How to increase your customer retention rates
Attracting new customers can seem like the be all and end all of everything. However, retaining your current customers can bring in more benefits to your company.
Gaining new customers can cost companies up to 5x more than attempting to retain current ones. Whereas just an 5% increase in customer retention can increase a company’s profitability by 75%. Here at Comms Unite we can help effectively increase your customer retention rates.
Listen to Customer and Employee Feedback
Improving your customer and employee communication can significantly increase your company retention rates. Get a better idea of how to improve your business by listening to feedback from your customers and employees.
To receive constructive feedback, it is important to provide easy straight forward ways for people to respond such as an email survey or online poll. The most important thing to remember is to make giving feedback convenient and worthwhile for your customer or employees time. You will need to make your methods as beneficiary as possible for example proving pre-written or multiple-choice responses.
Offer Flexible Pricing Models
Pricing is one of the most powerful, strategies available to businesses. Having flexible pricing of models according to each company’s requirements is essential to increase your retentions rates. Weather its paying a monthly fee or paying upfront for the year adapting your pricing makes your business more competitive, and shows willingness to support all customers.
Set Customer Expectations Early
Be honest, and set realistic expectations to your customers. You may consider this tactic to be one of the easiest of your customer service strategy to implement for improve customers satisfaction.
Excellent customer service and high customer satisfaction must start with understanding customer expectations.
There is nothing a customer hates more than a company not delivering what was expected this leads to dissatisfaction and disappointment. Not meeting customers expectations is a way to lose customers to your competitors.
Be prepared and support your customer’s needs before they arise, can help significantly increase your business retention rates. By preparing in advance how to provide for your customer, they will be very impressed you are able to offer them a level of attentiveness.
Going above and beyond your customers expectations by offering them additional support without being prompted will impress your customers. Try creating a system in which your employees are to contact customers to enquire they are happy with the overall satisfaction for the resolution provided by the agent.
Be a Trusted Adviser
Show your customers that your business and its employees have the experience, training and knowledge to be trusted to know what they’re talking about. This will build up trusting relationships with your customers to help hold their loyalty.
Regular update your blog, social media, or send email newsletters this is a brilliant was to offer useful advice on all services you provide. In addition, this shows your company has technical expertise it also creates more ways for customers to access your website and services.
Keeping customers is as important as finding new ones, so improving your retention rates is important for your business.