Let me keep this as simple as possible – the continued growth of your business is not going to be fueled by one-time customers. It is very crucial to retain your customers for the longtime success of your business. According to a release by Gartner Group, it states that a 5 percent increase in customer retention can increase your business profits anywhere from 25% to 125%.
You will be able to help your business tap into a high level of retention when you understand how to actively engage your customers across the channels they are active in. Having a retention strategy in place is a worthwhile investment for every business since it can help them generate revenue for the future. However, when it comes to increasing customer retention we have listed below some of the best-kept secrets:
- Create an open line of communication
With the advancement in technology, your customer doesn’t have to hold for a long time while waiting to speak with someone in customer service. You can make use of the numerous live chat options that allows your customer to link to you directly. Live chats option allows you or your employee attend to multiple customers at a time, instead one at a go when using the phone.
- Don’t make customers repeat themselves
Doing this will make them think you are not listening to them and this is why you need to listen to them because there is nothing more frustrating than your customers repeating themselves over and over again to resolve a problem. Train your staff to be respectful, and teach them always to restate what the customer said to lessen confusion.
- Always calm down
There will undoubtedly be issues you or your client won’t have an answer for immediately, but this does not mean you should pawn customers of or passed them off when trying to resolve a problem. It can be very frustrating to be passed from employee to employee, so if you have an answer or can find a solution to the problem stay on the line with the customer until is done.
- Take customer feedback seriously
If you have a feature on your website where you collect feedbacks or surveys, then you should take those feedbacks very serious and try to respond to them. Because this feedbacks are the best way for you to identify the problems your business is having and find a solution to them as well. Your customer will also know when you notice and respond to their feedback.
- Be honest and transparent
Everyone makes mistakes, and your customer understands this. When you admit to the fact that you make a mistake, this will foster trust and increase customer retention.
As a business owner, it is essential that you pay close attention to your customer feedback as this will inevitably increase your business profits over time.