How Important Is Customer Retention Rates In Your Business?
Here are the 4 ways you need to know to improve your customer retention rates by Carly Stec, Impact Branding and Design
80% of your company’s future revenue will come from just 20% of your existing customers.
This means that your customer base should be right up there on the list of your favorite things.
They are the ones that drive your success, and keep your business in motion.
You can’t afford to ignore these 4 ways to improve your customer retention.
1. Become an Expert
- The best way to prove your worth is to produce content that reflects your expertise and nothing less.
- High quality content works just as effectively to retain existing customer interests as it does to attract new leads.
- Develop a content marketing strategy that strikes a balance between producing information that seeks to educate old customers while continuing to feed the interest of new leads.
- Strive to create content that outshines the subject matter put forth by your competitors.
2. Issue a Newsletter Worth Reading
- Keep your current customers in the loop with a weekly, monthly, or even quarterly newsletter just for them.
- A newsletter gives your business the space to engage with your customers, while shedding a positive light on your businesses’ most recent developments.
- Customer-centric newsletters help to establish a sense of community, making it easier for your customers to stay in tune with what your company has to offer, while setting the scene for feedback and further discussion.
3. Provide Extraordinary Customer Service
- These 3 questions are what you should be asking yourself on a regular basis to ensure that you are putting forth the highest level of customer service possible.
- What are we not doing?
- What should we start doing?
- What is something that we can change?
It is essential to recognize that your customer service serves as your main form of communication with your customers, both new and returning.
4. Make Use of Feedback
- The way in which your company handles social media feedback (the good, the bad, and the ugly) has the ability to make or break your customer retention.
- Whether it’s a compliment or a complaint, your customer service representative must learn to take a step back, and address the suggestion in a professional, timely manner.
- Failing to acknowledge customer outreach on social media platforms can directly translate into your lack of concern for your customer’s satisfaction.
- Beyond developing a strategy for handling feedback responses, consider what you can pull from the feedback in order to improve your overall marketing strategy.
- Knowing what your customers like, and what they don’t like will help you make future decisions regarding content, products, and services.
Keep in mind that repeat customers spend 33% more than new customers so take their opinions seriously.
Remember……A strong customer retention rate translates to a strong army of brand advocates.
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To Your Success,