Customer Retention primarily refers to the tendency of an entity or company to retain its clients for a defined period of time. High customer retention rates generally mean that consumers of that product or company tend to stay with, keep on using or at least not defect against another company or product, or at least not to non-use completely. For a product to have a high retention rate it has to be something consumers need and use. It can also happen that consumers keep buying a product because they like the service a company has to offer them.
To effectively target customer retention it is important to know what consumers feel is missing from your product or services. By asking simple questions such as; do you have enough of this, is the price too low, would you buy this product again, would you recommend this service or location, do you think this item would be useful for my lifestyle etc, you will be able to understand where the current issues and pains exist in your customer’s mind. To move from subjective to objective data, then one can begin to formulate ways to address those pains. The first step may be to look at what you offer currently and try to analyze where the problems may lie. Once you have identified those pains, then you can work towards designing an effective plan to get rid of them.
The next step is to evaluate your customer retention strategies. In order to get customers to want to be with you again you must meet all of their needs and expectations. Most importantly, your customers will be impressed with your customer retention strategies if you take the effort to listen to them. If you continuously make it known to your existing customers that you are listening to what they want and need from you, then they will see that you are interested in not only meeting their current needs but in planning for future needs as well.
Customer Retention Article Marketing Strategy One more way to get customers to want to return to you is to implement a Customer Retention Article Marketing Strategy. An article marketing strategy is basically writing articles pertaining to the same product, same business model, offering the same service or offering different variations of the same product etc. Then distribute these articles to your existing customers, your competitors and anyone else you think might be interested in your product. You then tell your readers that in this article they will learn about the benefits of ordering from you and that they will be able to receive a discount on their order. Your article then ends by recommending your company to visit their website to learn more about the products and services that you offer.
These strategies all point to one thing, customer retention. The stronger the customer information you have, the more likely you are to retain customers. So how can you as a small business owner to ensure that your company has strong customer retention? It is important to implement an effective Customer Retention Policy. Your CRP will help you with this and is also recommended reading for any small business owner. A CRP is a very important part of your marketing strategy and will help you understand which of your marketing methods are the strongest predictors of customer retention.
How will you know if your current marketing strategies are the strongest predictors of your customer retention needs? You as a small business owner need to study your competition closely to understand what they are doing to attract new customers and retain existing customers. Then, as a small business owner you need to put that knowledge into action by implementing the strongest customer retention strategies within your company. When your CRP and marketing strategy gel together it will be much easier for you to identify areas of strength and weaknesses that will lead to your success and ability to retain customers and clients within your company.