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Home | Blog | 4 Strategies To Retain Customers

4 Strategies To Retain Customers

By Magellan Solutions

Updated on May 2, 2024

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Studies show that winning new customers is 5x more costly than keeping them.

Believe it or not, retaining them takes a lot of energy! How do you ensure their loyalty remains with your company? Show your care for customers differently and make them feel you treasure their business efforts.

Strategize your loyalty

Please plan, plan it well. If your goal is to keep 80 percent of your present customer base and launch a strategy that improves it to 90 percent, your business achieves 10 percent growth. Look at your current business plan and find ways to enhance customer retention. Some effective marketing tactics are product differentiation and multiple product offerings for the same customer. More importantly, come up with great marketing activities for current customers.

Use customer complaints

You may not know precisely what is wrong until you hear the feedback. Customers with complaints conveyed through e-mail or phone are good because they can guide your business to check areas that need improvement. The truth is that when customers are unhappy, they will not complain to you directly. They will tell everyone else they know, and they will bring their business to your competition. This is why there is a growing trend in finding approaches to listening to the voice of the customer through quick surveys and after-sales calls.

Loyalty begins at home.

Customer loyalty is much easier if you start from within – in the environment where your employees thrive. While our business emphasizes retaining the customer front-liners, we also need to spend much time keeping everyone happy – from sales, help desk, and customer service to accounting and billing support.

Connect with customers

Constant customer communication is one good way to build customer loyalty and care. You can ask them to sign up for newsletters to tell them about the latest offers and free seminars or events organized by your business. You can send them holiday cards providing treats like discounts and rebates the next time they place an order. Use your in-house or outsourced customer call center to reach out to them more quickly. It may sound not very sensible, but these things mean a lot to ensure you are actively delighting them in many ways more than one.

Building loyalty is one of the most essential arsenals for any business. Suppose you continue providing efficient, value-oriented service. In that case, you will be surprised to know that these customers you have built will continue returning to make your cash registers ring.

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      4 Strategies To Retain Customers

      Magellan Solutions

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