How to KEEP Your Customers in 2023 - Retention Strategies
Retaining your customers is important for any business, no matter the size or industry. It is more 5 - 7 x more cost effective, and time efficient, to keep your existing customer base than it is go out and find new customers. In addition, the average loyal customer is worth at least 10 times as much as their first purchase and 50% more likely to try out new products from your company - the value of retaining your customers is huge.
Customer retention is largely about the experience they have with your company (their customer journey / experience) and their level of customer satisfaction. Here are 5 key retention strategies to think about within your business in 2023:
- Be clear and specific with what it is you are delivering (customer expectations). 96% of customers are ready to leave a brand or a company for bad customer service, so deliver on your promises.
- Keep in touch with your customers, whether it's with a weekly check in, a monthly newsletter, reminder emails for upcoming appointments, sending a yearly birthday card or daily social media posts.
- Provide them with rewards and incentives that make it worthwhile to stay with you (loyalty programme, referral scheme)
- Offer the best customer service possible at every stage of the customer journey. Answering queries quickly and professionally, exceeding expectations where possible and truly listening to your customers will help to build on your reputation whilst providing a great customer experience.
- Collect customer feedback; ask your customers for their feedback to see where you could improve or where to focus your efforts. Whether it's positive or negative, gathering feedback in this way is valuable for your business growth but also shows that you value your customers feedback.
The importance of customer retention will only continue to grow in the coming years as competition increases and customer acquisition costs rise. By focusing on providing a great experience, you can keep your current customers happy while also attracting new ones. What strategies are you using to improve customer retention? We can help you to put the right strategies in place to build a loyal and satisfied customer base that will help you sustain your business for many years to come. Get in touch to book your free, no-obligation chat with us: https://businesssuccessmarketing.co.uk/contact-us