Every company desires to keep existing customers as well as attract new ones. In today's competitive environment, customer retention has become a challenge for most firms, regardless of size and industry. This is due to the fact that now more than ever companies have started focusing on delivering superior customer service, thanks to technology these days it is easier to connect with your customers across the globe.
Customer Retention Strategies: Peter DeCaprio
Firms today are investing considerable amount of time and money in developing strategies aimed at attracting new customers and retaining existing ones. According to a successful company – "Below I am mentioning few of the most effective ways by which you can retain your existing customers"
1) Develop an exceptional product or service:
Before developing a strategy, companies need to make sure to have an exceptional product or service. This is the foremost priority for any business to succeed against competitors in this competitive world.
2) Invest in CRM software:
These days CRM software are becoming very popular among marketers, who are looking ways to retain their customers. It helps them in tracking feedbacks, connecting with customers on real-time basis and gaining valuable insights about their preferences & behavior patterns. With these tools at hand, managers can easily know what their customers like and how they purchase products as well as services from a company.
3) Customer Service:
When it comes to customer service , many companies fail because they ignore even the basics of good customer service such as; making eye contact, asking as well as listening to customers questions, following up with customers and being patient.
4) Customer Loyalty Programs:
In today's age of technology, companies have started focusing on development customer loyalty programs that would help them in enticing customers to return back to their shop . This has helped many businesses in retaining existing customers along with attracting new ones.
5) Referral Programs:
Another powerful strategy is by encouraging your existing customers for referring business associates who are looking forward to opening an account or closing a transaction. You can offer rewards for these referrals so they consider it more of a privilege rather than just another responsibility of theirs.
6) Loyalty Coupons/ Discounts:
Many business owners believe that offering discounts on various products and services is a good way to attract new customers. Although it may work at some point but in the long run, this would not be a great strategy. Instead, you can offer loyalty coupons that will motivate existing customers in coming back again with their friends.
7) Handling Customer Complaints:
Implementing superior customer service includes handling customer complaints well even before they escalate into major issues. Always remember that every complaint is an opportunity to maintain your business relationship with your existing customers. You need to share your contact information so that if there are any issues during purchase, they have someone they can talk to about it.
8) Gain Active Feedback from Customers:
Gain active feedbacks from your existing customers by conducting online surveys. This will help managers know about issues they might be having with your products or services. You can also gather feedbacks before launching new products to ensure quality and understand expectations of customers.
9) Social Media:
Today social media has become a powerful tool to reach out to potential customers, who are looking for reviews before making a purchase decision. Take advantage of this medium by regularly promoting deals, discounts, products & services on various social networking websites such as Facebook, Google+, Pinterest, Twitter etc., here you can offer rewards in return for taking feedbacks from customers about your company.
10) Celebrating Customer Successes:
Don't forget to celebrate customer successes along their birthdays either through sending them free coupons, discounts or just a personalized thank you note. This would encourage customers to repurchase products & services from your company again.
11) Customer Retention Call:
Last but not the least; do not forget to call individuals on their birthdays who have shopped with your store regularly. These types of calls are very personal and they make people feel special. But make sure that individuals don't say goodbye knowing it's a sales call or else you'll lose them forever.
Conclusion:
A successful company has the ability of retaining existing customers even without advertising says Peter DeCaprio. The more you focus on customer retention, the more it would help in attracting new customers. Customers are loyal to those who served them well over time and that are why customer satisfaction is of utmost importance for companies wanting to grow. This helps not only bring back old customers but also attract new ones resulting in increased revenue generation.
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