over time.
2. Ask for (and Listen to) Feedback
Hearing feedback and commentary directly from the customer can be invaluable in identifying pain points or other issues that need to be fixed to keep customers coming back. Proactively ask customers for feedback after a purchase or project, and pay attention to your business’s online ratings and reviews to get a sense of what your reputation is in the community.
3. Prioritize Customer Service
Receiving great customer service is incredibly important to customers– in fact, a study conducted by Microsoft found that 90% of global consumers indicated that they consider customer service important criteria when choosing a brand. Within this realm, communication is everything, so try to get in contact early and often to keep customers informed and in the loop.
4. Make Doing Business With You as Easy as Possible
Think through the experience that customers have when they do business with your company, and try to identify areas where you could reduce friction. Focusing on providing things like prompt communication, easy scheduling, upfront pricing, and efficient service will make it more likely that customers will return.
5. Don’t Forget About Your Online Presence
When it comes to customer service and ease of doing business, don’t forget about your website, email, and social media. Focus on adhering to the same high standards of prompt communication, friendly interactions, and personalized service when online as when you’re face-to-face with a customer.
6. Find Opportunities to Cross-Sell
The more products or services you can provide to a group of customers, the more often they’ll be able to come to you for a purchase. If you can provide any additional or related services or products in your business’s niche, it’s an opportunity to capture more repeat customers and increase profits.
7. Exceed Expectations
Nothing substitutes for a job well done. Providing truly high-quality services or products, aiming for 100% customer satisfaction, and making efforts to go above and beyond where possible will leave a positive impression that will improve your business’s reputation and keep customers coming back to you in the future.
Grow Your Business with Digital Marketing Solutions from Skoshe
If you’re looking for additional ways to increase customer retention or want to learn more about how to effectively implement these changes, Skoshe can help. We have over 20 years of experience helping businesses of all sizes expand their reach, increase their audience, and grow their profits through proven digital marketing strategies. Contact us today to learn more.