5 Ways Business Owners Can Increase Customer Retention Rate

5 Ways Business Owners Can Increase Customer Retention Rate


5 Ways Business Owners Can Increase Customer Retention Rate –

“Customer is a king for any business” 

But how well do you as a business owner take care of them? 

The difference between the companies that grow gradually and the ones which have a sudden failure is how mindful they are when they think about their customers and the service that their business is providing. 

So what is that can help you as a business owner to survive in the market is your customers. Now the question arises how will you assure that they are happy and will remain loyal to your brand for a longer time? You might be thinking, by providing them with the best service.

Yes, providing good service is important for a business to gain and retain customers, but there are many other things too that matters when it comes to maintaining a long term relation with your customers.

Here in this blog, I have provided some techniques that can help you maintain as well as improve your business customer retention rate. 

Also Read – What is the Scope of Business Intelligence in 2020?

Check out the 5 Ways Business Owners Can Increase Customer Retention Rate –

  • Keep them engaged –

It’s a human nature that people get more attracted and engaged with the changes happening around them, so in order to keep up the number of people that are connected to your business, make sure you come up with something new every now and then.

It could be anything like a new feature to your app, or exciting offers or take away, a contest, anything that could interest them and keep up the zeal of being connected to your service. Doing this will ensure you to get a good ROI as there are 95% chances that your customer will like to revisit you in the greed of the offers and the freshness that you are offering on their every visit.

  • Take regular feedbacks –

The most important person for your brand or the product is the end users, yes they are the ones who are going to use what you create so they are the best people who could provide you with an unbiased and a true product review.

Make a habit of asking your frequent visitors about how they feel while using your service or product? Are there any loopholes they find in it? Or is there anything that they could suggest as a change in the service that they have experienced better somewhere else.

Talking and knowing the perspective from the customer’s point of view will help you make the service better and will also make your customers feel valued for using what you offer. 

Always show your gratitude for the ones giving some positive feedback, whereas for the other people who speak something bad, thank them for their feedback and assure them the improvement will be made based on their feedback on their next visit. This is the easiest way to make some good relations with your customers which tend to go for a longer run.

  • Value your loyal customers –

What is the advantage of using your service daily? Your regular customers are the most loyal ones that remain stick to your business at your highs and lows. Such are the people that must be recognized and must be rewarded by the business owners. 

Identify the top customers of your business from your purchasing database, or just create a user account where each of them can pass through the loyalty stages and open up their badges or reward points as they step up the loyalty ladder of your business account. This customer loyalty technique will increase the repeated use of your service in the greed of the customer to unlock the next stage and will improve the customer retention rate.

Treating your regulars with a little extra care by offering some benefits that most of the occasional customers can not avail will help you make them feel that they acquire some special place in your business and you as a business owner is putting the right interest and efforts to maintain them.

  • Learn them and try to personalize their experience –

The best way to maintain your customer rate is by giving them the experience that they will be unable to find it anywhere else in the market. Always make your effort such that your customer thinks twice before switching to your competitor for your service.

Track your customer’s preferences, learn how each of them liked to be served and what are those things that interest them. Noticing these small things will help you give them the personalized experience and they will feel special to revisit the place that understands their likings so well to be served in the same way as they like things to be. 

This increases the chances of more people coming back to get served from you as you create a comfort zone for them with your service giving them some life experiences.

Maintain a good social media rapo with your customer –

As 90% people around now are on social media, having one for your business is a must. These platforms are the most convenient way to remain connected with your customers and improve customer engagement. Through social media, you will be able to directly contact them and also present and update them about the new offerings.

Social media makes it too easy for them to connect with you directly and express their concerns and also share their best moments and experiences within clicks in any format whether photo, video and text. 

Be very cautious about your social media image in front of your customers as most of the people or your prospective customers look for the reviews that the other buyers have put up on these platforms before making a decision to jump to your service. Study what they write about you on these social platforms and in case of a negative comment, try to handle with maturity such that it doesn’t affect the company’s reputation in any way.

Conclusion –

Gaining new customers is a sign of the business growth but maintaining the old ones is indeed the sign of the value your business has created in the market. Your existing customers are the door to the new customer and a fixed balance sheet to your business revenue and in order to cultivate good customer relationships, you as a business owner need to nurture this aspect of your business very carefully.

Applying the right customer retention techniques in the business routine will eventually build a larger customer base and help your business gain higher profits. Also check the importance of GMB reviews for customer retention rate.

Author Bio –

James Vargas is an experienced business expert, business management consultant, and manager at Get Everything Delivered. With the 1.5-decade corporate experience, he is now sharing his guidance to start-ups to grow with corporate team building activities and project delivery solutions.

Also Read – 7 Management Tips That Are Essential For Your Business

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