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Lately, companies are realizing the importance of retaining customers for increasing their business. This is leading to the creation of strong brands that are recognizable, easy to recall, and provide relevant offers now and then. Statistics reveal that 86% of customers with great purchasing experiences are most likely to buy from the same company again. This article talks about unique customer retention strategies and why a CRM system is a right fit for you.
Communicate customer expectations clearly
Different customers have distinct expectations. You need to communicate what you can do and what you cannot at the earliest. Some customers expect to receive a “White-glove” treatment for the expensive price they have paid. While multinational conglomerates, who work with many company partners, care more for your ability to collaborate.
Transparency is the most important attribute of a good customer retention strategy. If you supply the customer with periodic reports listing what the team is currently working on, what opportunities lie ahead, the number of leads generated, expected ROI, etc., then it will be tough for your customer to bid you goodbye.
Concentrate more on positives than negatives
As humans, our brains are primed to remember bad things more than good because it ensures our survival. But this can sabotage your customer retention strategy completely. To increase customer retention, it’s imperative to focus more on your successes than on failures. While dealing with your clients, don’t over-communicate if you miss a deadline or fail to deliver on your expectations. According to statistics, 95% of people who have a bad experience share it with their personal or professional network compared to 87% of those who have a good experience.
Take customer feedback seriously
Understanding why your customers leave your company is imperative to frame a good customer retention strategy. For this, you should send customer feedback forms to your clients periodically. It will help you know what they think about your products, how you can improve your services, and also why they have decided not to buy from you. The earlier you recognize this, the better your customer retention strategy will be.
Also Read: How CRM Helps Improve Customer Relationships While Working Remotely?
Customer retention is an important management concept that will help you create loyal customers. They will prefer buying from you thus, ensuring a regular cash-flow and good word-of-mouth. This is where we can help. At Sage Software we are home to a world-class CRM system that will allow you to frame excellent customer retention strategies to increase customer stickiness.
Disclaimer: All the information, views and opinions expressed in this blog are those of the authors and their respective web sources and in no way reflect the principles, views or objectives of Sage Software Solutions (P) Ltd.