4 Strategies to Increase Retention Amongst Your Current Customers and New Customers

increase retention

4 Strategies to Increase Retention Amongst Your Current Customers and New Customers

If you want to know how to increase retention, you first need to know why that is important. One of the biggest challenges facing businesses today is how to retain their current customers while also attracting new ones. With fewer people shopping online, and even fewer greeting their retailers by phone, most retailers are feeling the crunch in this area. The solution? Simple, provide value and follow up!

The most obvious way to increase customer retention is to constantly provide customer service and value to your current customers while also attracting new customers. SMS mobile marketing offers a unique opportunity to do both. By providing consumers what they desire, and they desire two-way text messaging. But just blasting out bulk SMS through your entire social media campaign is not enough to increase customer retention.

Only 13% of companies allow consumers to respond to promotional messages through text messages, even though this form of marketing is very affordable for small businesses. This restriction hurts both you and your potential customers. Not only are you limiting new customers, but you are also losing a key component to customer retention. How many times have you received an SMS message from a company promising exciting updates, discounts, or special deals? If this did not come from a trusted source, consider the following reasons why you should definitely follow up:

Enhance Your Customer Service As mentioned, one of the most important aspects of growing a successful business is providing great customer service. By offering mobile apps and easy access via social media to customer service professionals, you can increase retention rates by showing your current customers that you care about them and are committed to helping them. For example, how many times have you responded to an inquiry with a link to a YouTube video or social media post? This simple action sends a clear message to potential customers that you value their opinion and are willing to work with them to solve whatever problems they may be having.

Build Customer Relationships Another way to increase retention rates is to provide your customers with feedback. In today’s competitive world, it is critical for businesses to foster and develop good customer relationships. One way to do this is to offer your current customers incentive to use your company’s social media tools, as well as recommend your brand to others. Incentives such as coupons or discounts can encourage people to talk about your products and services, creating a positive feedback experience for your company. This is yet another way to build customer loyalty, and once again, will lead to greater customer loyalty.

Provide Honest Feedback Another valuable aspect to measuring the success of your social media strategy is providing honest feedback to your customers and followers. The key is to provide honest feedback, as even one negative comment can damage your reputation among your peers. For example, if you post a status update on your blog that is riddled with spelling errors, but your followers provide positive feedback, your reputation will suffer. Be sure to provide honest and clear feedback, whether it’s criticism or praise. If your company values honesty, overcorrecting through the use of viral social media systems could result in your company being removed from the social media systems altogether.

Create And Maintain A Bond With Your Current Customers Another important step to increasing customer retention is maintaining a bond with your current customers. By maintaining a relationship with your current customers, you can easily convert these loyal customers into future ones. For example, if you currently sell office supplies to office employees, you can provide incentives for your current customers to purchase more office supplies from your company in the future. You can also provide special deals to your current customers to encourage them to buy from you again. If your current customers know they can rely on you, and feel secure purchasing from you, they are far more likely to pass on the details of their order to others.

Encourage Feedback And Customer Reviews Social media allows you to reach millions of people across the globe in a relatively short period of time. This means you can share your products and services with a global audience. One great way to encourage customer reviews and feedback is to create a dedicated channel within your social media sites profile that enables members to leave their comments and feedback. As a small business, you probably don’t have the budget to hire a customer service rep to handle these interactions for you. However, by implementing this simple feature, you can ensure that you are quickly and easily addressing the feedback and reviews posted by your new customers and current customers.