How to Increase Retention Rates by Building a Culture of Value

One of the easiest ways to increase retention rates within your company is to increase onboarding freedom. Customers love to feel that they are in total control of their company. The best businesses out there know that customer retention and customer engagement are intrinsically linked. When a customer feels as though they have complete control over the decisions that are made at all levels of your business, then they are much more likely to keep coming back and engaging with your brand. One of the easiest ways for a company to foster this feeling of control is to provide value. If you provide value consistently, your customers will continually tell their friends about your company and services.

Great customer retention starts with great customer service. If you want to increase retention, you have to pay attention to how you treat your customers. Whether or not you pay attention to the small things like providing information on your website, or you pay attention to the big things like giving gifts and bonuses, or even just paying attention to your interactions with your staff, you have to make sure you always provide great service. The key to making great service a habit is to be consistent.

Another thing that many companies miss when trying to increase customer loyalty is to consistently follow up on leads. If a lead doesn’t want to opt-in to your mailing list, or they don’t feel comfortable providing you with their contact information, you still need to make sure you follow up with those leads. By consistently following up with leads, you’re reminding them that your company is on their mind. If you don’t invite them to learn more about your company, then you aren’t building any trust with your potential customers. Always make sure you follow up with valuable customers.

Lastly, it’s important to understand and utilize customer feedback and social media to grow your business. Social media sites like Twitter and Facebook allow you to interact with customers in real time, allowing you to get immediate feedback on your product, as well as understanding what your customers value most. The ability to respond to customer feedback in real time will not only help you grow your business, it will help you maintain relationships with past and current customers.

Social media has also opened up new doors for the businesses that are willing to take the chance to provide value through their customer feedback. Instead of simply dealing with complaints, most companies are now willing to openly listen to their customers. Instead of deleting negative posts from social media sites, many companies are using this as a means to solicit customer feedback. This allows you to not only gain more feedback from your customers, but it also helps you learn how to better serve your customers in the future.

You also want to make sure that you constantly focus on maintaining relationships with your existing customers. Even if you have great products or services that your customers are dying to get their hands on, you can still lose a lot of money by not retaining your customers. Many people do business with businesses that are simply not interested in listening to customer feedback or paying attention to their needs. In order to ensure that your business always maintains positive customer relationships, you need to provide value for your customers. Provide something extra that your customers are looking for and you will not only increase the chance that they will keep returning to your business, but you will also increase the likelihood that they will tell others about the great service that you provide.

Another way to ensure that you have high retention levels is by continuously engaging your customers. If you go to a location and spend time just hanging out with your new customers instead of having a meeting and conducting a sales pitch, you will have much higher customer satisfaction levels. The more interaction you have with your new customers, the better chance you have of retaining them. Even just a one-on-one conversation with a new customer can boost customer satisfaction by 10 percent.

Overall, creating a culture of value within your company creates a favorable environment for retaining customers. Customers want to do business with a company that values them, respects them, and works hard to keep them happy. In order to foster this environment, make sure that all of your employees are actively engaged with making your customers happy. Talk to your employees about what it means to be a valuable employee, how customers are important to your success, and how building customer loyalty will benefit your business in the long run. This strategy may seem like a small thing, but it’s something that can ultimately make a big difference in your retention rate.