Top Strategies to Increase Retention
A customer retention strategy is an action plan that businesses develop and implement to decrease employee turnover, avoid costly attrition, increase retention, foster employee loyalty, improve customer satisfaction, and provide value to customers. The four aspects of customer retention most often discussed and practiced by companies include effective communication, an integrated brand, and effective follow up. Although these aspects are important, it is often the case that other strategies are needed to fully realize a company’s customer retention goals. Often, small changes and tweaks to an organization’s processes will not only increase retention rates but can yield great rewards in terms of customer loyalty and retention. However, when implementing changes to organizational culture and practices, certain tactics must be considered. In this article, we will examine the importance of implementing new procedures for retaining customers and building a solid foundation of customer trust.
One of the first steps to increase retention is building a strong social media presence. Many companies ignore customer reviews, blog posts, or social media interactions in their efforts to retain customers and their business. The internet provides the ideal medium to share information with millions of people throughout the globe. With the right customer retention strategies, companies can generate positive social media experiences and actively cultivate a strong social media presence through various channels. Creating a strong social media presence may sound easy but achieving consistent results requires careful planning and implementation.
Another important factor in employee retention is creating a solid and unified company culture. A cohesive company culture fosters productivity, improves employee relations, and encourages high employee retention rates. Often, it is the unifying factors within a company culture that lead to a high level of employee retention. For example, an understanding of company policies and procedures, a shared vision, and a strong work ethic foster trust and loyalty within an organization. When such principles become the norm, it becomes easier for employees to provide true customer service, and it makes it more likely that they will provide the same engagement on a different platform.
An effective employee retention strategy should also include the use of social media. Social media allows a company to effectively engage with potential and current customers. As an example, by offering periodic employee blogging opportunities, a company can communicate valuable information to employees, which helps them understand company policy and helps to build trust. Employees who feel that they are part of a team or a community understand that they are able to reach a wide variety of audiences through the use of social media. Additionally, engaging in social media helps employees connect with co-workers and outside interests. Through various avenues, employees can receive feedback, connect with their peers, learn new information, or simply provide support and encouragement to fellow employees.
Finally, the implementation of an employee retention strategy should include measures to reduce turnover. A study conducted by the Center for Economic Research, Employment and Training Department at the University of Michigan found that companies with a strong retention program enjoyed a 4% higher employment rate than those with weaker programs. Companies with high employee retention rates enjoy the lowest turnover rate. Therefore, when planning an employee retention strategy, it is important to consider strategies that can help a company to decrease employee turnover. In particular, one effective measure is the development of an inclusive, comprehensive culture and personality training program.
An onboarding program is designed to increase retention through a number of measures. Internal programs may include an orientation series, an executive skills workshop, career development activities, and an employee development program. These initiatives allow a company to increase retention by building a workplace climate that is welcoming, accepting, and compatible with employees’ personal and professional goals. Internal initiatives can also be implemented by a company as a group effort. The most common way to implement onboarding is to provide all new employees or recently hired employees with an orientation session. This program provides basic information about the company, explains the company’s mission, and provides insight into the processes and cultures of the organization.
Beyond the basic information provided in the orientation session, additional components are offered to enhance knowledge and increase retention. A well-designed user onboarding process can increase retention by: developing trust and creating a comfort level, preparing employees for work, increasing productivity, increasing satisfaction, providing for employee benefits, and creating a great working environment. In addition to these foundational processes, however, a company should have additional measures in place to ensure the effectiveness of its brand and overall corporate reputation. One such measure is creating an integrated communication and customer care strategy that ensure a consistent message is communicated to all stakeholders.
Integrated communications and customer care strategy allow companies to communicate with employees at all levels, while consistently delivering the highest level of service. The messages should be simple to understand, attainable, relevant, and timely. Additionally, companies should strive to keep communications moving forward rather than sitting on the sidelines and waiting for feedback to be provided. This will create a collaborative environment where employees know they can voice their concerns. Moreover, employees who feel they are being consulted will feel engaged and will provide input and collaboration that improve the business. This engagement will not only result in an increased level of productivity but also more satisfied employees and ultimately, a higher level of company success and a more successful customer experience.