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Experts say that retaining existing customers is more profitable than acquiring new customers as existing customers buy more often, spend more money and, ideally, recommend the products or services to others. However, to know the right strategies for your business, we advise that you should seek help from Business Advisory Companies in India.
According to corporate consultants’ company in Delhi, the reason behind this is customer loyalty which emotionally binds buyers to the company and encourages them to buy items or services again and recommend them to others. In this article, we are going to show you how this “retention marketing” works in practice.
The loyalty programs can be as diverse as a company, so those responsible have to consider which strategy best suits their brand.
However, there is one thing they must never ignore when making their choice: Such programs should primarily serve the consumers and offer them added value, for example in the form of discounts.
Customer retention is the chosen strategy to make the buyer enjoy doing business with you. After making a purchase, the consumer gets to know the company. The main thing is that the service provided to them is pleasant, and there is a desire to purchase more goods.
Retention Strategy Goals
To attract a buyer, it is important to give him something that other companies cannot.
Customer retention goals:
Meet the demand. Service should satisfy consumers. This is also true when selling online. The path to the product should be simple so as not to waste time searching.
Motivation for the acquisition of the second purchase. Development of an effective system of interaction between the buyer and the seller. To do this, you need to find out what nuances the buyer does not like and how to fix them.
Work with regular customers. To establish what thoughts customers, visit during service, you need to interview, conduct surveys, and read reviews. After the analysis, you should set up work to retain regular customers so that the product and service meet the needs.
Customer retention marketing includes:
Bonus accrual. Points and gifts automatically bind a person to a product.
Formation of a consumer club. Memberships should bring additional bonuses, individual discounts, gifts, and special offers.
Gamification. Return of cashback from winnings.
Referral programs. The creation of programs is based on the invitation of a friend and the receipt of rewards by both participants.
Service. If the after-sales service is organized according to the first class, then consumers will recommend you to their friends.
If the customer retention rules are improved and updated, then this is a guarantee of the success of the company’s activities. Product reviews, answers about the product, publications of expert opinions, sweepstakes, quizzes, and contests help to raise sales on the market.
The buyer needs to be allowed to understand the advantages and features of the product and be interested in accruing bonuses.
Mistakes should of course be avoided – but they happen to even the best companies. It doesn’t matter whether it’s processing payments and returns or shipping the product – it’s important to react appropriately to errors in such situations. Otherwise, companies may lose customers.
The research found that 96 percent of consumers surveyed would continue to shop with a vendor if they sincerely apologize for the mistake and explain how to avoid it in the future. The right communication is the be-all and end-all here and companies can prove that they value their customers.