One of the most important ways to increase retention rates is for an organization to increase customer onboarding flexibility. Good customers appreciate being in control of their company. The best firms out there know that customer retention and customer engagement are inseparable. Customer loyalty is one of the strongest indicators of a great company. When a person stays with a company, that person is much more likely to recommend that company to others.
Another way to increase retention is to make use of social media tools. Many people enjoy using social media as a way to get to know others and find out new things about what’s going on with their lives. An organization can make use of this tool to increase customer retention by ensuring that current customers remain clients. You want to provide value and build trust with customers. A great way to do this is to ensure that you follow up on their wishes and needs and address their issues as quickly as possible. Follow up offers them more benefit than no follow up at all.
You also want to follow up with potential customers because a negative experience can turn into a viral event. Once a potential customer leaves a review online, they can have thousands of people reading it within the first day. They may then pass it along to friends who will tell their friends and so forth. In a very short period of time, a negative experience has turned into a viral story and the impact is far-reaching.
You can also improve customer retention by addressing problems. Customers appreciate when their concerns are addressed promptly. Provide your customers with easy to understand instructions if they experience a problem with your product or service. If you solve a problem, you can then take the proper steps to address their needs and requests in a timely manner, which increases customer satisfaction and builds rapport.
The fifth strategy to increase retention is to follow up on every inquiry or comment made by current customers. As mentioned above, negative stories can become viral in a very short period of time. Customers appreciate being told honestly about problems. The following advice provides you with an opportunity to take advantage of that honesty:
Tell new customers exactly what you did to address their comments. This information helps them feel good about returning to your business if they need to. If you follow up on customer reviews, you can build trust with your new customers and increase retention. If you provide honest feedback, you increase the chance that they will tell others about their positive experiences. Additionally, you can begin the process of engaging with current customers and establishing a rapport with your brand.
A third strategy to increase retention involves maintaining an excellent feedback process. Having an excellent feedback process allows you to eliminate negative stories quickly. A good feedback system allows you to provide insightful, detailed suggestions about how to best resolve a problem. In addition, regular feedback helps you identify areas for improvement and you can use that information to address future concerns.
The fourth strategy to increase retention focuses on how you can maintain an environment where your employees are engaged and productive. Employees who are engaged in the workplace enjoy greater job satisfaction and productivity. Employees who are engaged in the workplace also tend to be more productive and to get more things done. One way to foster greater engagement among your employees is to create an environment that encourages growth and development while still providing a workable plan for any issues that arise. A final strategy to foster retention involves developing a culture where employees know that they can trust in the management’s ability to provide a high level of service.