It’s an age-old tale, but the merit of the statement has yet to lose value. Customer retention is cheaper than customer acquisition.
If you spent time and billable hours on marketing campaigns, business development strategies, and other forms of outreach to gain a client, you would want to keep them. You could improve customer retention by asking for feedback, maintaining open communication, and improving customer support.
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Customer retention is the rate at which customers stay with a business for a given period. Here are some major reasons why your business might benefit from focusing on customer retention:
These are only a few reasons to consider spending more time on customer retention and keeping your existing customers happy with your product or service.
Striving for good customer service can be an excellent way to improve your customer retention or churn rate. You can build trust and credibility with your brand by looking for ways to attend to your customers' needs and wants.
Focus on authenticity and be personable with your customer interactions. Customers want to be treated with respect and kindness, and it can influence their choice of service providers or brands. For example, a study by McKinsey claims that 71% of customers expect businesses to deliver personalized interactions and get frustrated if it doesn't happen.
Customer feedback is one of the most useful tools that a business can collect and utilize. The different insights, issues, and comments made from within your community can be used to better your product or service and how you deliver it.
Ultimately, your customers are essential to growth and profit in most businesses. Keeping them happy and satisfied with your services can be a make-or-break factor. Use customer feedback as a guide for improvements, and consider tailoring how you interact with customers on the feedback from existing ones.
You may have heard it before and are about to hear it again. Business is built on relationships. Consumers are much more likely to invest in a product or service from someone they know and trust. Here are some tips for fostering strong customer relationships:
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Don't pretend to be perfect, and don't pretend that your company is perfect. Humans make mistakes, and that's normal. How you handle and grow from those mistakes can make a tremendous difference.
Mistakes are human, and a company willing to admit them can demonstrate to their clients that they are human too. Apologizing for your errors shows that you recognize a mistake was made, and you are committed to fixing it.
Stand out as a company that values its customers and is open to accepting fault if things go wrong. Your customer may be drawn to the honesty and thankful that you are untrustworthy and aren't trying to sweep anything under the rug.
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