Customer retention: 5 unique strategies to increase profits
To treat customers as individuals, you need to gather as much information about them as you can. But you also have to be able to analyse and read the data. So, this article offers advice on Customer Retention: 5 unique strategies to increase profits.
1. Notice the churn early
The best way to enhance customer retention is to stop a customer from leaving you. By paying attention to the numbers, you can detect the signals of customers about to move elsewhere. Warning signs are easier to spot if you have already identified the variables of your customer behaviour, such as purchase patterns, product usage and history of customer service enquiries. So, read the signals and take action to prevent them from leaving before it's too late. And then ask them why they have stopped purchasing from you and ask them to allow you time to resolve their problems.
2. Target with special offers
The more you know about customers, the better chance you have of tailoring an individual bespoke response to them. With this knowledge, you can understand the kind of offer that will be the most exciting and relevant to each customer to keep your brand in their minds. Then identify the ways to revive interest in you and achieve an actual purchase by perhaps offering them special discounts or added value from your product.
3. Reward customers with VIP status
Find out which are your most profitable accounts. And these are the customers you want to keep. So let them know how special they are. Knowing who brings you the most sales allows you to allocate time and resources smartly, and increase cross and up-selling opportunities. Offer them special discounts, early access to new products and exclusive one-off products.
4. Personalise follow-ups
You need to make your relationship with your customers personal. But understand and talk to them like they are a person. Not just a customer. Also, add notes about them and research them. Note their purchase history and preferences. The more information you have on them when you first add them to your CRM, the easier it will be to do bespoke follow-up strategies.
5. Keep your promises
As a professional business keep your promises. Maintain schedule follow-up calls or emails. If you say there will be an exclusive offer in 14 days, make sure you keep your promises. And if you are going to follow up with them a few days after the purchase, then do what you promised.
This article offered advice on Customer Retention: 5 unique strategies to increase profits. To treat your customers as individuals, you need to gather as much information about them as possible. Hopefully, it encourages to think that gaining new customers is great and a sign that your business is growing. But losing your current customer is a costly mistake and one that will seriously damage you. So, existing customer will increase your profits and are more likely to buy from you again if you have treated them well.