In order for you to increase your e-marketing and sales performance, it is important that you know the basics of customer retention rates, why to analyze customer retention statistics, and utilize that data to increase retention rates over a period of time. In short, if your company doesn t provide value, your customers will go elsewhere. There is a fine balance between customer service and value. Too much of one without the other leaves the customer sour and without any incentive to return or recommend your business. However, too little of either and your business will not be able to keep its current customer base and will instead need to rely on new customers in order to survive. Customer loyalty and retention are keys to long term success.
There are multiple factors that impact customer retention and engagement. One important factor is the behavior of employees. One of the primary drivers of customer satisfaction and retention is the level of employee engagement that a business has. Employees that are engaged with the products and services that they provide work to create customer loyalty and engagement.
Employee productivity is directly tied to the retention rate of current users and their subsequent purchase of goods and services from your company. An increase retention rate means that you have more satisfied customers and less worker turnover. To increase productivity, you need to design an excellent mobile or Internet application that enhances the user experience of your existing products and services. If you are not already doing so, you should be. Here are some ways that an e-business can improve its employee engagement and help boost its retention rate:
Give your employees flexible working hours. If you want to increase retention and engagement, give your employees the freedom to adapt to their own work schedule. Flexible working hours are especially important in industries that face seasonal changes, such as the hospitality industry.
Implement a customer relationship management (CRM) system. Many businesses invest in customer relationship management systems (CRM) to help improve customer retention and engagement. CRM is a powerful system that allows your business to manage and monitor all customer interactions. You can improve your retention rate by investing in a quality CRM system.
Build customer loyalty through great customer service. Great customer service encourages repeat business from your existing customers. When consumers know that they can count on your company to provide them with the highest quality product or service possible, they are much more likely to stay with you for a long time. And when they do, you can expect to enjoy substantial cost savings as well as a higher perceived value.
Increase the value of your brand. Brand loyalty is one of the most important drivers of customer retention. A strong brand has an intrinsic value that consumers place in it above all other factors. A strong brand is a good predictor of an improved perceived value and hence an increased retention rate. In fact, a recent study showed that strong brand value is a key predictor of lifetime earnings.
Increase the value of your company through strategic planning. Strategic planning is essential for any business that wants to have a successful marketing mix. It helps identify the marketing mix that is best for your company, and thus increases the value of your company. Indeed, strategic planning is one of the keys to customer retention.
Increase your customer retention by improving your customer experience. There are multiple ways to enhance the customer experience. These include improving your product or service, developing excellent customer service, using social media to share customer satisfaction and reviews, providing great customer service, and creating value in your customers’ lives. If you want to increase turnover rate, you need to improve your customer retention. This means that you must focus on attracting high quality candidates to fill available positions.
Increase employee retention by promoting your employee retention strategies. Promotions are one of the most effective employee retention tools that companies have at their disposal. More importantly, although promotions can boost your employee turnover rate, they have the potential to increase retention if done in the right way. Promotions should be rewarding and commensurate with the job that was recently lost.
Improve employee retention by creating a work environment that encourages workers to become better at their jobs. For instance, you might hire an employee development coach so that your employees can become better at their jobs. The company development coach can help you identify the problem areas in your organization and how to deal with those problems. In addition to this, he or she can also help your employees identify and develop new ways to make the workplace more attractive to both current and prospective employees.