Getting repurchases from existing patrons is much cheaper than finding new ones.
While marketing your product, hearing responses like “I’m not interested” is upsetting. But here, the dumbest thing that you can do is to ask, “why are you not interested?” The question might give raise to an argument or might reflect your insensitivity. Instead, dig into the details of your own product and service
Undoubtedly, process of finding a new customer is harder than getting repeat purchases of the existing one. But, if getting repurchases is the problem for you, here is a tip. List down 6 companies you are a loyal customer of. Now jot down the reasons, why you are on their doorstep every month. The exact same reason might be your next winning strategy.
If you want to learn the importance of customer retention, along with some useful strategies, keep scrolling.
The Game Plan to Boost Your Business’s Customer Retention
Amazon is the only company in the world that has the highest number of loyal customers. Retaining 93% of its prime consumers, the company has excelled the retention game plan.
Now the question is what do they do? Where are you lacking?
Well, look at the list of reasons you’ve made for your 6 go-to brands. The reason can be one of the 5 mentioned below.
- Customer Engagement
- Quality
- Customer Retention Strategies
- Fast
- Price and Perks
You need to read the mind of the patrons. Cracking their demands and necessity may be the trump card that you can play.
Remember, when a person comes to you, he or she expects you to deliver the exact same thing, they desire. Successfully, if you perform beyond their expectations, you will now have their lifetime membership. 77% of the consumer remain glued to at least one brand for 10 years. If you want to be that one brand, here are the tips
Live up (or exceed) to their expectations:
Quality and quantity are the two things that the purchaser desires. If you are providing the services; quality, price, and speed of providing services will be judged. In the sea of business tycoons, the sharks (big firms) are ready to eat the small fish (small firms). To gain a foothold in the market, you need to unlock the thinking pattern of the client.
For example, you are a freelance writer and provide academic help to students. A student comes to you and says, “write my capstone project”. What will possibly be his expectations? Quality of work, the way you engage, services provided & since he is a student, the price will be an important element. Now that you know his expectations, you can deliver your work accordingly.
Tip: Provide best customer service to increase interaction and win their trust. Trust is key here.
Price and Perks:
Why do people visit thrift stores instead of shopping from brands? Because it provides good quality products at a price that is lighter on your pockets.
To boost customer retention for your business, you need to analyze your product. What are the features it provides and how many competitors your commodity has? Based on each element, set the pricing for your product. Moreover, additional perks also help to retain customers.
Providing quality products/services and meeting clients’ expectations is something 80% of companies do. What makes them glued to you, are the perks you provide, like the after-sell services, or buy one get one free offer.
You can take the example of essaymills. They provide similar services as many others in their region. It is the perks and benefits they provide, that have made their clients loyal to them.
Customer Retention Programs:
One of the most important strategies to boost customer retention for your business is loyalty programs. You might have seen, brands providing rewards and discounts coupons on repeated purchases.
Make two purchases a week and get one product of your choice at half price. Offers like this always motivate clients to make more purchases
For example, if one of your clients says “write my essay in the UK” and you offer him a 70% discount on his next order. No one can stop the client from crawling back to you.
This is the same strategy that many online stores offer. They provide you with free deliveries and discounted vouchers, so that you think of them, every time you want to buy something.
Customer retention programs are one of the few best winning strategies that businesses can adopt to hold a client.
Excellent Customer Service:
89% of the customers, make repurchases from a brand that has provided the best customer service to them. The way you speak, the way you solve the buyer’s query, and the way you hold them, count the most.
Think about the products you are using since your childhood. Thousands of FMCGs and clothing brands had you as their customer at least once, in the past 25 years. Now if you think about the products, you’ve been using, there will be at least one brand, to whom you’re loyal, since your childhood. What is your reason? That one brand may now have many competitors, providing more advantageous products at cheaper rates. Why are you loyal to one single brand for the past 25 years?
The answer is “Best customer service”. It is the only thing that can make a consumer glued to you for years, even if they have better alternatives.
Epilogue:
Concluding the paragraph here with an advice from an anonymous person.
“If you are in the business of building something worthwhile, patience will need to become part of your DNA”
Dear entrepreneurs, it takes years and years to crack the one perfect strategy to get the hold on your patrons. But it’s worth waiting for the perfect moment than quitting. Read the mind of your purchaser, know what he wants and analyses what he is looking for. Live up to the expectation of the buyer to win his trust. Remember, winning trust with customer service is the key element. Price, quality, and speed of the service can all be beaten by the way you approach your consumer and satisfy them.
Follow each strategy mentioned above to gain the foothold in the market and ace the business game.
