11 C
Sunday, May 19, 2024

No products in the basket.

HomeSales and MarketingCustomer Experience4 Smart Ways of Increasing Revenue Through Customer Retention

4 Smart Ways of Increasing Revenue Through Customer Retention

Image Source: Headway 

Running a successful, profit-generating company can be tough. Not only do your operations and processes need to be efficiently streamlined to keep the business running, but you need to keep customers happy at all times. 

Customer retention plays a huge role in profit generation as well as organizational growth and brand development. In fact, it costs a company three times more to find a new customer than it does to retain an existing one. 

And the further statistics speak for themselves, a whopping 77% of all brands could disappear from the face of the Earth and no one would even notice. In fact, 81% of customers buy from the same company repeatedly due to the fact that they trust the brand. Positive experiences with brands are 61% more effective than advertising, according to surveys. 

So, what steps can you start taking to improve customer retention statistics in your business? We unpacked some of our top tips for improving your customer experience and heightening customer satisfaction to keep them coming back to you. 

Hook Back Churning Customers with Retargeting Tools

The fact is that you are always a step away from losing a customer. Whether you have developed a loyal customer who is invested in your brand or a regularly paying customer for your SaaS business, there could be any number of reasons for them churning. 

In some cases, customers churn due to an unpleasant experience, unsatisfactory products or services or even poor engagement and communication from your brand. Luckily for you, there are a number of tools online that allow you to track when a customer clicks the unsubscribe button or has just stopped their regular orders and payments during a period of time. 

Not only can you trace the customers and ascertain basic information about their reasons for churning, but it allows you to contact them to try and coax them back. If they have unsubscribed from regular communication, a personalized email can be sent to them with an incentive to restart the services. 

In some cases, however, the customer churn is not intentional from the customer’s side, but due to insufficient funds or even the failure to update payment information. There are some great failed payment recovery tools out there that can help you get back on track swiftly and effortlessly. These kinds of tools allow you to help identify whose payment has failed, why it did and then assist in getting it reset. They allow you to not only retain the client but to continue generating income for your business.  

Upsell Customers for Personalized Services

In certain cases, your customer might have simply churned due to the fact that you are not offering them the right products or services for their needs. What might have been working for them previously might now be redundant, and they need to move on. It is key to keep in mind that constant education is vital for customers. Most of them simply do not take the time to research your offerings and products thoroughly, so you will actually need to take that information to them. 

Companies all over the world have found that by upselling their services or taking a personalized approach, the customer is highly likely to take the new services to suit their needs. Let’s break it down. In the case of a SaaS company, customers are more likely to choose the free or more affordable option, and then churn once the subscription is up. 

But, smart businesses will offer a discounted rate on the service, or even a level higher, and educate the customer about the increased features. Informative communication about what other services you offer is likely to entice your customer to come back and try out the service. 

If you take it further and find out from the customer what they do actually want from your company, you can tailor a package especially for them, and retain the client. 

Image Source: Rupixen 

Create Incentives To Keep Customers Coming Back 

There is nothing more enticing than special offers, discounts and incentives to keep those customers coming back for more. 

As we mentioned in the previous point, a churning customer can be hooked back if you offer another discounted period on your services. You can also coax your customer to increase their purchase spend by offering the next tier at the same price, or even 50% off for a period of time. 

But, you can also use this as a great marketing tool. Referral campaigns are a great way to not only retain existing customers but extend your market reach. Offering discounts and codes to your customer base for referring your company to family and friends increases your customer base but also establishes a deeper loyalty with your existing customer. 

Occasional offers, varying discounts and free deliveries are always a great way to surprise and delight your customer. A surprise free delivery after the third purchase or an extra free product added to the delivery with a thank-you note will do wonders for your customer. They are also more than likely to share it on social media for further reach. 

Increase Engagement and Content 

Lastly, one of the top ways to keep your customer coming back for more is by keeping your company top of mind. Remember, we are in an age where the customer is constantly flooded with information. Life is busy, there are always things on the go. There is permanent information being fed to the customer via all channels, and competitors are constantly vying for your customer’s attention. 

So, keep their attention on you! Keep that content coming at all times, and through all channels. Brand dominance is highly challenging at this time, so you will need to ensure that you get your branding and messaging right before you start getting it out there. You will want your customer to instantly recognize your brand with each post. 

Keep your content informative, educational, entertaining and empowering. As mentioned earlier, an educated customer is an empowered and loyal customer. Provide content to them that equips them with key information that they need. Take your blog, for example, post industry-related educational content around specific topics that your customer can actually learn from, and post frequently. 

Social media is a great tool to be able to keep your messaging going out constantly to keep your customer in the know about your brand, your products and your services. Use these tools to highlight all of the various aspects of your offerings and to advertise specials, discounts and promotions. 

Wrapping Up 

One of the key ways of keeping your customer coming back for more is by creating an unparalleled customer experience for them. Each point of your business needs to be optimized to surprise and delight your customer. Every touchpoint, from basic entry of your business, whether it be through social media or through a phone call needs to be on brand and heightened for customer satisfaction. If you rely heavily on your website, ensure you spend time mapping out the UX. Your customer should be able to flow through your site and make a purchasing decision swiftly with your site layout. Remember, once a customer has bought from you, and has an existing, easy-to-use profile, they are more than likely to do so again. 

Recent Articles