Narrowing down the long list of customer retention strategies to find those that will work can seem intimidating. Thankfully, there are some tried and true strategies that offer businesses ways to improve customer relations. Implementing these five highly effective customer retention strategies can improve clients relationships and reduce turnover.
Under Promise, Over Deliver
It may seem counter intuitive to advocate offering less to customers but as far as customer retention strategies go, promising less than is actually delivered can boost customer loyalty. Too often, businesses set lofty goals for customer service but can't attain them. Customers end up feeling undervalued because the business can't maintain the basic tenets of their client service policy.
By promising the minimum but aiming higher, customers end up receiving better service and feeling more valued by the company. Instead of feeling as though they are being shorted with subpar support, they feel more valued. Create a customer service strategy that provides adequate support but push employees to deliver more.
Loyalty cards and loyalty programs are a simple way to track customer's contact with the business and boost customer-business bonds, which makes it one of the best customer retention strategies. Prepaid credit cards are overwhelmingly preferred by customers and employees for receiving reimbursement or rewards because they are not only flexible to use, but they also offer an economic incentive for consumers. Adding a company logo can also help raise overall awareness of the brand. Not only will other consumers be exposed to your brand through use of the card but customers will have a reminder of the perks associated with the company. A company branded prepaid credit card provides value to customers and strengthens the bond between businesses and consumers.
Track Customer Feedback
Businesses that aren't asking for customer feedback are missing out on a prime opportunity to seriously improve customer retention. Seeking out complaints provides businesses with pivotal information to improve their service and retain more customers. With every customer interaction, seek and record feedback to find what customers like and dislike about a business. Then, address that feedback to improve customer retention strategies.
Keep in Touch
Many businesses only reach out to their customer base with new products and business-centric news. When customers are only contacted to pay more or buy new products, they end up feeling like a mark rather than a valued customer. One of the most effective customer retention strategies is simply to keep in touch with customers. Regularly reaching out through social media, email, phone calls, and personalized notes or "thank you's" makes customers feel appreciated. Tracking "touches" through a managed service can make this retention strategy easy.
Nothing is more frustrating than when a customer is disgruntled and in an effort to resolve their complaints, they interact with a company employee that cannot help them. Customer service isn't just a job for customer service staff. Every employee should be empowered and encouraged to resolve customer complaints. Training in customer satisfaction should be a basic on-boarding process and each employee should be able to resolve complaints or at least immediately direct customers to those who can resolve the issue.
Employing these customer retention strategies can not only help businesses improve their current level of service but also lower costs of finding new customers by retaining current customers with unparalleled service. Simple reward programs like prepaid credit cards or giveaways can provide value to customers as well as strengthening ties to the business. Tracking "touches" and ensuring that all complaints are met with resolution make customers feel valued. These customer retention strategies ensure that each customer feels like they receive personalized service with VIP perks.