3 Practical tips for improving your customer retention in 2020

Planning to grow your customer base in 2020? This can help you do more…

Aiming to scale your business in 2020?

Planning to grow your customer base in 2020?

Looking forward to experiencing the euphoria when you or your sales team closes out a big 6 to 7 figure deal? Not only are you happy for the individual representative for closing out the deal but you also know it takes you another step closer to achieving your sales targets for the year, a quarter as well as this month!

Isn’t it, I bet you are re-living your past year’s moments right?

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When I visit my clients for the first time, most often I see businesses, as well as the management treating representatives able to master new business acquisition, are subsequently treated as heroes; their names topping the CRM leadership board and faces illuminate the break room walls or even the office bulletin boards.

Can you relate?

My question for you is — every business owner faces the same problem: Increasing conversions but what about the customers you already have?

This is a question I ask when businesses come to me seeking help to grow their business but hardly ever focus on customer retention.

In fact, over the years based on the answer, I have received from every business I have worked with, I see a common pattern, i.e. the most common trap businesses around the world fall into is that they think that if they have a great product or service, then customer retention will follow naturally.

That my friend is total BULLSHIT… Awww are you feeling a bit baffled? No need to… new business is an incredibly important revenue stream for all businesses.

But the only problem is it does take the spark away from its less glamorous, business growth stream i.e. — customer retention.

Working quietly away from the hustle and bustle of a noisy salesroom floor, customer retention can be a profitable sales strategy despite its yet quite lesser-known status.

Let me tell you something, I get you, while non-strategic customer retention might be the case in some rare instances, the harsh truth is that it’s only a short term strategy.

And I care for you too much to rather let you pray for magic or miracles when it comes to boosting your business.

Hence, if I want to be 100% honest with you, let me share an even harsher truth that, if you do not act on this today sooner or later, your customers may just … leave!

You might be thinking what are the benefits of

customer retention?

Apart from being considerably cheaper than acquisition, there are several more benefits of customer retention so here is a short list:

  • Lower cost of customer acquisition
  • Upsell as well as Cross-Sell from your product ecosystem
  • Successful referral system building
  • Building brand advocacy

And most of all boosted BRAND LOYALTY!

But we will dive deep into this in my upcoming articles.

Today it is about sharing the simplest practical tips to help you improve your customer retention in 2020 right from the beginning.

Remember, you must always EARN your customer’s loyalty!

In today’s digital era while we have easy tools accessible to connect further with our customers, the sad truth is I see quite a handful of businesses actually utilizing them optimally.

Imagine you being in a relationship where it feels like you are in a relationship with a wall or heartless stone, invest 0% in building it further…

Would you rather still stay in or would you move on? To be honest, I bet you would move on…

Similarly when it comes to business relations. Let me repeat it again for you — you must always EARN your customer’s loyalty!

Like for instance, the true intention, why a business should employ CRM must be to know their customers.

However I every day see the majority just utilizing it for selling than building relationships.

No, I am not saying you must just focus on one side of the coin i.e. either just sell or just build relations, rather how about using psychology to blend in both.

Once you start thinking and putting your efforts into customer retention, you must consider the reasons & factors that enhance repeat purchases of your product or service.

The customer retention strategies are not done on paper rather make it work for your business via having a wide range of data and information about your customers to be able to measure and analyze your customers’ behavior.

Here is a PRO TIP — do not mix your customer behavior with your audience behavior, you would be surprised to see how mixed it is…

Once you pay close attention, you can always detect the signals of your customer’s coming departure.

And rather than falling in the spring, rather you could analyze these signals and take action to stop your customers before they churn.

Like for instance, the more you know about your customers, the better you can tailor your approach to each individual.

What you need is to identify ways to revive their interest and convert it into an actual purchase! You can do it by offering them special discounts or some additional value for your product like bonuses.

Rather, underpromise & over-deliver.

Over-promising and under-delivering is an easy way to lose credibility.

Are you that stupid to f**** up?

If not, then keep everything from product descriptions to promotional offers as accurate as possible.

Keep your word with your work.

After all, word-of-mouth is the most cost-effective advertising you can have and only comes from your loyal, happy customers.

Your customers are more likely to tell their friends and family about your business and its products, and customers respect the opinion of those close to them. Customers are happy to tell people about the excellent service they received or a product that they enjoyed.

But if you screw up remember they will talk about that as well…do you want your customers to bad mouth about your self? I bet your subconscious just replied no, as the answer — isn’t it?

Then let your work quality, as well as your customer experience, do the talking.

In my journey I have been working with many business, right from names like Buffer & others on strengthening their community & must say it has been fun.

But lets talk about the buffer community.

Most of the buffer community members are there because they connect more to the people who connect with the brand Buffer than just the brand!

This principle applies to all businesses, people don’t actually connect with your brand, they connect with the other people that connect to your brand.

Right from the brand owner to the brand associations to the clients they choose to work with.

And when you give those amazing people a voice either on your website, build an FB group around it or there are many other ways to do so…

To remind your customers they aren’t buying just a “product” they are buying their way into a community of like-minded people, or people they want to be more like.

Remember, these are just a few tips you can take into action like said before right from yesterday.

I have a lot more psychological as well as long term strategies I will be sharing with you over time. So make sure you follow me here as well as connect with me on Linkedin.

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I am here to help you turn your audience into lifetime buyers!

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Business Strategy

Brand Loyalty

Customer Retention

Case Studies

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