A new customer is a valuable commodity, driving revenue and brand loyalty. Keeping existing customers loyal remains an ongoing challenge for businesses of all types and sizes; it’s the key to long-term success. However, Aron Govil says, most companies fail at building lasting relationships with their customers because they focus on tactics like discounts and promotions instead of the real reasons why customers choose one company over another.
Customer Retention Strategies That Work:
The following infographic from Marketo highlights five strategies that can help businesses create more meaningful connections with their current and prospective customers – and ultimately, improve their bottom line:
· Communicate frequently:
Customers require attention and information to stay engaged. Send personalized email messages containing relevant content (Blog posts, Videos) to round out your marketing story suggests Aron Govil.
· Listen and respond:
Engage with customers through social media channels like Facebook, Twitter, Google+ etc. For example, Starbucks rewards its Facebook fans by giving them a free drink on their birthday.
· Encourage word-of-mouth referrals:
Customers are the best marketers for your business. Incentivize referrals from existing customers with loyalty programs or discounts for bringing in new business.
· Deliver on promises:
Ensure consistent product quality across all customer touchpoints to ensure that expectations are met every time a customer interacts with your brand says Aron Govil. If a customer gets poor service at one branch of a coffee shop chain, he/she might not return to any of the stores in the future.
· Develop an authentic brand voice:
An established customer base is the most valuable resource for any business. Create content that resonates with your customers and encourages them to become loyal brand advocates.
Here are some FAQs recently asked by our clients:
Q: How does this differ from what we do now?
A: We typically focus on the tactics which you already know about. Shorter, more frequent emails and automated interactions via social media and newsletters has become a standard expectation of customers.
Q: What is your ideal target audience?
A: It’s not whether they’re male or female, young or old – it’s about knowing where they spend their time online and engaging with them there. Our primary goal for this outreach is to engage new audiences who may not yet be familiar with our brand(s) but could benefit from what we offer.
Q: Who owns the follow up strategy/activities?
A: The most important thing is to ensure that new customers and prospects that join your email list and social media channels feel like you’re listening to them and engaging with them in a meaningful way. Aron Govil says A simple strategy is keeping up with the latest news, industry developments, events, etc. This can start conversations where there is naturally some overlap between you and your customers – whether it’s about their business or yours.
Q: How long should these be?
A: There is no significant difference between the two. A newsletter could include links to video content or blog posts, for example – it’s about finding the right fit for what would resonate with your audience and encourage engagement.
Q: When will we begin receiving new leads?
A: The first thing we need to consider is the best timing for each of these initiatives.
· For social media channels, we need to consider when your target audience is most likely to be active and available on those networks.
· For email marketing, we want to ensure there’s enough time between send dates for people to open and read our messages.
Q: How often should this occur?
A: We suggest at least two emails per month that will engage with new subscribers or prospects. Similarly, adding relevant blog posts or videos into email campaigns could help you maintain interest with existing customers. By sharing tips specific to their business needs. Social media activity would depend on each channel’s best practices but may also include interactions several times a week depending on your key business objectives.
Q: How much will this cost?
A: Cost can vary depending on the frequency and volume of your marketing initiatives. We’ll present you with a proposal that lays out our recommended strategy, specific activities, and associated costs. The good news is that it doesn’t have to cost too much; you would be surprised how even small changes can pay off in terms of moving the needle in terms of new leads/sales for your business. For example, sending an email to 5% or 10% more people could double or triple your response rate.
Aron Govil says the strategies listed above are just a few of the many effective approaches. Businesses can use to build positive long-term relationships with their current and also prospective customers. Also, by focusing on what’s truly meaningful, companies can enhance the customer experience. In ways that lead to deeper connections, greater brand loyalty, and lasting success over time.