Customer Retention

Customer retention is a scale that businesses use to measure customer loyalty over time and determine overall success.

Customer Retention

Customer retention is a scale that businesses use to measure customer loyalty over time and determine overall success. It is pivotal for any brand to retain its customers. To increase customer retention, companies implement various tactics to reduce the number of customers lost in a period and improve their experiences to ensure that they remain loyal to the business.

Following are a few practices that help retain customers

1. Create a strong onboarding experience.

This is one of the most important initial steps in introducing your brand to the customer. A good onboarding process will keep your customers engaged. Helping them clearly understand and experience the value they'll get from your product will mean they start using it successfully. Still, more importantly, it'll give them a reason to log back in and use your product again and again. Offering discounts or a free trial will further incentivize your clients to use your product.
Also, make sure you make it as easy as possible for people to sign up for your product, don't bombard them with information, and make it as easy as possible to sign up.

2. Provide a personalized customer experience.

Welcome emails work best to make your customers feel special and recognized, say thank you, they’ve taken the time to sign up for your product, so it’s important to let your new customers know that you value them. Personalized experience also means recognizing who the customer is and where they are on their journey. In order to offer a more personalized experience, it is important to understand the customer's requirement for feedback. It is essential to maintain a customer communication method whereby you can consistently leave room for improvement and growth. This way you are not only building trust with the customer but also improving their experience.

3. Offer a unique service

It is important to stand out in a highly competitive market and make your customers realize how they’ll benefit more from your product than a competitor. It is important to identify one's unique selling proposition. If you've developed a niche for your business that solves a critical pain point, there's a high chance you will retain customers. People ultimately buy what holds value to them or solves their problem in the best possible manner. In a highly saturated market if you are already selling a mainstream product then create a want for it, offer features that your competitor are not offering. Give them an even smoother customer ordering experience and a product that exceeds their expectations. Don't compromise on the quality of your product and deliver as promised. Empower your customers with convenience, and most of all offer a product that not only solves their issue but is desired by them. Cultivate a reputation by setting yourself apart from your competitions to help establish authority.

4. Start a customer retention scheme

Just because a customer has made a purchase from you doesn't mean you should stop trying to close the deal. That customer is your potential target market, it is important you make them keep coming back to repurchase from you or better yet try more of your products. Follow up emails as well as personalized discounts which can be offered with each purchase.

In today's world, customer retention is customer acquisition. It can be challenging but by adopting these few easy methods, it is possible. Redefining your product to changing times, adding more features to your product with the help of feedback, following up with potential customers and personalizing your selling approach will help with not just customer retention but greater customer loyalty as well.