There is a truth in marketing: it is cheaper for your brand to get loyalty from the customers it already has than to get new ones.
Customer retention rate (CRR) is a metric that reveals to marketers the results of their strategy. That is if they are spending money in vain or improving the value of their brand.
The CRR allows “marketers” to know the results of their marketing actions and find the best time to make changes “on the fly.” From phone calls, emails, texts, etc. There are several retention strategies that your brand must know and implement to be successful. Take note!.
What is customer retention?
Retaining customers (customer retention) happens when a company plans a set of loyalty strategies and actions to keep its current customers long-term.
In other words, your company can retain (for a certain period) customers who have already made a purchase.
Therefore, we can say that for a company to grow successfully, it is not enough to invest in attracting new customers. Existing customers must be satisfied to continue to buy more and recommend your business to others.
Word of mouth advertising is the most common way people get news from friends and family. According to a study carried out in 2020, about 38% of eCommerce users in the United States stated that they look for reviews of products or services on social networks before making a purchase. In the United Kingdom, 27% of users said the same.
In addition, through the customer retention rate, you can assess how your customer service is so important nowadays for the maintenance of a company. At the end of the day, customer satisfaction is like the heart: essential for the existence of a business.
Ways to Effectively Retent Customer
Interactions in real-time
Your brand must use the means to connect with its customers and offer solutions, which is also called “real-time consumption to business interaction.” A strong following can be done through social media and even LinkedIn or Pinterest.
For brands, excellent customer service equals a product sold twice. To do this, your company must direct the addresses of customers with service problems and solve their problems. If you take the appropriate measures, you can ensure that your users respond with greater loyalty to your brand.
Tips and how-to’s
Your brand delivers varied, fresh, creative, and innovative content through all platforms, emails, social networks, instant messaging, etc. The articles that consistently generate a good result are proposals, content tips, and advice. In addition, they will also help you create an online reputation.
Your brand must provide dynamics of its products, such as discounts based on most of its catalog and benefits to its customers. For example, instead of offering 50 percent off, a strategy like “get 10 percent off for every $50 spent” would be ideal.
Surveys continue to be an effective learning method for customer loyalty, satisfaction, or complaints. It is the only way in which you will be able to know what your audience says about your strategies, and if they have the result, you expect. Remember: “the voice of the people is the voice of God.”
Learning your business’s basic skills and having the right mindset helps you grow beyond expectations. To get more updates about finances and every other skill you need to grow your business, check out Jeffbarrington’s blog.