BULLET POINTS
How to have happy customers – Most Effective Methods to Improve Customer Retention
Keeping a customer happy is not as easy as it looks. But being a digital marketer, it is your job to not only gain new customers but also keep the existing customers happy.
Usually, customers not only leave, but they also put the salt on wounds, share your negative points with others, and purchase your competitors’ products or services. Lastly, they will also recommend them on social media while taking part in discussions. It is the worth thing.
Well, the other good view is, keeping an existing customer attached is comparatively easier compared to getting a new one.
Let’s see how to keep the existing customers happy but first, check the below facts.
Statistics about Customers
- According to seohosting.com: “Getting a new customer is 5x more costly compared to keeping the existing customers attached with you.”
- According to sba.gov (US small business administration): “About 68% of people leave a brand because they do not like how they are being treated”
- According to Touch “Customers want a reply within 1 hour and you will see about 80% negative tweet on Twitter about customer care of big brands”
- According to Harvard Business Review: “If a customer has a negative experience with you then he/she will share with at least 10 persons and the same goes if a customer is happy with your service”
- According to American Express: “About 59% Americans try new brands to get some better service”
And there are lots of similar stats that you have to understand for customers’ understanding.
There is a simple formula that we use to calculate the customer retention rate. Do you know it?
Retention Rate Calculation = ((CE-CN)/Cs)) X 100
Where,
- CE is the no. of customers at the end
- CN is the no. of new customers during a particular period
- CS is the no. of customers at beginning of a period
Let’s check out the most effective methods to keep the existing customers happy.
Understanding Customers’ Needs
Being a digital marketer or an agency, you must study the customers’ behaviors and know that what they accept from you and when from your customers.
Mainly you have to learn what features they expect from you and at what price? If your product or service has all the necessary features at a reasonable cost then you can keep the existing customers attached as well as getting new ones.
Here you can use surveys and polls to know that what existing customers are thinking about you. And, a free giveaway to take part in service can engage more customers with a survey or poll.
Friendly & Personal Approach
I still remember the friendly support members of an FX trading company. Their support emphasized me to keep attached with them.
You have to realize to them that you are their friends and you will solve their business problems. It will be even better if you are providing support in their native language. Additionally, you must have at least online chat support. It will be even better if you offer call support.
Improve Response Time
If I told in the above stats that customers want a response within 1 hour and there are 80% negative tweets on Twitter about companies’ support.
It simply means that response time is the key here to keep the customers happy and attached to you. Believe me, it is an embarrassing situation for a customer to not get a response from the company’s support.
Not only small companies but also large companies have this issue. I know Payoneer support. It was so much frustrating for me to keep waiting hours to talk with a support agent. And more importantly, I noticed that more than 85% of customers are unhappy with them due to poor support. What you think will they not move?
Make sure your company is using multiple support channels such as email, live chat, and phone. This is an important and measurable factor that customers take into account.
Let Them Make Your Ambassadors
If a customer is happy with your products or service then you will surely recommend him to his family, friends, and colleagues. Why not you give them some benefits for referring to new peoples?
Starting an affiliate program is ideal for this purpose. No matters what is the size of your business, you can start it and grow your number of customers.
If a customer is not writing a review, taking part in surveys and similar activities then it is an indication that there is still room for improvements.
Learn from Customers Who Left You
It is a habit of a good marketer that he keeps learning and applies it as a new test. There is nothing perfect and every business has unsatisfied customers too.
You have to make a list of those clients and find the reason for this break-up. After analyzing the facts, improve your weak areas so that you can maintain a good number of customers.
Tell Them about Your Success
You have to give your customers some sharable words that can give them the satisfaction that they are attached to a reputed and growing company.
Now the question is what data I will share while participating in a FB post where someone is asking for a service and everyone is telling stats of its service provider?
Hence it is your job to share some great stats about your progress. These stats can be the number of new customers, discounts, new products, awards, etc. After having some stats, your customers will be your strong brand ambassadors.
Make Sure You are Providing Helping Materials
It will work great for existing as well as new customers. You must have a blog, knowledge base, and also how-to video guides about your products. Additionally, compare yourself with competitors in blog posts.
I am sure after applying these techniques, your customers will be even happier with you.