How to Increase Retention
One of the simplest yet most effective ways to increase retention levels is to improve onboarding flexibility. People like to feel that they’re in total control of their business. The best businesses out there recognize that customer retention and customer engagement are intimately connected.
In order to increase retention, your company should make changes to how it does things, how it presents itself to customers and how it communicates with them. In addition, your company should have an honest and open dialogue about how you will enhance customer service. That means making changes where needed to improve customer service. And here’s a critical but often overlooked component to customer service: the ability to follow up.
Follow-up is another way to provide value to your customers and to increase retention rates. It’s the ability to do so after the sale. After all, customers want to know that you care about them, and that they can count on you to get the work done. The key is following up. When you follow up, you not only demonstrate caring, but you also demonstrate that you are a responsible business owner.
A good way to ensure that you follow up on commitments to your customers is to offer them a loyalty discount or some kind of appreciation. Tell them that the gesture was appreciated. That way, they’ll be more likely to continue to work with you. And by offering them something for free, you help to maintain customer loyalty. Following up is one of the simplest ways to increase retention.
As you look at how to increase retention, another way to go is to foster continuing relationships. Most people want relationships with companies that are as customer-centric as they are. If you don’t already provide great customer service, it’s definitely time for you to start considering how to enhance the level of customer retention. Many companies find that providing continuing customer support helps to build long-term customer loyalty. When you provide exceptional customer service, your customers will be more likely to tell others about their experiences with your company.
There are a few social media analytics tools available that can help you monitor and track customer retention rates. These tools typically give you insight into what types of questions your customers are asking, and how those questions are answered. They provide metrics to show conversion rates and the average time taken to make a sale. They will also tell you how active your audience is, suggesting that your messages are engaging to your followers. And because social media analytics is open source, you have access to it for free.
The goal of onboarding is to provide your new employees with the information they need to perform the tasks required of them. By giving new employees critical information they need to succeed, you are increasing their chances of actually performing and exceeding customer expectations. By giving employees insightful information about how to use your product or service, you are increasing retention rates while decreasing training costs.
Finally, your retention strategy should include not only the creation of value, but also the creation of a story. A powerful acquisition story can increase the acquisition cost of your application. But it can also decrease the acquisition cost by motivating your employees and showing them how value is created through engaging with customers. An acquisition story shows how the customer value you create exceeds the value provided by your competitors, and describes how the value you provide in comparison can’t be found anywhere else. Hiring the right people, providing the right training, and presenting the benefits of your product or service in a compelling manner are all important steps towards building a strong customer brand and retention strategy.