Customer Retention: 12 Proven Strategies to Maintaining Customers
Building a life-long relationship with your customers, known as customer retention, has a terrific upside. These already-won customers can bring you lots of upsell opportunities and repeat business, leading to a high customer lifetime value. Happy and/or long-term customers may serve as evangelists to promote your brand and also provide you referral business. Use our expert tips to cultivate customer loyalty and maintain trouble-free, profitable long-term contracts.
Top Tips for Customer Retention
• Look for (or create) a match in expectations. Let customers know how you work and learn their expectations of you. If these don’t match, you’ll risk losing the customer.
• Use examples to illustrate what you can achieve. Testimonials and case studies showing past results can win your customer over and ensure they understand your capabilities.
• Keep customers in the loop. Provide frequent, clearly worded progress reports so the customer can track your activity and results, without having to ask you for the information.
• Create and revise goals for/with your customer. Make sure the customer knows where you’re headed together and make changes to goals as needed (to match the customer’s evolving expectations and your operations over time).
• Celebrate milestones. Recap partnership accomplishments regularly to remind clients why you are so good together.
• Make feedback welcome and simple—and act on it. Address any issues immediately, to make the client happy and maintain trust between you.
• Use best practices and transparent workflows. Customers should be confident that they understand how you accomplish all the work you do for them–and feel they can count on you.
• Continually build and maintain credibility with your customer. Actively market your actions on their behalf–with a quarterly newsletter, for example.
• Keep notes on all interactions. Use a CRM and make notes of customer contacts, complaints and preferences.
• Make it a team relationship. If the customer only knows/trusts their account manager–what happens if s/he leaves your company? For a smooth transition, familiarize customer with your whole team.
• Be altruistic. Give the customer bonuses or VIP treatment to inspire loyalty.
• Reward loyalty overtly. Use referral rewards and purchase incentives to motivate the customer to become your partner; to buy more (and more often) and bring you new clients.
Make Artemis Commercial Capital your funding partner, to fuel your customer retention and business growth. Contact us today.