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Business strategies to retain customers

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In today’s highly competitive market place, businesses are offering similar stuff at comparable prices. All businesses appear to be alike to the eye of a customer.  So, what is it that makes the firms different from one another?

The reason lies in the percentage of loyal customers. To a great extent success of a business depends upon its customers’ experience. Satisfied and loyal customers are likely to spend more helping the firm to earn long term profits, reduce costs as much as five to seven times and also bring in new customers.

Below are a few steps that could go long way in helping businesses to retain their customers

1.      Improve Customer Service

Customer satisfaction is closely related to staff performance and compensation. Employee retention is a great way to improve your customer service. Training, recognising and rewarding employees for positive performance is a way to achieve happier and more productive workforce. Thus, happy employees mean great customer satisfaction.

2.      Personalisation

Maintaining contacts with customers either through email or phone or in person is the easiest way to personalise the selling experience. Sending personal e-mail follow-ups is a way to show that the company cares about their relationship. When people feel that they are being valued, they see their customer experience as more positive which encourages them to be loyal.

 3.      Customer Loyalty Schemes

Providing frictionless customer experience is a great way to generate loyal customers, but sometimes certain loyalty schemes can help in further strengthening old relationships or building new ones.

Offering free versions of the product or service for a small duration, for about a week or 30 days allows the customers to test the value of the product. The companies can also offer incentives to existing customers for inviting friends to sign up. Rewarding customers for prompt payment or providing additional discounts on repeat or bulk purchases not only helps to retain customers but provides opportunities to increase sales.

4.      Conduct Surveys

Conducting regular surveys to gather feedback about customer experience helps you to know how your organisation is doing in comparison of your competitors and help determine customer loyalty. In the era of crowded marketplace and high competition, customer satisfaction surveys prove to a very useful tool. It allows customers to suggest improvements and helps the firms to better understand their needs. Feedback is often collected through questionnaires, in person, by mail or over telephone.

Of course, there no one particular method that fits every organisation. There are several ways in which profitable customer retention can built- whether it is by providing excellent products and services or loyalty schemes or by maintaining close relationships.  Your method of dealing with your customers will determine your success in the long run and help you stay ahead of your competitors.

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  • There is 1 comment

    • 5 years ago

      poornima   /   Reply

      Well, retaining customers in a company is absolutely elixir. A company or a business is unimaginable without consumers. I would like to keep my view quite precise, that is, we all know certain basic marketing strategies to retain customers, But few important ones are as follows:
      1. honest price for honest products
      2. Do not overly reduce the price of your product, because it so happens that, the consumers will treat your product as an inferior one.
      3. No false advertising.
      4. Use certain brilliant tricks so that consumers will buy your product often and your profits will increase. for Eg: Colgate marketing teams devised a plan and widened the circumference of the toothpaste, so that when the consumers will squeeze the toothpaste, a little extra paste will be squeezed out without their knowledge, due to the ‘bit widened’ circumference, and hence the toothpaste will be over much sooner and people will buy a new one, sooner than they used to.
      There are many more ways to retain consumers. But the above stated are few important ones.

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