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6 tips to improve customer retention and loyalty

2nd Jul 2017
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Every business will be immensely successful if it can attract new customers and retain the loyalty of the existing customer all through the years.

Unfortunately, the statistics show that not every customer who patronizes a business will return, but it is possible for a business to secure the patronage of a large percentage of its customer in the long term. This process will require identifying the most valuable customers, attracting them to make a purchase and then using all means necessary to keep them satisfied and loyal to the brand.

Even for businesses that have short sales cycles like MatchedLoans, customer basically wants to have their needs met. These needs can be problems that can be solved by the services you offer, assistance with some issues the customer has while using your products or seeking assistance to get maximum value from your products and services. The customers’ demands are endless, so how can long term relationships be formed with the new and existing customers?

We have identified 6 tips that promote customer retention and loyalty:

1. Establishing a good relationship that benefits the customers

The processes of improving interaction with the customer might be dependent on the industry (goods and services). Many companies realize the importance of a good communication with the target market but implementation has always been a challenge.

It is easier to develop a better relationship with customers when the process of rendering a service requires lengthy steps. This will create more chance of interaction between the customer service team and the customer.

For transactions that require less time (shorter sales cycle), relationships can be established by asking the right questions to get a better idea how to serve the customer better and using effective feedback methods to collect the customer's contact information for an after sales follow-up.

Ensuring the existence of loyal long-term customers is important because the business sales will be sustained even in the event of unforeseen challenges in the sales and marketing plan.

2. Honesty and transparency

It is important that the promise made to customers is attainable. It will be a bad idea for customers to purchase your products and not get the promised benefits. Unsatisfied customers will move on to try another brand; this is not what you want so to ensure the customers get what exactly what is promised for their patronage.

3. The proper use of targeted messages

The first phase of every marketing plan is identifying and understanding the behavior of the target audience. Once this is done, your team will need to develop and pass the right information to this targeted group. Getting this right is important because the right information will be easy to understand, the target audience will easily understand the benefits of using your products or services hence they will make purchases. Your marketing efforts will be futile if the wrong message is passed across to the target audience because they will not comprehend how they stand to benefit from your services.

4. Always ensure that your customers have access to sufficient information

The market is currently filled with enlightened customers who are constantly searching for more information about goods and service that will satisfy the numerous questions running through their minds. This is why your business needs to have a prominent online presence. Customers will be able to source for the information they need from your website, social media accounts or your 24/7 customer care team. All these channels should be furnished with adequate information covering every aspect of your business. It will be a shame if a member of your customer care team does not have the right answers to a customer’s question.

5. Set up an effective feedback system

You need to know what the customers and the public think about your business. There are numerous feedback mechanisms that can be sued to retrieve this information from the market. Identify the feedback method that is suitable for your business and use it to find out how you can serve the customers’ better.

6. Strive for an excellent Customer Service

Many businesses have lost the bulk of their customers due to poor customer service and support. Your customers will definitely need assistance at some point and they will reach out to the customer care team. Your team should be able to render the relevant assistance the customers need or else they might just move on to another brand. A good customer service makes the customers feel special and highly valued; it is one of the factors that encourage repeat purchase.

Make your customers willing to use your products or services again

You will be saving a lot of money if you go the extra mile to retain your existing customers because it is more expensive to attract new customers. Always acknowledge the presence of competition ready to absorb any unsatisfied customers. Ensuring that your customers are happy will encourage them to use your services and products again.

For the best effects on your business, constantly look for opportunities to use these tips to grow your business.

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