While businesses are always looking to attract new customers in order to expand and grow, keeping your existing customers happy and coming back is critical to your company’s overall success. That first purchase is just the beginning of what you want to be a long relationship. So what’s the secret to achieving higher customer retention?
In the big picture, we would say the overall customer experience (CX) is what helps you achieve a high level of brand loyalty. Whatever you or your employees do, you need to stay true to your brand and deliver on your brand promise. Be consistent, day in, day out, in person, online or over the phone. Treat your customers like you would want to be treated, but even better. Make the whole customer experience easy, enjoyable and predictable.
Employees who are passionate about your brand can deliver a personalized customer experience that translates into brand loyalty. By clearly defining your company’s mission and brand promise, and offering CX Design and implementation to show your employees their role in customer retention, you are giving your employees reason to care, and engaging them in the process.
Engaged employees are inspired by your brand and where it’s headed, and can’t wait to share their passion with customers through a personalized customer experience. And passionate employees are passionate beyond the normal working hours, and become brand ambassadors wherever they go.
Be sure to provide your employees with regular feedback – and not just about what they’re doing wrong. Highlight and reward successes. People repeat behaviors that they have been praised for. Also, check in with your employees on a regular basis to make sure they have the resources they need to do the best job. This can include specialized training, equipment, or removing barriers to innovation.
Some of these customer retention strategies are directly related to providing an excellent customer experience, while others relate to forging an ongoing relationship with your customers.
There may not be an official formula for keeping track of customer retention, but this one from Inc. magazine works. Keeping track of customer retention is looking on the birth side – how many customers you kept happy. You can also look at your so-called “churn rate” – the number of customers who leave you in a given period. To calculate the churn rate, you take the total number of customers who left your company during that period divided by total customers at the beginning of the period.
If you’re not already persuaded that customer retention can result in higher profits and less money spent on marketing, take a look at some of these statistics:
If you’re ready to focus on customer retention and brand loyalty, it’s time to focus on creating the best customer experience possible, and then following through with customers to forge an ongoing relationship.
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