10 Proven Successful Customer Retention Strategies
To retain loyal customers, there are many ways that companies do. One of them is by using retention techniques.
Customer retention is an effort to maintain customer loyalty so that they continue to use the company's products or services.
Attracting new customers is important. However, retaining old customers to loyally buy our products is also not an easy matter, you know, it requires a good strategy to implement. For that, let's learn how to improve customer retention strategies in the following article. Read carefully, okay!
Customer Retention Strategies
Implementing a customer retention strategy is a step towards sustainable growth for the company. Here are some proven effective strategies that you can apply:
1. Tidying up the Customer Database
So that you can find out the level of retention rate and do optimization. You need to know in advance the number of your current subscribers. How many active subscribers and how many inactive subscribers.
Therefore you need to build a customer database system first. One of the easiest ways is to integrate email marketing.
2. Performing Special Treatment for Inactive Old Customers
After you know which customers are no longer active, then you need to do personal treatment.
For example sending greetings via newsletters, giving them special promotions or discounts, offering them special things and so on.
The goal is to attract their interest again in transactions, whether it's buying a product, subscribing or entering into a work contract with you.
3. Increasing Customer Satisfaction
If customers are not satisfied with the product or service, it is difficult for them to buy a second time. Therefore the first step is to increase customer satisfaction.
First you find out in advance what are the shortcomings of the product from their side, ask how to solve it and make sure they are satisfied with the solutions we offer.
Data can be collected through a short interview or a comprehensive survey.
4. Organize Referral Program
This program aims to provide opportunities for customers to benefit every time they invite other customers.
Invitations can be in the form of purchases, registration, sharing on social media or so on. It is a mutually beneficial cooperation between the customer and the company.
5. Provide Subscription Options
Subscription services or subscription services can make customers accustomed to making purchases within a certain period of time.
If your product or service satisfies them, they will stick with it. If they are comfortable, it will be difficult for them to switch to competitors' services.
6. Strengthen Your Brand Positioning
Customers move from other products easily because usually the products you offer don't have a differentiator.
If the brand positioning is sharp, then your product will stand out more. The customer will have only one choice. They will find it easier to get products that suit their needs. This is very influential on customer retention.
7. Prioritizing Personalization
Personalized communication aims to build closer ties between customers and brands.
If customers feel the product matches their personality, they tend to be more loyal and loyal.
8. Customer Onboarding
This is an activity to educate customers about the products or services offered. Aims so that they know the benefits or added value of a product.
Usually customers leave because they don't know the advantages of the product you offer. So onboarding activities are very instrumental in increasing customer retention.
9. Create a Loyalty Program
The next customer retention strategy is to create a loyalty program. This has proven to be effective because customers are usually attracted to something that has benefits.
For example through point programs, membership, discounts, cashback, rewards and so on.
10. Implement Up Selling and Cross Selling
Up selling is an activity of offering products with more value with greater benefits for customers. An example is the offer to upgrade from medium to large coffee sizes.
Meanwhile, cross selling is offering other products that are different but related to the initial product purchased. Like offering anti-scratch when buying a smartphone.
These two things can make your consumers accustomed to using several product lines at once. This can have an impact on customer retention in the future.
Customer Retention Strategies needs to be considered by every company. In addition to providing a stable income, it can also make the business more resistant to intense competition from competitors.
To increase the retention rate, it is necessary to carry out some special treatment for customers so that they are loyal and loyal to the company that you run.