Last Updated on April 5, 2023 by Dave Schoenbeck
There are endless resources dedicated to lead generation strategies for your business, but what about customer retention strategies?
How to Develop Customer Loyalty.
One stat I like to share with my clients is this: 67% of customers polled say that they stopped purchasing from a business because of “perceived indifference.” It wasn’t that the company did something to put these people off. Instead, they didn’t demonstrate that they cared enough about their customers. Indifference can and will choke off your retention and destroy your efforts to expand the customer’s lifetime value.
It’s essential to seek out new customers, but it’s even more important to keep those customers returning. If they feel like you don’t care, they’re not likely to buy from you more than once (if at all). So to improve customer retention, you must develop and implement solid customer retention strategies. Here’s how to start.
- Use a CRM. Staying on top of your base with a customer relationship management system is crucial. This will let you know when each customer was last contacted, their purchasing habits, and where you might be losing people in your sales process. Knowledge is the first step toward developing client retention strategies.
- Communicate. Your customers will forget about you if they never hear from you after their initial purchase. Develop an engaging automated email campaign to keep your loyal customers and potential new customers in the loop.
- Develop a loyalty program. If you want to attract repeat customers, offer an incentive. Start up a loyalty program where you can offer discounts, early access to product launches, and more. This doesn’t have to be high-tech. It can be as simple as a separate mailing list for VIPs who have already made a purchase.
- Get feedback. You can improve customer retention when you increase customer satisfaction. To do that, you need to know what your customers want. After the purchase, ask for reviews in an automated email and listen to what your customers say. You can also send surveys to your mailing list to find new ways to improve.
- Be responsive. Interact with your customers on social media and promptly respond to messages or emails. Excellent customer service is the best way to show that you care. Make sure your loyal customers feel seen and heard.
Retaining your customers is as easy as ensuring they’re consistently satisfied—not just with your product or service, but with every interaction they have with your business. If you delight your customers, remind them frequently that you exist, and offer them tasty rewards for repeat purchases, you’ll find they’re much more likely to stick around.
Is improving customer retention an area of your business that you must develop? A business coach can help. Please fill out my contact form for a complimentary video meeting to improve your customers’ lifetime value.
Coach Dave
