How to Increase Customer Retention in Your Business?
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There are multiple benefits of retaining existing customers such as:
- The possibility of selling your other offerings to a new customer is around 5% to 20%. However, the possibility of selling to your existing customer is 60% to 70%.
- Retaining existing customers can increase your business’s lifetime value.
- Retaining existing customers can boost your brand’s popularity and revenue.
Investing resources in retaining existing customers can benefit your business in multiple ways. Thus, it is worth learning the top tips to increase customer retention rate.
1. Commit only what you can deliver
Customer retention can be started before you convert a lead into a paying customer. Many businesses make fake promises or claims just for sake of the selling. For example, many call center software providers claim to have AI tools in their call center solutions. However, they do not have anything more than a predictive dialer in their call center software. This kind of sales approach can affect customer retention. Thus, be clear about what you can offer and what you cannot.
2. Be at the top of the customer service game
Customer retention is pretty much dependent on the customer experience. If your customers feel valued, they are less likely to stop giving you business. Some of the occasions when you can make your customers feel valued by delivering excellent customer service are as below:
- Listen and respond to the customer concerns shared via any platform, including, social media
- Make it easy and flexible for customers to reach your customer care team
- Keep waiting time to connect with a customer support agent as short as possible
- Try to increase the first contact resolution (FCR) rate
The omnichannel contact center software can help in achieving the above milestones to deliver excellent customer service and keep customers happy.
3. Give rewards and recognition for customer loyalty
To retain the perks of having a steady flow of revenue, it is necessary to give rewards and recognition to your clients. It will motivate them to not look around and switch to one of your competitors. For example, you can gift momentum to all customers that have been connected with your business for more than 2 or 5 years. You can invite them to your annual function.
4. Stay engaged
To retain customers, it is necessary to build a strong customer relationship. For this, it is necessary to stay engaged with customers. There are multiple ways to do so such as:
- Find the next best opportunity of business with customers and try to offer new services or products.
- Have a casual call or WhatsApp chat to show gratitude for being a valued customer.
- Collect feedback and implement the same.
These are the top 4 tips that you can follow to increase customer retention in your business. A call center solution and similar unified communication tools can help you retain customers by automating and enhancing multiple jobs related to customer service, engagement, and appreciation. We offer different unified communication tools. Contact us to initiate a discussion and our representative will share which software will benefit your business to increase customer retention.