4 Ways to Increase Sign-Up Retention
Every large corporation in any country should be conducting a survey on how to increase retention and customer loyalty. However, just blasting out mass SMS to the masses is not enough to increase retention. Only 60% of consumers are comfortable allowing companies to send them SMS, while only 13% of companies allow consumers to respond to SMS from their phones. This means that bulk messaging to a captive audience of consumers works very well, but it’s a different story when you talk about engagement. If your company wants to retain customers and increase retention, then you need to provide value with your SMS campaigns.
In this article, we will take a look at how to increase retention by focusing on customer retention strategies. You see, customer retention is all about building relationships with your customers. If you can learn how to develop and maintain those relationships, then your retention rate will go up. So what are some customer retention strategies that you can implement today?
The first thing that most insurance agency owners say to their staff is, “let your clients tell you everything they need to, and make sure that you follow up on every lead”. There is a right way and a wrong way to follow up with your leads, however. You want to retain your clients; however, you don’t want to lose them. If you follow up on every lead, you could potentially lose half or more of your potential clients each time. On the other hand, if you follow up and ask a few questions and provide additional information on a client, then you increase the odds of retaining that client and increasing the value of the relationship that you have with that client.
Another one of the great customer retention strategies is to provide value up front before the customer decides to buy. One great upsell is to provide a free report that includes a few articles, case studies, and other tidbits. Then, as the client is shopping around for a plan, you can give them an eBook that goes into more depth about certain areas that they might not have considered otherwise. By providing value up front, you increase the value that you add to the equation of the plan. Not only will your clients feel more valued by you, but they will also be more likely to follow through with purchasing the product.
If you want to increase retention, you need to keep up on your client’s needs. If a particular product or plan doesn’t solve a client’s problem, they aren’t going to purchase it. So make sure that you stay on top of your clients’ needs, and don’t wait until you have lost a few clients to realize the importance of what you’re trying to accomplish. Just because you’ve had a few clients, doesn’t mean that you don’t have to work at increasing your retention rate.
One way that many businesses handle customer retention is by not communicating with their customers regularly. Many companies will communicate with a client once every couple of months, but this doesn’t guarantee that they will remember you, or they won’t care what you are offering them. By not communicating with customers, these businesses are decreasing their overall retention rate. If you want to increase retention, make sure that you stay in close contact with your clients, and keep up with their needs.
Lastly, always be honest with your customers about your processes and expectations. Sometimes it’s difficult to give upfront information, and even harder to tell if you aren’t being completely honest or truthful about what you need from them. However, the more honest you are about the expectations that you have for your customers, the higher retention you will achieve. If you are not entirely forthcoming with how you expect your business to operate or what you expect your customers to do, your customers are going to perceive this as you are not being completely honest with them.
These four suggestions are great ways to increase sign-up retention, and ultimately increase the quality of customer experience. By implementing one or all of these tips, you will attract and retain better employees. Remember that it is important to always treat your customers well, and provide them with a helpful welcome screen, and you will have a much higher retention rate.