10 Ways to Increase Your Startups Retention
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Customer retention is the only way your business can be successful. When your customers run away, your revenues will dwindle and eventually your business will collapse. Research has found that if you increase your customer retention rates by 5 percent, you profits will increase by between 25 percent and 95 percent.
Here are the top 10 customer retention strategies that work:
1. Understand Your Customers’ Needs and Wants
Business is about solving your client’s’ problems. Speak to their needs and wants and you will see your business appealing to their hearts. Your marketing and sales process should focus on them.
2. Use Words That Your Clients Love to Hear
Depending on the demography of your clients, choose words that encourage them to buy more. Not all words are created equal. If you use technical words for children or uneducated clients, you may not sell much. People also like words such as ‘new’, ‘free’, and ‘instantly’, etc.
3. Stand for Something
If you don’t stand out for something, customers will be more likely to ignore you. If you want to create a loyal customer base, you have to create real connections with them by having some shared values with them.
4. Encourage Your Customers to Give Feedback
Positive social proof is a strong marketing strategy. Ensure your business has a website where your customers can give their feedback so that everybody can see. Respond to their concerns promptly and professionally to show that you are at the top of everything.
5. Appeal the Inner Ego of Your Customers
People prefer products that “look like” them in some way. To attract and retain customers, you need to identify them down to the last detail, and then come up with a message that touches on their aspirations, goals and pains. It’s easier to fill this existing demand than to create one.
6. Educate Rather Than Just Sell
You can only retain customers when you have a special relationship with them. Create this relationship by being informative. Customers usually enjoy receiving information and helpful recommendations on products that will help them solve their problems and achieve better results.
7. Capture the Momentum of Your Product
Whenever there’ an improvement in your product, let everyone know. And explain to them why those improvements are necessary and how it will improve their experience.
8. Spend to Delight but Do Not Overspend
Giving out gifts and discounts are good but they can be costly in the end. Discounts are just psychological, even a 10 cent discount can attract people to your product.
9. Speed is of the Essence
Completeness, quality and speed go together. Ensure your customers’ orders are delivered as fast as possible, but this should not compromise the quality and completeness of the order.
10. Choose the Right Communication Platform
In communicating with your clients, utilize the channel they prefer most. Find out who among them prefers e-mails, phone calls or live chats on social media and other forums. Using a wrong forum may turn a customer off.
