What is Customer Retention?
Customer retention is simply making sure your existing customers are happy and engaged enough that they want to stay with you. It sounds simple, but it is hard to do.
Is your company having trouble keeping the customers you have worked so hard to get? Here are some customer retention mistakes to avoid that will keep your customers doing business with you for a long time.
1. Not Tracking Customer Behavior
Use customer analytics to understand the trend with your customers. Once you get a new customer, take the time to get to know that company – what they need, and why they came to you. Doing so will ensure that you can keep that client happy and do business for a long time.
2. Failing to Create a Strong Email List
Most people use email now, and this form of communication is an excellent way to connect with your clients. Ensure you maintain an effective email list and send regular emails to inform recipients of your latest offerings and to let them know you are there for them.
3. No Loyalty Program
Loyalty Programs can increase customer loyalty, and not having one for your B2B business can inversely affect your customer retention. Research shows that 69 percent of retailers agree that their customer loyalty programs helped cement their loyalty, and 49 percent of end-users reported purchasing more after enrolling in a loyalty program.
4. Refusing to Receive Feedback
Customer feedback is an excellent way to gain insight into customer opinions and an excellent driver to onboard new customers. In today’s data-driven world, customers need at least 40 online reviews for them to accept the reviews as true. Make sure your team is on top of any feedback and solve any problems as soon as possible.
5. Not Using Social Media to Cement Relationships
Social media is very popular, and many people have at least one account. Capitalize on this trend and make sure your company has a solid social media presence. Regular interaction with your clients ensures they stay loyal to your company.
6. Inconsistent Customer Service
Be consistent with your customer service. Don’t treat the clients great one day and do something else the next day. Inconsistency can lead to a loss of business. Remember that most people like to know what to expect when they go to a business.
Don’t lose your customers with inconsistent customer service. Train your staff on customer service and monitor and track their performance.
7. Not Being Present
This is the seventh most customer retention mistakes which predict not appointing a representative who serves as a liaison between your clients and your brand may cause dissatisfaction to your clients. To avoid this, assign customer service staff to your clients, and ensure clients have several communication channels available to contact you such as emails, SMS, or chat. You want to be present when they finally decide to buy.
Final Thoughts
Nurturing your existing customers is a significant factor in the success of any B2B business. In terms of businesses economics, keeping your current customers is five times cheaper than getting new ones. Our team at Bython is always ready to show you just how to do that. Schedule a consultation now.
