By - Investment Group

The basics of great customer retention strategies

Does your firm lose a lot of customers? As you know, gaining a new customer proves to be a lot more expensive than actually reselling to your existing ones. This makes customer retention strategies all the more important. The following four techniques should help you retain some of your customer base.

An excellent starting point is always to build up extraordinary customer service. Any of your staff that deal directly with customers should have adequate training in order to ensure they are professional at all times, courteous and considerate to your customers. This type of service improves loyalty in the long-term even if your products have flaws.

Don’t forget that your customers are often communicating to you what exactly they dislike. You should always keep open feedback loops to take on board what complaints and issues they have. These can come via questionnaires, surveys, web comments, etc. bring together all this information and analyze it frequently to identify changes you need to make. You want to identify which customer retention strategies, techniques or approaches will help reduce the amount of dissatisfaction.

  • Make better use of your IT systems. In particular, build up a business intelligence strategy centered around your CRM systems. These are normally used for managing customer relationships as your company grows. They can also be used for setting up loyalty programs, automatically sending out follow-up questionnaires, organizing special offers, etc. This level of service becomes crucial as your company grows and can be seen to be slightly less personal.Finally, build up a customer/company relationship through repeated sales. Simply by constantly sending to the same customer you are establishing a habit and relationship that can establish loyalty over the years. Using these customer retention strategies simply involves having better sales staff and making it as easy as possible for customers to purchase your product.