It is common business knowledge that acquiring a new customer is five times more expensive than retaining an existing customer. With the coronavirus pandemic and the subsequent economic lockdown, customers are tightening their purses and deliberating and debating how and where they should spend their money. This would make it nearly impossible for businesses to recruit first-time buyers and hence should give even more serious attention to customer retention to keep the money flowing.
There are many retention strategies to retain loyal customers, especially during an economic slowdown. Here are a few strategies suggested by experts and effectively implemented by several businesses.
Tip # 1: Offer Great Service and Great Customer Experience
One of the best ways to retain loyal customers is to invest in their experience. Analyze the customer experience with your company and identify the attributes that you could improve upon. You can personally engage with the past and existing customers to see how you could seamlessly integrate your products and improve customer satisfaction. If you are regularly following up on them and staying in front of them by offering excellent customer experience, you increase the chances of them returning to you again and again.
Tip # 2: Keep Them in Your Loop
People are more most likely to shop from brands that they trust and feel intimately involved with. So, use this opportunity wisely to connect with your customers. Promote the underlying ‘cause’ of your business, your commitment to your employees and customers. It is also critical to communicate your worth to them. Provide them valuable resources and insights that can help them during these challenging times assuring them you are there to help them. You may offer webinars, podcasts, and online tutorials. You can even host online events or live video streams to connect virtually.
Social media is another avenue that can be used to engage with your customers. Create engaging social media posts and respond to customers directly by answering comments and other social media requests.
Tip # 3: Keep It Personal
Rather than sending a generic email to all your customers send a compassionate personalized note. This would make the customers feel connected to your brand. This may be through handwritten notes, customized emails, and check-in phone calls. There are also several customer relationship management (CRM) tools, and software can help you maintain these relationships with ease.
Tip # 3: Redesign Your Products and Service as Needed
Changing times requires changed strategies too. It is essential to assess how your business can project itself to meet a greater concern. For example, the auto giants Ford, General Motors, and Tesla has started production of ventilators to meet the surging demand in the US.
Likewise, instead of trying to push a product that is currently irrelevant to the customer, find new ways to differently meet the current and immediate concerns. This may mean offering your product or service digitally. With technology on our aid, it is possible for businesses to virtually connect with the customers and continue to support them remotely.
Conclusion
For any business to be crisis-proof and sustainable for the long term, it is important to keep your customers’ needs on top priority. Tailor your product and marketing strategy to reflect the changing demand. Providing value will always give you a better chance of retaining customers and to maintain a long-term relationship.
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