Customer Retention Programs for Businesses With no Data Reserves


What’s the easiest way to grow your customer base? It’s as simple as not losing them! The average business loses close to 20 percent of its customers annually by failing to consider customer retention programs. In some industries, the leakage is even pegged at 80 percent.

The cost is staggering, so businesses with no data reserves need to understand the implications. If one business retains 90 percent of its customers, the other around 80 percent, and both add new customers at 20% per year, the first will have 10 percent net growth in customers annually, while the other will have none. Over 7 years, the first firm will double in size, while the second will experience no real growth.

Clearly, customer retention can make a difference even if it is just 10 percent! Here are the retention programs for businesses that can help them to move past the challenges, even with no data reserves.

#1 Reduce Customer Churn

There’s no business in the world that does not lose customers. Few, however, measure or even understand the number of customers becoming active. A lot of businesses invest time, money and effort in building the initial customer relationship. But letting the relationship go unattended is the worst thing a business that values growth can do. Once the leakage and customer churn is addressed, businesses can even double or triple their growth rate.

#2 Going Past The First Sale

So many businesses do the perfect job of making the initial sale. But once the transaction is complete, they get complacent and ignore the customer while chasing more clients. Your selling is only starting when an initial purchase decision is made. To lock in the sale, and the referrals, brand evangelism and repeat businesses that flow from it, your customer retention programs must strike when the iron is hot and demonstrate a caring approach that values client relationships.

#3 Reclaim Lost Customers 

There’s absolutely no point in allocating massive resources to generating fresh customers when 25 to as much as 60 percent of existing customers will easily be pliable, if you want a repeat purchase and approach them in the right way. Reactivating customers who know your brand and your product is the way out for businesses looking for customer retention in the absence of data reserves.  

#4 Build a Communications Calendar

Build a customer communication calendar and you’ll avoid losing out on clients. Have a programmed sequence of letters, emails, phone calls, events, special offers, follow-ups, cards or personal notes and magic moments that encourage and entice your customer.

#5 Build on Customer Service

The whole aim of a customer retention program is to keep customers so satisfied that they advocate your brand. Moving products or services you deliver into the realm of the extraordinary is to provide flawless, defect-free products and services. But customer care is an equally important component of that. Product or service integrity is a very important aspect of customer retention.

Conclusion

For companies with no data reserves, it is imperative to build on well known management principles to retain customers effectively. For example, every customer complaint is a chance or opportunity to reclaim brand value. Turn crisis into opportunity by tapping customer retention programs that do more than just engage with customers, and actually build brand loyalty across the entire customer life-cycle.

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