Close the loop on customer feedback. One of the biggest keys to retaining customers is knowing how they feel. Keep your products and services in the spotlight. Customers stop buying from a company for unique and personal reasons, but they tend to fall into some similar categories.
Customers are incentivised based on the frequency of their visits and their lifetime value, not whether they bought a Venti Mocha Frappuccino or a simple house blend. To begin to retain customers, a process is needed to obtain customer feedback and share that information with the rest of the organisation. Interested entrepreneurs can use the FREE tool on Hood's website to identify value drivers for improvement, such as customer retention. The technology allows you to adopt a customer lifecycle management (CLM) approach in a very cost-effective way.
Don MacLennan is CEO and co-founder of Bluenose, a customer success platform that enables SaaS companies to proactively manage their customers. For example, if you're a SaaS company and you know that customers are constantly getting stuck at a certain point, you can create triggers that automatically send them messages to fix that problem. Your existing customers offer you a great opportunity to increase your profits, as they are more likely to buy from you than from potential customers. Marketing automation tools allow you to educate or inform customers or provide them with discounts for other products and services.
Smart companies know that the first purchase is just the beginning, and that the real business value lies in retaining that customer. Just because your customer has bought from you doesn't mean you should stop trying to close the deal. Having an effective customer marketing strategy allows you to identify, track and upsell to the customers who are most likely to become your long-term revenue sources. Developing a programme that recognises customers during and after transactions, as well as contacting them on a regular basis, allows organisations to stay in front of customers and stay ahead of the curve.
In particular, we wanted to discover advice from customer retention experts on what companies can do to foster long-lasting customer relationships.