Awesome Customer Retention Strategies That Work
According to research by Bain and Company, simply increasing the percentage of loyal customers to 5%, the brand’s revenue can increase by 25% – 95%.
In order to reduce shopping cart abandonment rates, you must carefully analyze the main reasons why customers are “not returning” and gradually test solutions to increase purchasing power and loyalty.
Based on our experience working with businesses in many fields from security, telecommunications, electrical product distribution.
Customer Retention Strategies
We have gathered 10 common ideas and should be avoided when retaining customers, please Experts, customer service staff discuss with swiftblogging in the comment section below!
1. Retaining Customers Is The Sole Responsibility of Marketing
Retaining customers is not a “privilege” or an individual’s responsibility. And any employee who because this view makes customers obsessed with bad experience should be explained in detail about the importance of customer retention.
Above all, impressive and satisfied customers can directly affect the revenue of the business but if they continue to feel frustrated after each interaction, they will certainly not hesitate to find competitors. compete.
A bad impression can appear at any touchpoint when the telesales team approaches the customer or receptionist or service department, all of which are not owned by the marketing department.
Therefore, in order to improve customer loyalty, every department in contact with “gods” should understand the importance and try to leave a positive impression.
2. Marketing Strategy Based on The Level of Risk
Brands are less likely to segment customers based on their level of risk. In order to effectively reduce risks as well as maximize profits.
The marketing strategy must start from seriously segmenting customers, implementing targeted campaigns based on the level of risk or level of risk. potential.
For example, a low-risk group may apply cross-selling / incremental sales while incentives or instant feedback will help alleviate the high-risk group.
3. Predict The Level of Risk-Based on Structured Data
Traditional models of basket rate prediction rely mostly on structured data such as purchase history, payment information, etc.
Rather than understanding the behavior of “god” through the events they have. past interaction – present, at many touchpoints such as a service center.
In contrast, details of customer interactions collected in an unstructured format, such as customer service staff notes, are an understanding of goldmine related to customer behavior. Indicate risk signals.
When properly exploited, risk signals such as arguing over which terms of a contract, referring to a competitor, or a cancellation history can be combined with appropriate incentives to minimize the bill. rate of abandoning the basket.
4. Managing Basket Abandonment Rate By Passive Measures
By the time the brand determines that customers abandon baskets / are less loyal, it is too late and there is little time to manage.
Moreover, the goal of maintaining and increasing the loyalty rate is therefore difficult to achieve. Efforts to maintain and satisfy customers at this time are also very difficult and extremely expensive.
Therefore, being proactive, sensitive and understanding in identifying potential risks right from the beginning in the customer life cycle will be directly proportional to the reduction of the basket abandonment rate, increasing the level of customer satisfaction.
5. Not Yet Highly Appreciated Customers’ Efforts
Discouraged customers are the most important thing that the brand’s service quality strategy should work towards.
Long response times, turn around many departments, request to repeat the same concern with each department and do not thoroughly address the wishes of customers.
In the first call are some common reasons. discouraging customers.
6. Important Speed Instead of Quality
Companies often equate the fastest service with the best service, but the response time does not completely prove that customers are treated with goodwill or they are satisfied, loyal to the brand.
Therefore, when it comes to customer service, quality should be a prerequisite and must be prioritized before speed.
7. Loyalty Program is Not Effective
The loyalty program has demonstrated a strong impact on the increase in the loyalty rate.
However, loyalty programs often have low response rates, due to the lack of personalized content, which has not attracted customers to interact.
Therefore, the use of brand channels that are interacting with customers to reach and meeting the “god’s” will help the efficiency of the loyalty program improve both quality and quantity.
8. Let Customers Believe More Important
Taking good care of existing customers is very important, which will help them to be satisfied, stay longer with the brand instead of leaving.
However, many businesses have difficulty prioritizing the majority of resources to persuade customers to continue buying – which is a necessary factor but not enough to keep.
It is important for brands to understand that the most important, least expensive goal of increasing sales must come from increasing the value of their loyal customer lifecycle.
9. Ignore The Opportunity To Approach Customers Again
Companies often do not try to create trust and a good impression on those who have visited the store but have not yet purchased because they think their efforts will be in vain so quickly ignore.
However, if there is preparation, more thorough investment through checking customer history, identifying the underlying cause of cancellation and assessing the potential level on a specific scale for all customers,
Their efforts will never be wasted. Marketers can then run targeted campaigns with incentives tailored to each customer to motivate them to make a decision.
10. Ignoring The Importance of Technology
Usually, customers cannot immediately decide to cancel the application overnight. A series of bad experiences and interactions because companies often justify not having many options / they invest less in tracking customer behavior, which is why they are fiercely leaving.
However, the development of technology makes it easier than ever to track customer behavior on a large scale. AI can help detect complex risk models and predict guest behavior. products from the first touchpoints, giving the brand the necessary preparation steps to increase loyalty.
By combining 10 pitfalls in the above customer retention journey, Swiftblogging hopes to help the brand have new ideas to make friends with customers, gradually increasing the value of loyal customer life.
A loyal customer will be happier, spend more over time, so plan to “attack”, calculated to minimize the pitfalls in each strategy, improve customer lifetime value The goods will save you millions of dollars.