Customers are the biggest source of a company’s revenue. When they leave, it affects the business on a large scale. Customer acquisition can solve this scenario, but is it that easy? No, the path to customer acquisition is difficult and takes a lot of time. It is even more difficult when you start losing your existing customers.
Firms specifically target customer acquisition for growth in the market. However, it is important to remember that the existing customers are the vital assets that are responsible for making your business run as well as expanding it through word of mouth. Your existing reliable customers are the key source of your long-term business. You must focus on the stability of your good customers. Thus, customer retention is a more considerable point than customer acquisition.
It’s really hard to create customers that are loyal and active. Thus, you should start evaluating why your good customers leave by focusing on the issues they generally face.
Weak Customer Service
A poor service experience can ruin your relationships with the customers. More than 70 percent existing customers stop connecting with the firms due to lack of proper customer service. They even look for the self-service options while using your platform. A company does not take this option seriously, but the followers really seek to have self-service tools from the business. Moreover, when it comes to feedbacks, only 4 percent people give feedback making it difficult to track the issues.
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Communication is the key here. Positive interaction can help your organizations to retain the customer. Teams should engage well in customer support with delight. Organizations must conclude surveys to grasp customers’ feedbacks and then providing essential help to them.
High Price tags
Once you have acquired a positive response and reliable customers, you must maintain their values and choices. The customers are not going to stick to your service if you do not have anything fresh and availing for them. Specifically, high prices might introduce good revenue plan, but it can destroy your loyal customer’s expectation. Your competitors are present in the market with lower prices. So, the customers will automatically start showing interest in your competitor’s products.
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Customers cannot deny valuable products and thus, it is important than the pricing. Most of the customers always look for lower prices. Thus, your business must target on the value of the product rather than the price.
Frequent service to existing customers
Providing many options is as dangerous as a poor customer service. Customers come to your business with a problem and choose a specific solution they need. Thus, after telling them the specific answer, stop showing them other options and choices. Selling products blindly to the existing customers can irritate them, eventually making them signing off from your business. It’s simply the pushing activity that customers hate to experience.
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Avoid pushing too hard. Understand the purchase habits of your customers and suggest them emails accordingly. Tracking the open and click through rates are helpful in knowing whether you are over pushing services. Train your sales team and account managers to offer value in the product.
No improvement in the policies with time
Before selecting a product, the customers go through the functionality, guarantee terms, policies, and definitions provided by the business. However, the existing customers are different as well as special than the prospects and therefore, need flexible policies after a certain period. If you are sticking to the old statements, better make new for keeping the customers’ interest.
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The world has moved on; you need to move on too. Modify boring same return policy and adopt a flexible approach for the customers. So, hit a new post with more leniency for a visible version.
Good customers are hard to find and maintain in business. Once acquired, your organization must deliver quality support and service. In response, they will behave as the loyal customers doing word of mouth and promotional talk. Remember, existing customers are the prospects of the long-term business. Do not let them leave you. Evaluate, focus and follow above fixes to maintain your good customers.
If you have some other tips to retain good customers, please comment below.
Hardik Porwal is the Chief Operating Officer (COO) and Digital marketing consultant at Lexcis Solutions and is focused on helping the brands to thrive in their business. His most popular website is ToOLOwl.