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5 Customer Retention Strategies that Work!

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We all know that keeping customers makes good business sense. But the real impact to your bottom line is so big it might surprise you!

These slides provide 5 practical ways in which you can reach your retention goals.

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5 Customer Retention Strategies that Work!

  1. 1. 5 Customer Retention Strategies that Work!
  2. 2. We all know that keeping customers makes good business sense. But the real impact to your bottom line is so big it might surprise you!
  3. 3. According to Bain & Co, just a 5% increase in customer retention can increase a company’s profitability by 75%. And on average, loyal customers are worth up to 10x as much as their first purchase.
  4. 4. So what can you do to make sure you are keeping your customers happy and loyal?
  5. 5. 1.) Have a Feedback System You can’t fix problems you don’t know you have. It’s vital that you hear from your customers themselves. Talking to your customers or adopting a simple survey system such as NPS will help you to understand your customers opinions about your business and the products or services you deliver. Armed with this insight you’ll be able to take action and improve the experience for your audience. Leading to happier, more loyal customers.
  6. 6. 2.) Go above and beyond your customers expectations A lot of the time companies overlook how important this is. But put yourself in your customer’s shoes and think of ways in which you can make them feel special. If you just meet expectations, customers will be content, but not happy. If you think about it, the times that you have felt really happy with a product or service you received, you probably got something that exceeded your initial expectations.
  7. 7. 3.) Empower your employees Retention doesn’t happen in the board room, but with the employees in the front line who face your customers daily. It’s important that your employees feel empowered to use their judgement to make the best decisions for your customer. A simple way of doing this is to allow anyone to make decisions below a certain cost without having to ask a manager for approval. Employees will be able to solve more problems for customers on the spot, and customers will get their issues solved immediately, making both employees and customers happier.
  8. 8. 4.) Use complaints as opportunities Your most unhappy customers can be your greatest source of learning. It’s important to make sure that when you have a complaint, you take the time at first to just listen. Apologies and follow through with a solution to resolve the complaint. Then make sure they are satisfied with the outcome. But don’t stop there. This is your chance to exceed expectations, whether this is to provide them with a free upgrade or a discount on their next purchase. By doing this, your once unhappy customer is going to feel a lot more valued and a lot more likely to come back to you as a result.
  9. 9. 5.) Have a personality People buy from people. So why not inject some personality into your business? You’d be pretty lucky to have someone buy a low quality product from you just because of your charm alone. But with a good product at hand, you can stand out from your competitors and really connect with your customers. Speak to your customers like you would speak to anyone. Don’t sound like a corporate-drone spouting off lines that sound like they were approved by your legal department. Being more personal, more human goes a long way!
  10. 10. Find out more ways that you can grow your business into one that customers love at devoted.io

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