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Tools & References
Customer Retention
Customer retention refers to the long-term relationship a company establishes with its customers, which helps it acquire additional customers.
Here are strategies for customer retention that has proven as successful in practice:
Stand for something
Customers are more loyal to brands that they identify with. It is important for a company to select what its brand stands for and communicate that to its customers.
Utilize positive social proof
Websites that provide customers with facts that show how the use of particular product will improve their social standing are more likely to help the company retain customers in the long term.
Address the inner ego
Customers are automatically more inclined towards a product which reflects qualities that they have in themselves. This can be a very effective weapon.
Companies only need to know thoroughly their customers and show them how its products are an extension of themselves.
Use the words they love to hear
Certain words have a deep impact on the buying behavior of customers. If the product fulfills the promise of these words, customer retention becomes easier.
Reduce pain points and frictions
If the company addresses a pain point for its customer or resolves a problem, it will be retaining him for much longer.
Realize that budget is negligible
Giving customers a discount, even if it is a small one, will be appreciated by them and keep them coming back for more.
Utilize surprise reciprocity
Surprising the customers by providing them with a discount or a free add-on, unexpectedly, will stay with the customer longer.
Make it personal
By providing a personal service to the customers, you increase your chances of creating a repeat customer.
Speed is secondary to the quality
Studies have shown that customers are more likely to come back if priority is given to quality, not to speed of servicing.
Customers enjoy businesses that know them
The more time an employee spends with the customer, the more likely it is to keep pulling him back to the brand.
Choose the right platform
It is important to know what communication channel is preferred by customers and utilize this channel at maximum.
Make it a communal effort
All elements of the company must be fully engaged when it comes to servicing a customer. The aggregated effect will improve the overall experience.
Get people started
Loyalty programs are more likely to be used if company overcame the customer’s initial resistance. This ensures that customers are automatically signed up for such schemes. Once started, customers are more likely to stay the course.
Get ideal customers to be VIP’s
Humans are competitive by nature. People appreciate being assigned to a particular customer class if there is a class below them in the program.
Label your customers
Customers are more likely to keep coming back if associating with particular brand puts a label on them.
Here are strategies for customer retention that has proven as successful in practice:
Stand for something
Customers are more loyal to brands that they identify with. It is important for a company to select what its brand stands for and communicate that to its customers.
Utilize positive social proof
Websites that provide customers with facts that show how the use of particular product will improve their social standing are more likely to help the company retain customers in the long term.
Address the inner ego
Customers are automatically more inclined towards a product which reflects qualities that they have in themselves. This can be a very effective weapon.
Companies only need to know thoroughly their customers and show them how its products are an extension of themselves.
Use the words they love to hear
Certain words have a deep impact on the buying behavior of customers. If the product fulfills the promise of these words, customer retention becomes easier.
Reduce pain points and frictions
If the company addresses a pain point for its customer or resolves a problem, it will be retaining him for much longer.
Realize that budget is negligible
Giving customers a discount, even if it is a small one, will be appreciated by them and keep them coming back for more.
Utilize surprise reciprocity
Surprising the customers by providing them with a discount or a free add-on, unexpectedly, will stay with the customer longer.
Make it personal
By providing a personal service to the customers, you increase your chances of creating a repeat customer.
Speed is secondary to the quality
Studies have shown that customers are more likely to come back if priority is given to quality, not to speed of servicing.
Customers enjoy businesses that know them
The more time an employee spends with the customer, the more likely it is to keep pulling him back to the brand.
Choose the right platform
It is important to know what communication channel is preferred by customers and utilize this channel at maximum.
Make it a communal effort
All elements of the company must be fully engaged when it comes to servicing a customer. The aggregated effect will improve the overall experience.
Get people started
Loyalty programs are more likely to be used if company overcame the customer’s initial resistance. This ensures that customers are automatically signed up for such schemes. Once started, customers are more likely to stay the course.
Get ideal customers to be VIP’s
Humans are competitive by nature. People appreciate being assigned to a particular customer class if there is a class below them in the program.
Label your customers
Customers are more likely to keep coming back if associating with particular brand puts a label on them.
