4 Customer Retention Strategies That Really Work

What is customer retention?

Customer retention shows the change in the number of customers between the beginning and the end of a specified period. Building customer loyalty puts “customer value” at the center of business strategy. One of the important prerequisites for successful customer retention is meeting the customer’s primary needs and expectations. Customer retention is directly related to a company’s sustainable profits and increased liquidity. To retain customers, companies are adopting various engagement strategies to further enhance their experience.

Customer retention rate (CRR) shows the percentage of customers that a company has retained over time.

CRR = ((Customers at end of the period — New customers during this period) / Total customers at the start of the period) x 100

“We see our customers as invited guests to a party, and we are the hosts. It’s our job every day to make important aspects of the customer experience a little better”. — Jeff Bezos

Ask your customers

The basis of the company’s success strategy should be the opinion of the customer using the given product/service. The customer understands better and, as a result of his/her experience, gives feedback that will contribute to improving the quality of the product/service. They love when their opinion counts. By collecting customer feedback from time to time, the company gets an opportunity to make more targeted updates, improving the quality of the product/service as well as the customer experience.

Educate to succeed

The customer should know everything while using the product/service. They should enjoy using your platform. You should work hard to educate them and provide them with various resources to demonstrate the ease of use of your product/service. You can provide guides, videos, and other helpful resources to educate your customers.

Maintain 24/7 contact with customers

Meeting customer expectations should be at the core of the business. They always expect your quick response, so you need to automate your business to keep in touch with customers through different channels. In this case, activating chatbots on your website, and responding quickly to targeted emails is important to keep customers and not lose them.

Reward customers for encouraging them

Customers love attention and care. Simple things also attract a lot of attention from them. You can give away freebies, discounts, and various gifts to encourage customers. This is one of the most important conditions for increasing customer LTV.

Was it helpful? Also, read the blog about key points to gain customer trust.

Read here: Key points online merchants can gain consumer confidence

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