How to Increase Retention
An increase retention rate can be the difference between success and failure in the business world. After all, retention is far cheaper and much easier to instill within your employees then it is to constantly hire new people. Simply stated, businesses that provide value to their customers are going to experience more customer retention than businesses that do not provide any value to their customers. So how do you determine what your company is providing your customers? Well, read on to find out.
The best way to increase retention rates is through customer service. Customer service allows customers to feel that they are important, that the company actually cares about them, and gives them a reason to stay with your company. So how do you determine what your company is actually doing right now in regards to customer service? It’s simple. Ask yourself the following questions to get an idea of how you are performing:
Are you providing sufficient customer feedback? – Customer feedback is a crucial part of marketing because it allows you to see how well you are communicating with your customers and what they’re actually interested in. If you’re constantly creating new products or services that don’t connect with your customers, it’s likely that you are failing to increase retention. It’s vital that you listen to your customers and address their concerns.
Are you leveraging social media to increase retention? – Social media has given countless businesses the ability to communicate with their clients and to engage users in meaningful conversation. However, one of the most powerful ways to increase retention is through social media engagement. Utilize the power of social media outlets like Facebook, Twitter, LinkedIn, and YouTube to engage your target audience.
Is your customer service trending positively? – Social media engagement can be a very powerful form of customer retention. Consumers want to be engaged and to feel that they have a voice. When you provide value, you will be seen as a company that cares about its customers. When customers are happy with your company and they are able to easily contact you or escalate a problem, you are likely to retain customers for many years to come.
Are you engaging your customers in real conversations? – Social media engagement is a great way to provide value to your customers. When you are able to answer customers’ questions, post links to free reports or specials, or simply invite them to play a game or join a group, you are likely to increase retention in the long run. When you are able to engage your customers in real conversations on Facebook, Twitter, LinkedIn, YouTube, etc., you become a real face to them. When they trust you and can see that you are there to help them out, you will naturally be trusted by others.
Employee retention is tied closely to satisfaction with the business. When you provide great employee satisfaction, retention will increase. In order to determine the level of employee retention you are currently getting, you can conduct surveys, look at statistics, and evaluate the satisfaction levels of current employees. Sometimes it is difficult to know exactly what your employees think, but offering an incentive for good employee retention can help you get a better idea. Whether it’s providing a day off with pay or a nice bonus, offering something for retention will dramatically increase retention rates.
Employee retention is important to a company’s bottom line. It is necessary to implement a great employee retention strategy if you want to increase productivity and your bottom line. Be proactive in your attempts to retain your best employees. Your reputation will suffer if you don’t maintain a high level of customer satisfaction so make sure that you are implementing a great retention strategy today.