How to Improve Customer Retention
An effective marketing strategy will not only acquire new customers, but also retain the customers a business already has. Below, we offer tips to improve customer retention, which includes up-selling, customer service, establishing a consistent feedback system, and investing in technology. Read on to learn more!
5 Ways to Improve Customer Retention
Gaining a better understanding of an organization's customer retention rate will not only help leaders keep customers, but it will also improve their bottom line. It costs six to seven times more to acquire a new customer than to retain an existing one. Below, we list some of the most effective ways to improve customer retention.
1. Up-sell to current customers. Keeping the customers you've acquired is only part of maintaining a healthy retention rate. To significantly improve customer retention, you should have a clear strategy to up-sell and cross-sell applicable products and services to existing customers.
2. Value customer service. Did you know price is not the main reason for customer churn? Additionally, nearly 90 percent of consumers have taken their businesses away from a company after receiving poor customer service. There are countless ways you can improve your customer service, from making your customer team readily available and providing support to creating a stronger sense of community for those you serve.
3. Engage customers on social media. There are several ways that social media can help you retain customers. First, it provides an additional customer service channel where customers can voice concerns and find quick answers to their questions. Second, it provides a more personal touch and offers a place in which they can share their own unique stories. These qualities together are what help build brand loyalty and turn customers into brand advocates.
4. Establish a feedback system. Viewing constructive criticism as a valuable retention tool will help you place a greater emphasis on the customer and 1-to-1 relationship marketing. A feedback system can be in the form of online surveys, email/contact forms, usability tests, and exploratory interviews.
5. Invest in technology. Selligent's relationship marketing solutions provide a broad range of features to help improve customer retention, drive one-on-one engagement and loyalty, and gather on-domain browsing data of site visitors.
Contact Selligent Today
At Selligent, we understand that CMOs want marketing software that requires minimal reliance on internal IT, and our web-based platform was developed with this in mind. In addition to improving customer retention, our platform will increase the overall efficiency of your team by leveraging a single solution for email, mobile, data aggregation, audience segmentation, social, web, and customer care.
Contact Selligent today to help you market smarter.