According to Harvard University, getting a new customer depends on your industry costs 5 to 25 times more than retaining an existing customer. And increasing customer retention by 5% can increase profits by 25%.
Respite on the Covid, beginning of the Ukrainian drama. Most leaders are preparing for a year that promises to be tough. Cash, orders, margins, supplies, and risks are everywhere.
In addition, satisfied and loyal customers will also recommend you to their acquaintances by word of mouth, an eternal sales channel that is always effective.
However, many leaders believe that once they have sold to a customer, that customer automatically becomes loyal. Unfortunately, this is not the case. A lack of listening or anticipating needs, a poorly handled complaint, and the search for a good deal can lead to the loss of a client. Not to mention that many competitors are jostling for their attention.
For all these reasons, it would be risky to neglect loyalty, which will help preserve your profitability and cost you less effort than convincing new prospects.
How to retain and build customer loyalty at the right price?
Prioritize customer segments
If a priori all customers deserve to be loyal, special attention will be paid to the 20% of customers who represent 80% of your margin. Therefore, it may be helpful to prioritize actions and resources by customer segment, such as:
Customers are generating the most turnover.
Well-known customers
Customers with solid growth potential
Ensure the quality of your products/services.
The customer experience is the preamble of any loyalty action. Your customers must first be satisfied with the value you bring them, handling problems or unforeseen events, and the confidence you inspire in them. The satisfaction survey mentioned below allows you to measure this level of quality.
Satisfaction surveys and collection of opinions
Unavoidable. While showing your customers that their opinions are important to you, you will get indications of your strengths and areas for improvement for future sales. Therefore, mixing closed and open questions rich in information is essential message must be personalized to be relevant.
Retargeting and remarketing
At a modest cost, retargeting (or remarketing) makes it possible to address via social networks, Google, or a multitude of websites the contacts of your customer base or anyone who has already seen your website or your publications. It is an essential communication tool to regularly remind your prospect or client that you are there to meet their needs.
Personalized emailing
Emails are a mature and effective tool to address your customer base or contacts. To be relevant, the message must be personalized, so your contact lists must integrate a minimum of data to segment them. In addition, the statement should be concise and easily readable on mobile. An email aims to direct your contact toward action or content. Mailchimp or equivalent is valuable for creating messages, managing mailings, and analyzing statistics.
Social networks
Facebook, LinkedIn, Twitter, Insta, and Youtube: these social networks are part of customers' daily lives and help to animate a community. They create a close link with the company. Given the context, they are proving to be compelling channels in 2022. To engage your customers sustainably via social networks, you must produce quality content and use productivity tools to optimize the time spent.
Promo code
Widely used in e-commerce, the well-managed promo code allows you to create a special bond with the customer—a way to reward the best customers, welcome them, or celebrate an anniversary date. A correctly informed and segmented customer base is essential for properly managing these codes.
Gift
Appreciated by all humans, including customers, gifts contribute to your company's image and the emotional connection with the customer. Here again, the personalization of the gift according to the customer profile will increase its impact.
CRM
Many online commercial management systems (CRM) allow for centralizing customer data. This tool facilitates collaborative work between the sales and marketing departments by delivering a complete global view of the customer journey. In addition, it allows you to record previous communications and issues. Thus, the customer experience is of better quality with up-to-date and shared information and facilitates loyalty.
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