If customer loyalty is important to your business’ success, then you should focus on increasing customer retention says Aron Govil.
In the age of digital disruption, customer retention has never been more important.
Here are some tips from our new ebook to help improve your organization’s customer retention rate:
1) Focus on Customer Experience:
Customer experience is a huge part of what determines a company’s ability to retain customers. If you make customers unhappy, they will leave. The best way to keep customers coming back for more is by providing them with a great online and offline shopping experience each time they interact with your brand.
2) Learn from Your Mistakes:
When something goes wrong with a purchase, it might be to just sweep the whole thing under the rug explains Aron Govil. However, if you want to retain your customers, then take a look at what went wrong and work on correcting it. If you learn from these mistakes, they won’t happen again.
3) Know Your Customer’s Expectations:
When running a business, all of us should develop an understanding for our customers’ expectations so that we can provide them with exactly what they are looking for. When you don’t meet customer expectations, they will leave. That doesn’t mean that you have to give people everything they want –but knowing what kind of service they are expecting is key to retaining customers.
4) Personalize Interactions with Customers:
Customers appreciate being treated as individuals by businesses who value their business time and money. Many companies use high-tech tools that provide them with information about their customers, which is usually stored in databases that they can then learn more about these individuals.
5) Anticipate the Needs of your Customers:
It sounds simple — but anticipating future customer needs can help you retain them. Even if these are very basic requests, satisfying your customer’s needs will make them feel valued. If they know exactly what to expect from you each time they come to your business or website, then you will be able to retain more customers for a longer period of time.
Here are some FAQs recently asked by our readers:
Are your tips and advice still relevant to the digital age?
Yes. Digital disruption might change some of the ways that businesses interact with customers, but these changes are not necessarily negative. In fact, many of them are highly advantageous for businesses that know how to use them correctly. Technology today can help companies get in touch with their target audiences more effectively than ever before says Aron Govil.
How does technology impact marketing strategies?
Technology has changed a lot about marketing, including how you develop an audience, how you deliver information to this audience, and how you engage with your client base throughout each stage of this process. Businesses that don’t know how to leverage new technologies will typically lose out on opportunities for growth. On the other hand, businesses that are able to use technology the right way have the potential to increase their customer retention rates by investing in new tools.
Do you see more businesses creating mobile apps?
Yes. Apps are a great way for companies to improve communication with customers. If your business isn’t having success with its current marketing efforts, then one of these tools might be exactly what you need in order to increase your connections with your target audience. Studies show that customers like it when brands develop custom apps that they can install on their smartphones or tablets and then connect to the brand’s website through bookmarking; this is an easy way for them to get access to your products quickly.
Customer retention is one key factor in achieving growth at a business. Here are a few ways to improve customer retention rates:
-Gain an understanding of your customers’ expectations
-Learn from mistakes made when serving customers instead of simply sweeping them under the rug
-Personalize your interactions with customers by learning more about them through database information or other sources
-Anticipate common requests from clients and meet their needs before they come asking for help
Companies can invest in new technologies like mobile apps to improve customer relationships and satisfaction.
The digital age has certainly made it even harder for businesses to retain customers because there are so many choices out there now on where people can buy products and services explains Aron Govil. However, if organizations take the time to understand their customers better and provide them with great online and offline experiences each time they interact with a brand, then it will be easier for businesses to retain customers in today’s digital age. By improving your customer retention rate, you can grow your business’ profits while expanding its reach throughout your current customer base.