Customer Retention is one of the most important numbers to track and measure. Customer Retention simply refers to the capacity of a product, business or organization to retain its clients over a defined period. High customer retention also means that customers of such products or firm tend to keep on using, stay with or at least not defect against another firm or product, or in any way not to use or go to any other firm or product.
One way to get customers to keep on using your product or service is to offer them a great value that they can’t get elsewhere. Perhaps you have a great website or a excellent social media presence. These are great customer retention strategies but none of these strategies can work if no one knows or uses your product. So one way of getting customers to stick around is to market your firm to them. Below are 12 customer retention examples based on real customer experiences.
Clients: Clients may not give much thought to this area of customer retention strategies but it is actually quite important. New customers are often hard to attract. If you get new customers through referrals, networking or publicity you will almost always be successful. But if you cannot get a new customer through any of these traditional sources, then you really need to focus on the quality of your product, price, service, presentation or overall reputation.
Brand Strategies: Brand strategies can also help you improve customer retention and you should consider using these when looking at your marketing campaigns. For example, did you notice that one of the top customers who referred your brand to others recently was the customer who featured in your social media posts? Facebook, Twitter and YouTube all allow you to connect with new customers from all over the world. The key to social media is that it allows you to create a bond with these customers before they have even had the chance to purchase your product. As well, many customers are willing to share positive experiences with friends and family members and so the more positive publicity your brand gets, the more your brand strategies will pay off.
The Power Of Persuasion: You can also use customer retention to your advantage when trying to turn customer acquisition into customer retention. One way to do this is to offer a free gift or incentive for referring new customers to your business. People like receiving free gifts and they are much more likely to go back and refer others to your company. This is because the ‘giver’ feels indebted or grateful for the referral and wants to ensure that the customer is going to be a repeat customer.
Marketing Strategy: Last but certainly not least, the effectiveness of your marketing strategy is crucial when trying to turn customer retention into customer acquisition. The marketing strategy you choose should focus on creating a relationship between you and your customers. Incentives and bonuses can be given out as a form of thank you if your efforts to retain your customers result in new purchases. Also, offering special discounts to customers who make repeat purchases within a specific time frame can help as well. With this type of marketing strategy, you are making it clear to your existing customers that you value them and want to keep them as customers.