5 Strategies To Retain Your Customers and Keep Your Business Growing

Okay so you have got a great business and new customers are signing up all the time. You're earning a lot of money and things are looking good for the long run. Boom! Not so fast....

Although new customer acquisition is important, keeping your existing customers happy is the key to long-term success. Many of us know that customer retention is important, but the real challenge is - how do we go about it? 

Here we have got 5 strategies to help you retain your customers and keep your business growing.

1) Personalization
In today's world personalization is one of the most effective strategies to deploy at any stage of the consumer's journey. Personalization can be a courtesy call and/or emails, it could be special offers, it could be invitations to live events – whatever it is, make sure that you are addressing your customers by their first name in all correspondence, and that any offers that you make are relevant to the original purchase that the customer made.

Make use of a CRM and a Marketing Automation software to keep track of who your customers are and what they have purchased.

2) Deliver Social Proof
There is a higher chance that at any point of time, your customer could jump ship and go make their next purchase with your competitor. So you need to keep reminding them that they are already using the best product and provide them a social proof to back it up.

One of the great ways to deliver this proof is producing customer testimonials. Case studies can also be effective for this purpose.

3) Reward Your Customers
Making your customers feel special as they truly are is one of the most effective ways of retaining them. If you keep your customer data updated regularly, it can show you which of your customers are driving you the most revenue- Now it's time to reward them.

If you are selling some goods offer them a discount coupon or a list of reward incentives that they can choose from. As mentioned before simply make your customers feel how special they are.

4) Listen and Give Prompt Replies
In all ways, a good customer retention comes from good customer service. This doesn't mean you only need to listen to your customer's complaint or a suggestion, but actively seek out their feedback on your goods and services.

This can be done through email surveys or via social media posts. It really doesn’t matter which way you go about it, just so long as you do. Constantly! Once you have your feedback, act on it.

5) Special Rewards On Special Dates
One of the most underused and most effective ways for better customer retention is to make your customers feel extra special on special dates. Birthdays provide the perfect opportunity to send your most valued customers a personalized gift- or an email at least.

These are some of the ways to show your customers that you are committed to going above and beyond what they might expect from a company, and begin to build some serious long-term loyalty.

Posted on: 16/11/17

Rahul Krishnan

- Content Writer