7 Strategies To Achieve Faster Customer Retention

Are you creating a customer retention strategy that keeps your existing customers engaged and content?

A major difference between enterprises that thrive and those that do not is customer retention. It is more likely to achieve business goals by focusing on existing customers and continuing to sell to them instead of just formulating new strategies for acquisition on routine. It costs up to 7x more to acquire a new customer than to retain an old one which showcases the imperativeness of investing more resources in customer retention. And no, thinking that if your product or service is greater than retention will follow is an outdated notion.

Today, around 89% of enterprises see customer experience as a key factor in driving customer loyalty and retention. And in order to achieve this, it is important to implement the right kind of strategies with the right resources.

Here are 7 ways to scale your customer retention strategy and achieve your business goals:

1. Adopt customer service tools-

Instead of hiring more customer representatives, it is better to turn to customer service tools. As your enterprise will continue to grow, your support team will need a more refined tool for its daily workflow. Interestingly, in 2008, only 12% of businesses used cloud-based CRM; this figure has now increased to 87%.

You too can commence by leveraging GigIndia’s CRM integrated platform to record every customer interaction and manage support tickets effectively. This will keep your processes organized while creating a more delightful customer experience.

By centralizing your customer service operations, you will be able to funnel all the support-related inquiries into a shared inbox where the representatives can collaborate on complex service tickets. This will make it easier for them to streamline urgent or sensitive issues, thereby improving the likelihood of preventing sell out.

2. Paying uninterrupted attention-

According to a survey, poor customer service is the biggest reason why most customers leave in the first place. More than 89% of customers move on to a competing brand after having a bad experience with one enterprise. A probable reason for this is maybe because your customers are not feeling connected with your brand on a personal level or they don’t feel that they are appreciated enough.

Reaching out regularly to engage with your existing customers can help you earn their loyalty and consequently reduce the churn rate. A study shows that customers who are fully engaged represent a 23% higher share in profitability, revenue and relationship growth.

3. Special offers and discounts go a long way-

GigIndia’s integrated CRM and telecalling gig workers analyze your customers’ journey in a way to understand what kind of offer would suit each individual and compel them to make a purchase. You can also accompany this with exclusive discounts to revive their interest in your brand. Around 58% of customers say an exclusive offer would increase their likelihood to purchase, while 82% said it would increase how often they would purchase from a brand.

In order to accelerate and maintain your retention rate, it is smarter to utilise short-term opportunities to capture their attention rather than waiting for them to purchase only if they require something from you.

4. Personalised outbound calling-

To build a relationship between your brand and your customer, it is better to go beyond the traditional script-based voice processing and actually understand your customer on a personal level to engage effectively. GigIndia’s automated CRM setup ensures this with in-depth sentiment analysis & buying intent gauging from your lead’s details in the system so that every communication is as personalised as possible.

GigIndia’s certified telecalling representatives are trained and briefed on the details acquired by the CRM- this further helps in the customisation of every response script so that each individual customer feels personally attended by the brand. Around 61% of customers say it’s difficult for an enterprise to earn their trust unless they witness the exclusive treatment.

5. Every feedback counts-

Customer loyalty is priceless- it can even result in further customer acquisition for your company. Your loyal customers will always be willing to share their feedback about your brand and this, in turn, will enable you to make fill every loophole in the process. Unfortunately, only 1% of all consumers feel that their expectations are always met.

Creating a panel of these customers can help you refine products and services at your business. Additionally, you can increase customer advocacy by encouraging participants to publicly share their reviews. Also, customer testimonial is an effective method for building rapport when attracting and engaging potential leads.

6. Empowering customers with convenience-

Making your products and services as accessible as possible to your customers will gain you their engagement. To incorporate this, you can identify the desires and behaviour of your customers and leverage tools and systems that empower them. Research shows that positive word-of-mouth improves the Net Promoter Score (NPS) of any enterprise by 65%.

You can decide whether you would want to go with traditional methods or witness the extraordinary impact of smart technological developments such as an AI+Human Cloud of managed resources powered by GigIndia.

7. Standing out from your competitors-

Being true to who you are as a brand shows integrity and makes it easier to attract customers that just might become your strongest brand advocates.

When your existing customers advocate your brand in their social circles, it increases your chances of having potential buyers. Studies show that investing in customer retention can increase an enterprise’s profitability by 75%.

This proves that if you treat your existing customers well, you will consistently reap the benefits. After all, your customer base is a growing source of referrals for new customers.

To make customer-centricity a reality for your enterprise and growth plans, visit us at www.gigindia.in or write to us at sales@gigindia.in