According to Harvard University, getting a new customer, depending on your industry, costs 5 to 25 times more than retaining an existing customer. 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 and always effective sales channel.
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, neglecting loyalty would be risky. It will help preserve your profitability and require less effort than convincing new prospects.
How do we 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, how you handle 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
It's unavoidable. By showing your customers that their opinions are important to you, you will gain indications of your strengths and areas for improvement for future sales. Therefore, mixing closed and open questions rich in information is essential. The message must be personalized to be relevant.
Retargeting and remarketing
At a modest cost, retargeting (or remarketing) allows you to address your customer base's contacts or anyone who has already seen your website or publications via social networks, Google, or a multitude of websites. It is an essential communication tool for regularly reminding your prospects or clients that you are there to meet their needs.
Personalized emailing
Emails are a mature and effective tool for addressing 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 an equivalent is valuable for creating messages, managing mailings, and analyzing statistics.
Social networks
Facebook, LinkedIn, Twitter, Instagram, and YouTube are social networks that 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, a 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
Gifts are appreciated by all humans, including customers. They contribute to your company's image and emotional connection with the customer. Again, personalizing 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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