How does your company retain customers? Why do you want them to stay with your company? These are fundamental questions that every business needs to answer, and yet you may fail to ask. With that in mind, here are ways on how you can increase customer retention and loyalty.
Quality goods and services
A business should always emphasize offering high-quality products or services to their customers because this keeps them coming back for more. A study shows that approximately 86% of consumers say they would pay extra for a better service, while 50% said that the same goes for goods. The same research shows that 70% of customers are willing to pay more when they see higher quality, but only 30% would do the same if there were a better price. This is because people tend to prioritize product or service quality over cost savings.
Customers are happier when they receive high-quality goods and services, but this is not the only reason why it’s essential to focus on quality. Research suggests that around 50% of consumers will leave a business if they receive poor service or faulty goods. In their place, these people would be more likely to purchase from companies with better reputations instead.
Consequently, every business needs to undertake Customer Education to understand their market and produce services/products that suit its needs.
Excellent customer service
Providing excellent customer service is something many businesses struggle with. It’s no surprise since there are so few companies that truly deliver on this. A recent study found that only four percent of companies surveyed provide what they consider to be excellent customer service.
The first step in providing excellent customer service is understanding your customers and their needs. The easiest way to find out about these specific needs is through surveys and focus groups. These tools can help you understand the problems your customers are facing and their expectations for your organization.
After gaining insight into your customer’s needs, you can begin to fine-tune how you deliver on those needs by using tools such as user testing and usability studies. These techniques help businesses understand what works best to satisfy a need or achieve an objective while also uncover areas they can improve.
Periodic training and employee empowerment
Periodic training and employee empowerment is the best way to ensure excellent customer retention and loyalty. In addition, the more engaged employees feel with their jobs, the better they will do in personalizing their approach when dealing with customers.
Good marketing services
Good marketing services will help you to attract new customers and expand your customer base. If done correctly, it can also strengthen the loyalty of existing customers. Good marketing is not cheap, but the cost of doing it is far less than what you will lose by not having a solid marketing plan in place.
The above tips should help you develop your customer retention and loyalty strategy to build long-term relationships with your customers. However, do not forget that it is always about the people. Thus, keep this at heart when planning for excellent customer service and satisfaction all the time.