7 Strategies to Increase Retention Rates

A customer retention strategy is basically a plan which organizations develop and utilize to prevent employee turnover, avoid costly attrition, increase retention, promote employee engagement, and increase productivity. The strategy must be implemented by every organization in order to realize its full benefits. In this article I will briefly discuss how to provide value to your customers while building customer loyalty. At the same time, I will provide you with five important rules that should be a part of your customer loyalty strategy. I hope that by the time you finish reading this article you will understand how to follow up after a customer’s visit.

increase retention

First, when it comes to follow up, make sure that you provide value right after the customer has left. Provide value like you would in any other follow up call – offer the customer an additional complimentary report, free download or special offer. Offer your services more often; don’t limit yourself to once per quarter or so. By offering value right after the transaction has taken place, you increase the likelihood of the customer returning for future services and you build a positive customer retention experience.

Second, increase retention by making sure that your in-app apps are truly useful to the user. You don’t want to provide a basic list of basic contact information and a few quick ways to buy tickets. Your in-app user onboarding should give the user a reason to stay on your app by providing useful content, engaging with the user, and giving access to special features and resources. If your app makes it easy for the user to get started, they will be much more likely to return and experience more fun and value from your app.

Third, in-app user onboarding should include social media integration. The Ux team at Social Media Express, where I am a customer advisor, does a fantastic job of integration. From simple direct links to buying tickets, to sharing information on new products, to sharing a blog post with colleagues, everyone is able to share information through social media. Integrating social media with your in-app user onboarding is important to increase retention. When customers have the chance to connect with other people in their life through a social media network, they are much more likely to take that action in the future.

Fourth, encourage new customers and retain existing customers. This might sound like an obvious approach, but not all new customers take into account the impact of what they are doing on the business. New customers create new value, but existing customers also bring new value to your business. What you can do is offer incentives to retain those customers. Whether it’s a special credit they receive for using a certain link, or a discount for spending $100 or more at your store, you can create an incentive for them to come back and experience more of what your company has to offer.

Fifth, incorporate an employee retention strategy. With the introduction of the internet, businesses need to have an employee retention strategy that looks beyond a brand or product-focused approach. The internet has provided many tools that businesses can use to attract and retain the talent they need. Having a solid employee retention strategy can increase retention rates by as much as 50 percent.

Sixth, create an accessible employee retention strategy. There are so many distractions in our lives that it’s easy to lose sight of what we’re trying to accomplish. When an employee leaves the company, they may not have the opportunity to connect with the others in their line of work. When you develop an accessible employee retention strategy, you make sure you’re always looking ahead for new opportunities for people.

There are many ways to increase retention rates when it comes to hiring and retaining the best talent. If you’re looking to take advantage of some of these small wins, start by evaluating how your company is doing in areas related to those fronts. Then, implement strategies related to those fronts. If your company isn’t doing well on some fronts, figure out how you can address those issues, and then concentrate on those.