Customer retention is something that you’ll want to aim a lot of attention towards, if you want your business to succeed in the long term.
Failure to do so will mean that your business is on a treadmill, trying to constantly win new customers, just because you’re losing so many existing ones – something that can become quite expensive.
After all, it costs 5 times more to acquire a new customer – than it does to keep an existing one.
In this post, we’re going to take a look at what you can do to improve customer retention within your business.
We’ll look at how you can use data from past customers to improve future customer retention, but also what you can ask existing customers, so that they become long term users of your product.
Understand why existing customers are leaving in the first place
If you want to improve customer retention, it’s a good idea to take a step back and figure out why people are leaving in the first place.
If you know the reasons that lead to people leaving, you can take steps to tackle those reasons.
And, if less people are leaving, you’ll be improving customer retention!
So, what can you do to figure out why people are leaving?
One strategy you can adopt is to obtain feedback from people who have decided to no longer be customers.
There are two parts to improving customer experience.
The first includes taking the feedback you have received from existing customers and putting it into action.
The second includes working on specific parts of your business that will impact customer retention.
I can’t provide you with a lot of guidance related to the first part, because I do not have access to feedback provided by your customers.
However, I can highlight some of the key parts of your business that you need to be focusing on if you want to improve customer retention.
The first element you need to focus on is the customer on-boarding process.
It is essential that during the customer on-boarding process, you clearly provide new customers with the training that they need, in order to use your product effectively.
If you can use the on-boarding process to achieve some quick wins for the customer, you’ll increase the chances of the them becoming long term customers.
The on-boarding process doesn’t need to be entirely digital. You can arrange a phone call with new customers, during which you help them get started and answer any questions that they might have.
The second element that you need to focus on is customer service.
This is similar to the on-boarding process – though it applies to a longer time scale.
Your customers want to feel respected and that you’re listening to what they have to say.
Customer service opportunities are your chance to make them feel that way.
One key way that you can improve customer service within your company is by making your support team easily accessible.
A great way to achieve this is by providing a live chat solution, on your site.
Live chat is a good option, because it’s fast.
You may also want to provide a phone number that customers can use to reach out to you, should they have any questions.
It is important that you make both the live chat and the phone number easily visible.
Don’t make it hard for your customers when they want to speak to you.
Aside from feeling respected, customers also value speed, when it comes to customer support.
After all, if your service is critical to the functioning of their business, any time wasted could also mean money lost on their side – and maybe your side too, if long support times cause them to cancel.
If the current staff you have assigned to support are overwhelmed, consider allocating some more people to the support team.
It might sound odd, but great customer service can also be a great marketing tool.
If your customers have a great experience with your support staff, there is a good chance that they’ll let other people know about what happened.
Obtaining new customers for your business is a lot harder than keeping existing ones. In this post, we’ve taken a look at the steps that you need to take, if you want to keep your existing customers.
We’ve placed a focus on how you can find out why customers are leaving, but also what can be done with the information that you have unearthed.
We’ve examined how you can keep existing customers happy, using methods that don’t necessarily relate to creating a better user experience.
Take action on these tips, and use them to improve customer retention in your business. There’s a good chance that you’ll be able to see some positive results by doing so.
What have you found to work best when it comes to improving customer retention?