Increase your customers lifetime value and boost your revenue
You might be asking yourself, “What can I do to get more customers?” which is a fair question to be asking. But an even better question is, “How can I keep my current customers involved and happy?” If you are wanting to gain more customers, it is vital you don’t lose the customers you already have. Don’t underestimate the effect of long-term profit and growth that can come from customer retention. Let’s explore how to improve your customer retention strategies and increase your customer lifetime value.
10 Client Retention Improvement Ideas
1. Implement Customer Feedback Loop:
It’s near impossible to improve your business, if you are unaware of your customers feelings about it. The simple way to receive customer feedback is with a survey. A survey allows customers to answer any questions you have in an uncomplicated way. Upon receiving customer feedback, it is of the utmost importance you act on it. If a customer is dissatisfied with your service, reach out to them and learn from your shortcomings. You can take negative customer feedback and implement changes to better your customer experience. When a customer gives excellent feedback, ask if they will refer you to their family and friends. If you went above and beyond for a customer, they are likely to rave about your service to family and friends.
2. Win Back Your Lost Customers
It’s inevitable that customers will leave your business. However, they often leave for a small reason or they simply forget to renew your service. Studies show that winning a client back increases that customer’s loyalty up to 300%. If you do not know how to implement a winback strategy, Lift Local can help you. We focus on proper timing, relevant content, creating and sending emails that will help your customers remember why they originally chose you.
3. Set Clear Expectations
As a business owner, it is crucial you set expectations for your customers. One of the most powerful customer retention strategies is doing what you say you are going to do. If you promote that your business has exemplary customer service, you better have exemplary service. Potential customers and current customers are paying attention to what you say you’re going to do or offer. If their expectations don’t match their experience, you’ll fail to retain loyal customers. Always make promises to your clients that you can keep.
4. Exceptional Customer Service
One of the many benefits of having stellar customer service is more business coming your way. People assume the only way to achieve exceptional customer service is by going above and beyond. In all reality, good customer service comes down to the simplicity of preventing or troubleshooting problems when they do arise. Customers expect a smooth customer experience and issues to be resolved quickly when they do arise. Start by focusing on regularly meeting customer expectations and steer clear of annoying surprises. After you have a solid customer service strategy, you can work on going above and beyond. If you need any tips on how to improve your customer service, you can refer back to our blog post, “10 Ways to Elevate Your Customer Service”. It will tell you everything you need to know about having exceptional customer service such as how to be personable, communicative, empathetic and trustworthy.
5. Setup Easy Communication
As a customer, there is nothing more frustrating than having an issue with a product or service and not being able to find anyone to contact. Make your contact information easy for people to find. Make sure your customers can easily find any relevant contact information. A few ways you can prove to customers that you are readily available is through a live chat option on your business website. In doing so, you make it easy for current and potential customers to ask questions and get clarity on your services. Many affordable companies provide a quick way to install widgets on a website. The widget sends you notifications in real-time when someone is trying to contact you online. You could also get a mobile app that lets clients talk directly to you or use Google
6. Focus on Social Media
Social Media platforms are common places for clients to express their frustrations, especially if you are hard to get a hold of. Oftentimes upset customers will tag your business in a negative post or comment on your social media. You want to avoid this happening because a lot of people can end up seeing the negative feedback. Obviously you won’t be able to make everyone happy all the time, but it is important you respond quickly when negative feedback does arise. Many businesses ignore the powerful tool that social media can be when trying to implement new customer retention strategies. Make sure you monitor social media profiles regularly, so you can quickly respond and resolve these problem posts.
7. Customer Loyalty Program
A loyal customer is the best form of advertisement. Did you know customers that are referred by a friend are four times more likely to buy? Incentivize your customers to share your business with others by rewarding them for their loyalty. The more customers shop and connect with your business, the more they are rewarded. Having a customer loyalty program keeps customers happy because they are getting more from the experience than just the product or service. In fact, over 70% of consumers are more likely to recommend a brand if it has a good loyalty program.
8. Motivate with a Mission
A brand can inspire through a number of ways, one of which being their mission. It is important to have a “reason why”. In the modern world, people want their hard earned money to go to a good cause. Being better and doing good is becoming more important to us every year. Having s mission statement does not mean you should make one up just to have one. It is essential you find something that you care about and situate your business around it. For example, you could donate a percentage of your proceeds to a charity of your choice that aligns with your mission.
9. Map Your Customer Journey
Mapping your customer journey is all about visualizing the customer’s journey, which provides you the opportunity to create actionable goals. When creating your map it is important you put yourself in the shoes of your customers. As a heavily involved business owner it can be hard to view your business as a customer, but it is important to be able to enter the mind of your customer. It can provide you and your customer with a strategic approach to optimize the customer experience. A map ensures that you and your customer are aligned.
10. Say Thank You
Last but not least, say thank you to your customers. It might seem too simple to be effective, but it is. Taking the time to say thank you, outside of email marketing or after a purchase, goes a long way. In making sure your customers know how much you appreciate them, you are building a brand that’s lovable and unforgettable.
The End Game
Customer retention strategies are effective, but do take time. You can’t create shortcuts to developing a personal relationship, so why would you try with a business relationship? The strategies above should give you some modern ideas for approaching retention, but they’re not a cure-all. Your product and service will still be your shining star in retaining loyal customers. At Lift Local, we take the guesswork out of knowing what your customer’s pain points are, and how to mitigate them. With the right processes in place, you can Increase your customer’s lifetime value and boost your revenue. Contact us today and request a demo.