Customer retention is one thing that is much needed by lots of businesses. Bigger businesses spend lots of money to ensure that they can understand how to improve customer retention and ensure business growth.
In this post, we will explain how to use commitment to ensure customer loyalty which will in turn help improve customer retention.
The first way to show commitment is to stay connected with your customers/clients. As a business, when was the last time you reached out to your customers to say thank you for being a customer? Many businesses spend an enormous amount of time attracting a customer, but they do not think about maintaining the relationship as soon as they have gotten them to become a customer.
You can only communicate with people who are on your list. Do you have a database of your customers? Do you call them on their birthdays? Do you give them anniversary promotions and discounts? These things make them feel special, and when they feel special, about your business, they stay loyal to your business.
You should also examine your customer experience. Have you, as a business owner, walked through your business process recently? When was the last time you called your customer service to make inquiries? When was the last time you walked your retail store? When was the last time you saw what the email says for your clients? Do you know the waiting time they endure when they call customer care? We need to pay more attention to what the customer experiences, in detail. Examining every touchpoint should be a priority. If you are a leader in an organization, you should think about what your email says, what your voicemail says, what your out-of-office says.
You should pay attention to the numbers. Many businesses measure success through profitability, and revenue is a determining factor when it comes to profitability. Newsflash, customers directly affect sales.
Tracking customer retention and effectively retaining your customers will directly and positively impact your profitability. You should also know how much it is you are spending to attract and retain the top talent that works in your business.
How productive is the team? How accountable are they? It is not just about the numbers for productivity. It is also about paying attention to the other numbers that will similarly affect productivity. In the banking sector, you will be looking to pay attention to the Ad on sale, and how many accounts someone has with you because the higher the number of accounts someone has with you the higher the chances that such a person will stay.
What motivates your customer? The question is significant, and it requires a little bit of homework and research. It requires you to look and ask questions of your existing customers. Why are they buying from you? Are they buying from you because it is convenient? Is it about price, service, or brand association? Is it because of what you stand for in your community?
Understanding what motivates your existing customers will help you focus on what you need to do when serving that customer. It will be easier to show them a higher level of commitment because you are speaking their commitment language.