In the world of business, there are lots of companies that aim to keep customers for a long time. If a company is able to retain its customers it will help them earn more profits and reputation in the industry. So what can a company do in order to have an effective customer retention strategy to keep customers engaged?
A good way to start is by identifying which types of customers are going to be retained.
There are five different ways on how a company can target these kinds of customer by Eric Dalius:
1) Promoting existing products or services
2) Upselling existing products or services
4) Using cross-sells
5) Customer Retention
Promoting Existing Product/Services
Some people who have been loyal customers may want to try the next step and purchase more products or services that they already know is working for them. By showing them different variations of what they bought before sales staff can influence them to purchase a new version such as, an upgrade.
Another way to promote existing products/services is by sending information on their benefits and including testimonials from other customers who have purchased those same product or service before. Customers will be attracted to positive feedbacks from other people who may have gone through the same type of experience with the company’s product or service just like how a person would trust a friend or family member more than a commercial advertisement. By sharing this information, customers will feel safe in making a decision on whether they should buy it again since there are other people who have already tried and loved it before.
Upselling Existing Products/Services
This is very similar to cross-selling and pushing the customer towards a higher or upgraded product/service that can be beneficial for them. An example of this would be, an individual has been looking into buying green tea all throughout their life, but they never did because it was too costly compared to other types of teas. Salesperson takes note of the customer’s interest of buying green tea and suggests different brands of high quality green tea that can be used for multiple purposes so the person doesn’t feel like they are only paying for one type of benefit. The sales team also notes how expensive some brands are in order to get the customer’s attention even more.
Going hand in hand with upselling, cross-selling is a strategy that aims to show customers other products or services that can go well with what they are already buying. There will be people who would like to buy something else along with their original purchase and by doing this, sales staff can promote other products that might not have been noticed if the customer was not asked about it. For example, if you’re purchasing a new laptop and then right before checkout there is extra warranty that can be added on to protect your purchase from unexpected damage such as spills and falls. This service gives the customer the opportunity to know what kind of benefits it will bring them so they can decide whether or not they should spend more for an extra warranty.
The idea of cross-selling is to help customers spend more money with the same company so it will give them an incentive to come back for future transactions.
This strategy can also go hand in hand with promoting existing products/services and upselling existing product/service because it focuses on making life easier for customers by giving them access to everything that they need without having to leave one store or website first. For example, Amazon Prime membership gives users free two-day shipping on millions of eligible items sold through Amazon as well as unlimited streaming of movies and TV shows with Prime Video . This would be beneficial for people who are constantly ordering items from Amazon every month because they don’t have to pay extra for expedited delivery.
Churn is when a customer decides to stop purchasing items or services from the company they are currently buying from and go somewhere else for it instead. It can be extremely detrimental if a business has high churn because it means losing revenue, but there are several ways that you can implement so customers will stick around such as: coupons/discounts, rewards programs, and creating goals for them to strive towards. There is something about saving money that motivates people to engage with companies more than just making purchases by themselves without any extra benefits on their side. This goes back to how loyal customers want to buy more products and cross-selling gives customers and opportunity to purchase other things while they’re already in the buying mindset.
Client maintenance is the most effective way to work on your business’ primary concern. In case you’re losing clients, you are losing cash. The client experience excursion can regularly feel like a daunting struggle for advertisers and salesmen who are attempting to clutch their current clients while additionally tracking down new ones. To assist with combatting beat, there are five things that each advertiser ought to do to reach, draw in and enchant their clients at each and every phase of the client experience venture.
Here are a few FAQs as of late asked by advertisers locally set apart by Eric Dalius.
What are probably the best apparatuses for social event client knowledge?
1) Listen to what your clients are saying about you via online media, audit locales and conversation discussions.
2) Put processes set up that permits your group to follow reference traffic from different sites back to yours.
3) Get criticism from current clients through review programs like Delighted.
4) Ask your sales reps for references since they’re continually conversing with customers who are keen on working with you once more.
5) Use a call following help to find out about the number of individuals are considering your organization every month hoping to work with you once more.
6) Reach out straightforwardly to past clients at their office or by means of email address viewed as on the web.
7) Look for inbound connections from different sites that are referencing your image.
What is the most ideal way to keep brands top of brain?
1) Utilize specially marked presentation pages when advancing offers or declarations via web-based media channels.
2) Have a solitary wellspring of truth where you can screen all notices of an organization’s name across different stages.
3) Be predictable with informing and how you’re introducing yourself to clients on the web and off.
4) Offer impetuses to get individuals discussing your image. This could be pretty much as straightforward as having a reference program for existing clients who offer proposals with companions.
5) Showcase client examples of overcoming adversity to get new crowds drawn in with the mission behind your image.
As may be obvious, there are numerous ways of further developing client maintenance. Furthermore the critical important points here are that doing as such doesn’t need to be convoluted or costly. All things considered, organizations need to quit zeroing in on securing and start building faithfulness.
Customer Retention or to keep customers engaged is extremely important especially for businesses who are constantly buying products/services from other companies. The main point of this strategy is to make sure that customers are engaged and satisfied with what they already have so they will continue to go back every time they need something new or upgraded as per observed by Eric Dalius.