Five Strategies to Increase Retention
Most business owners aim to increase retention rates in their company. It is important to know if the strategies and programs are working well. If retention rates are falling, it might be time to evaluate the strategies or look for another way to improve customer relations. There might be something wrong with how you communicate with your existing customers or provide value to them. This might actually be a very important issue because bad communication can affect a business in a big way. Here are some ways in which you can improve retention rates:
Provide strong predictability. A good indicator of customer retention is the ability to predict how a customer will make a repurchase intention. According to research by McKinsey, a strong predictor of customer retention is the ability to accurately predict a customer’s repurchase intention at least 60 percent of the time. In other words, a good predictive model should be able to give you a high degree of confidence about the level of customer retention. Therefore, it is important that you provide strong predictability in order to retain customer loyalty and increase your chances of getting those prized repurchase intentions.
Be open and provide valuable information. When it comes to making your customers buy more, offering them value is the best way to increase retention. Marketers know this and they make sure that they provide valuable information. But what does valuable information mean to your customer? In a word, it means helpful tips and pointers that can help your customer navigate your product or service.
Use CRM. The value of customer relationship management software is well-documented. In fact, studies have shown that CRM can increase retention by as much as 30 percent. A customer relationship management system, or CRM, is a system that enables marketers to better identify customers through comprehensive profile information. This information helps marketers build value by providing recommendations on how to provide more relevant and personalized support.
Train and test employees. A training app can increase retention because it provides information about the right practices for a specific role. When an employee performs an action, such as opening a new ticket, an app tells the employee where to find help if necessary. Also, when onboarding new customers, a customer-appealing onboarding app allows new areas to learn more about the company and show their coworkers how they are doing their job quickly.
Build a team. While every team member contributes to customer retention, the key to customer loyalty is making it easy for team members to provide value. When working on an app, it’s important that you provide enough information and content that every team member is clear about how his or her work contributes to the company’s goals.
Make the customer service call easy to take. When you want to increase retention, it’s not enough to provide training or content. You also need to provide a series of “call-backs” to new representatives so that they know when they’ve done a good job and when they need to up their game. A customer service survey, which tracks performance over time, can help you monitor what your reps are doing well and help you design the optimal system for retention.
Overall, customer satisfaction are two sides of the same coin: providing real value for your customers. In order for a business to grow and succeed, it must have a solid customer experience. But it’s not just a matter of great customer service that will get you a loyal subscriber: it’s also about encouraging and rewarding loyalty when it comes to your brand. With these five tips, you can ensure that your staff does a great job building customer loyalty.