Keeping your customers happy is a pretty easy task; however, it can be quite tricky at the same time. You have to maintain a satisfying relationship with them. You should not get too carried away with the satisfaction that you forget to focus on your end goal which is growth and selling products or services.
This is where customer retention comes in to save the day!
Customer Retention is still one of the most neglected aspects of business. This is not surprising though, since most businesses tend to focus on acquisition. Nonetheless, it’s essential to notice that a business is only as good as its customers. This is why companies tend to put a lot of effort in acquiring new customers and forget about the customers they already have.
But in 2022, businesses will finally realize how important it is to keep their current customers happy. In order to do that, companies will use automation to track and analyze every single touchpoint with their customers. This way they will better understand what exactly their customers want and how they want it.
A recent report by the Havas Group found that 77% of brands could disappear, and customers wouldn’t even be bothered.
Developing and maintaining customer retention is a difficult task, especially for new businesses.
If you want to learn how to retain customers for your brand, you’re in luck because that’s exactly what this article is about!
Every business considers customer retention a critical metric. The number of customers who return to your business time and time again is a sign of a healthy business. They are not only returning, but they are bringing new customers with them as well. Having loyal customers will not only make your life easier, but also your business. The best way to make customers feel appreciated is to listen to them. Customers want to be listened to, to have their concerns addressed, and to be treated with respect. If a company is not listening to its customers, it is doomed to fail. Many companies do not listen to the public because they think they know better.
For example, a few years ago, BlackBerry was a very popular cell phone before the iPhone came along. BlackBerry did not know that its customers wanted touch screens and apps. As a result, many customers left BlackBerry for the iPhone.
It’s quite obvious that customer retention plays a vital role in any business. A lot of companies have already understood how important it is to maintain the loyalty of their current customers. However, the challenge is that it’s difficult to retain customers. Especially in a competitive market, you have to do something to keep your customers. Companies are now working on the strategies to keep their customers and the biggest challenge is how to impress your customers with the next purchase. It’s said that there are five stages of customer retention within the customer life cycle.
According to the experts, the stages are: Recognition, preference, purchase, loyalty, and advocacy.
The stages may vary depending on your industry. For example, the recognition stage may be the first interaction of a customer with your business. The recognition stage is when the customer becomes aware of your business and she starts to form a relationship with your business. So, the next essential steps for the business owner is to make her customers recognize your business, prefer your business, purchase from you, go loyal, and then advocate for you.
Like to survive in the increasingly competitive e-commerce market, firms will have to find new ways to attract and retain customers. Customers are demanding a more personalized, convenient, and tailored experience, which is driving a shift in the way companies are managing their relationships with their customers. With the rise of new technology and shifting consumer expectations, companies will have to move beyond traditional customer retention strategies.
A customer who remains loyal to a brand and continues to purchase products is referred to as a ” retained ” customer. When a customer takes no action (e.g. fails to repurchase, switches to a competing brand, etc.), they are said to have been “lost” for that brand.
It has been estimated that the cost of retaining a customer is anywhere from 15 to 25 times cheaper than acquiring a new one.
In the past, customer retention was based on simple things, such as repeat orders and loyalty programs. But consumers are changing, and customer retention strategies need to change, too. There are lots of things that affect the customer retention, such as the good customer services, the higher product quality, the wider product range, the fast delivery, the loyal discounts, the good after-sale service, the personalized customer services, the customer satisfaction survey and so on.
As per stats, the amount of money spent on customer retention will grow by more than 10x in the coming years.
The growth of this industry will be driven by rising customer expectations, a lack of customer loyalty, and increased awareness of how the customer experience impacts business operations.
In any business, the cost of getting a new customer is much higher than the cost of keeping an existing customer. The cost of acquisition is anywhere from 5 to 25 times that of customer retention.
The problem with customer retention is that, in many cases, the customer is not aware of how much you are willing to go to keep them. They might not know that you are willing to give them a free upgrade if they refer another customer or that you are willing to reduce the price of your product if they opt-in to a service upgrade.
The trick is to find out what your customers want and then do everything in your power to give it to them.
The idea is that if you can retain your current customers, you are making money by not having to go out and find new customers. The problem with that is that it is very difficult to get noticed in the current market and you will still be competing with other companies.
Communication is key: Make it a point to interact with your customers regularly. Create an effective platform together with your target customers by communicating to them via email, social media, newsletters and automated calls. Utilize a cloud-based telephony platform to personalize customer experiences and build employee communicational bridges.
Trust DialDesk Effective Cloud Telephony solutions to reduce churn and boost the revenue of your business.
Build Engagement Avenues: When we think about the world of customer retention, only one word can come to mind: engagement.
There’s no way that a business will be able to retain its customers if it doesn’t engage with them first. A lot of businesses are already doing this, and that’s why they’re doing so well and gaining more success than others.
Acting on feedback: Companies should focus on running effective campaigns to get feedback from their customers without being intrusive.
Automated Calls give you a 3X advantage to other channels, because they can be scheduled using a telephony platform that is cloud-based like DialDesk, and are conducted with the help of an IVR system which allows you to easily handle customer feedback programs.
Our team of experts can provide you with the comprehensive solutions you need to retain customers. Please contact us for any queries you may have.
According to HubSpot Research, 93% of customers are likely to make repeat purchases with companies that offer excellent customer service. […]
Read moreAccording to HubSpot Research, 93% of customers are likely to make repeat purchases with companies that offer excellent customer service. […]
Read moreThe only way to sustainably grow your business is by investing in your customer support. Yet most businesses fail because […]
Read moreThe blog post talks about how artificial intelligence is being used in call centers, and how it will impact customer […]
Read moreAccording to Fortune Business Insights, Customer Relationship Management (CRM) was valued at $52.64 billion in 2020. Pandemic effects in the […]
Read more“The global cloud telephony service market is expected to reach US$ 65.10 billion by 2030 during the forecast period from […]
Read moreThe world has seen an explosive rise in the popularity of cloud-based software, and Dial CRM is one example. A […]
Read moreRunning a call centre is not just about keeping your customers happy. It’s also about keeping your sales high. In […]
Read moreStephen Covey, the author of ‘The 7 Habits of Highly Effective People’, said that successful people are always working on […]
Read moreAs Mark Hunter says: “It’s not about having the right opportunities. It’s about how you handle the right ones.” When […]
Read more“One of the greatest failures of every generation is that it refuses to read the minutes of the last meeting.” […]
Read moreAs Jacquelyn Smith, Forbes says, “A successful sales pitch isn’t a monologue. It’s a dialogue.” An effective sales pitch is […]
Read moreWhat is a Service Desk? Service desks, help desks, or support desks all refer to departments that provide help to […]
Read moreThe impact that customer service has on a business is something that often gets overlooked. Customer service is often seen […]
Read moreAs of now, nobody’s sure what will happen when these two generations – one, who never expects companies to pick […]
Read moreCustomer data is a valuable business asset. You must build an effective customer data management strategy to protect that asset. […]
Read moreA help center is your lifeline to customers. While building one is *not* a straightforward process, here are key points […]
Read moreEvery business has customers and every business has the chance to improve its business by growing its customer base. Since […]
Read moreDo you know if your business has a customer focus? Although it might seem like a difficult question to answer, there […]
Read moreSales CRM can help streamline your sales workflow and make it more effective. But what is Sales CRM? And why […]
Read moreYou might think that creating the “ultimate customer experience” is all about making sure your customers are happy. If a […]
Read moreKeeping prices competitive is essential for any business. Having this information can make the difference between having a successful business […]
Read moreAs any business grows and expands, it’s common to focus on scaling operations. Certainly this is true, but sometimes companies […]
Read moreNo matter how much you love your product, your customers will always know better than you. Learn to listen and […]
Read moreSometimes, companies will promote themselves as experts in customer retention, but what does this mean? Customer retention is the main […]
Read more“Listen to your customers before they listen to your competition.” – Julian Hall When was the last time you looked […]
Read moreLost sales and lower-income are not the only indicators of abandonment. Abandonment even results in a loss of clients for […]
Read moreIf you are in charge of retaining your company’s customers, you know the feeling of sadness when you hear customers […]
Read more“Your most unhappy customers are your greatest source of learning.” – Bill Gates A customer is the backbone of every […]
Read moreIn the past few years, businesses were falling all over themselves to get a chatbot up and running for their […]
Read moreYou’re doing all the right things. You’re friendly, you’re responsive, you’re on top of customer issues and you’re constantly delivering […]
Read moreMany brands are trying to figure out how to provide great customer service on social media. “We see our customers […]
Read moreCustomer service KPIs (Key Performance Indicators) are the tools that help you understand how your customer service is performing. KPIs help you identify if you’re meeting your business goals, how well your agents are performing, and how your customer satisfaction is trending. They’re important because they provide actionable data you can use to improve your customer service.
Read moreLet us say that you own nothing but sheep. So one day you are out grazing the flock and all […]
Read moreNo matter what industry your business is in, every business has the same goal: Keeping your Customers! Customer retention is […]
Read moreAn effective ticketing system tracks and manages customer interactions, and makes it easier for support departments to manage their efforts. Data gleaned from these help agents provide personalized service and streamline operations, which helps support staff coordinate their efforts and automate tedious (and often time-consuming) tasks, facilitating both personalized service and faster resolution.
Read moreSales qualified leads are very important facets of every sales process. Lead generation and lead nurturing are two critical steps […]
Read moreGlobally, the E-Commerce Market is expected to reach USD 16,215.6 billion by 2027, growing at a CAGR of 22.9% during […]
Read more“Customer experience” has been an important aspect of business marketing strategy since the beginning of the 21st century. Businesses have been shifting towards a “customer-first” mentality, where their goals align with improving customers’ happiness and satisfaction by taking into consideration all that they think and feel, rather than focusing solely on financial gains. To achieve this customer-centric approach, businesses have taken advantage of technologies to determine customer emotions at a deeper level.
Read moreOn the whole, it is best to be quickly responsive when it comes to consistently responding to leads. Ready responsiveness helps expedite client requests, which will save you money on several levels. You’ll have access to a larger pool of customers while keeping uninterested consumers from slipping away and ultimately decreasing your number of potential sales. Please read the blog below that pertains directly to the benefits of kick-starting your lead response times today!
Read moreThis blog will help you take a closer look at what cloud telephony is and How does Cloud telephony work to benefit your business. It also makes it easier for employees to collaborate, share knowledge, and for companies to track conversations in real-time.
Read moreCustomers are the mainstay of businesses in all industries. Therefore, having a dedicated tool for delivering superior customer service is essential to ensure cordial bond with them for consistent growth.
Read moreCustomer engagement and retention have been a serious concern in the insurance industry. Most companies keep on searching for how to enhance customer engagement in the insurance industry and in this blog post, you can find some of the useful tactics that can help the insurance industry maintain a cordial relationship with its existing customers.
Read moreFind the proven strategies for how to measure customer expectations to maintain a positive experience of your customer with your products and services.
Read moreCustomer experience is a key factor in creating a successful brand. When it comes to marketing, then it would not be wrong to say that technology offers us the opportunity to manage the customer experience in several respects.
Read moreThis guide help you engage & retain your customers with no hassles and make you learn how to manage customer complaints seamlessly for quick resolution.
Read moreIf you want to delight your customers at every touchpoint, then you need to have a robust ticket management system that offers you omnichannel customer support.
Read moreMany industries have been impacted badly due to the pandemic but, it would be safe to say that the consumer durables industry is showing growth trends from a long-term perspective.
Read moreCustomer satisfaction act as the primary catalyst in pushing a company forward, and ensuring repeat business. However, companies cannot create their customer service strategies based on vague data or few interactions and can only trust quantitative data.
Read moreThe Consumer Electronics industry in India, which was valued at $10.93 billion in 2019, is expected to reach $21.18 billion […]
Read moreBrands are increasingly focusing to become more customer-centric and elevate customer experience to improve customer satisfaction, loyalty, and lifetime value. […]
Read moreIf you’re mapping or want to track your customer journey, there are plenty of things to be kept in mind […]
Read moreCustomers are the bloodline of any business. Without them, there will be no reason to continue the business. Even more […]
Read moreNo matter how small or big your business is or what it does, voice communication is a critical element of success.
Read moreCloud Telephony is the latest innovative invention that provides a personalized and fully automated incoming and outgoing call management system […]
Read moreSales closing is a make-or-break moment. No matter how hard you work and how well you design solutions for customers, […]
Read moreDo you want to make your business communications efficient and cost-effective? In this blog, we will explain to you how […]
Read moreIf you have a sales team that works on-field or is working remotely to generate sales for you, then you […]
Read moreOrganizations worldwide often wonder what the difference is between a customer relationship management (CRM) system and an enterprise resource planning […]
Read moreNew technology comes fast and goes, even faster. These days, there’s a new app or widget every week promising to […]
Read moreAccording to research, over 70% of all customers who leave a company for its competition have no problem with the […]
Read moreYou need to keep updating your customer strategies to ensure that they are happy with your products & services. Everything […]
Read morenstant Inbound is a game-changing sales prospecting strategy that enables you to connect with more prospects, faster and allows you to be more productive and make more money.
Read moreLast month, a miracle happened. Your company’s video went viral. Lead volume shot up by 500%. You were pumped and […]
Read moreIf you ask many business executives, they would say their customer service contact center is a necessary expense and it […]
Read moreEven if you have the best product in the world, your business is doomed to fail if no one knows […]
Read moreDuring the initial years, outsourcing was only used for basic processes such as data entry and payroll processing. However, as […]
Read moreCustomer experience and contact centers, in particular, are great starting points to implement artificial intelligence (AI) solutions since they are a large […]
Read moreBrands & retailers build better customer service systems by removing the guesswork of what customers want. A SaaS platform for customer engagement combines chat, voice, and social media for one cohesive customer service experience.
Read moreIt’s the age of the customer and the world’s biggest brands are duking it out every day for a greater […]
Read moreUnderstanding the various touchpoints you have with your customers is key to delivering memorable customer experience. Once you’ve mapped out your […]
Read moreAs a business head or business owner, you need to find ways to grow your sales and revenue. Exploring different […]
Read moreHere are some prospecting tips for you if you want to convert your cold leads into warm prospects: Target carefully […]
Read moreMarketing teams spend a lot of time, effort, and money to create compelling campaigns, optimize them to generate leads, set auto-responders […]
Read moreThis blog help you get the niche and specific Customer winning map by suggesting necessary tools, focus areas and changes to sell like a champion.
Read moreEmail marketing is one of the most important components of customer engagement. Whether it is a webinar email or a […]
Read moreWe have collected some information, I think very useful information regarding changing scenarios of sales in the times of SM […]
Read moreIf figuring out how to grow and effectively manage an In-House team seems like a huge obstacle and will largely […]
Read moreResearch shows that 69% of buyers accepted a call from new salespeople in the past 12 months, and 27% of sellers admit […]
Read moreProviding a stellar customer experience has been a cornerstone of business practically since spending and consumption have existed. However, now […]
Read moreCustomer service reports not only provides you an overview of all customer service requests received from your customers but also […]
Read moreMany companies, including yours, might find outsourcing to be a good idea as there is so much to be gained […]
Read moreIrrespective of the customer’s location, call centers play an important role in delivering reliable customer experience on a daily basis. […]
Read moreHuman interaction remains a vital component of customer satisfaction, even in the ‘digital age’. 83 percent of world’s consumers prefer dealing with […]
Read morePut yourself in the customers’ shoes. How do you gauge the quality of service a company gives? What makes a […]
Read moreThe buying experience often gets the most attention in customer service. Conversions are the name of the game for most […]
Read moreLearn more about Dialdesk’s Customer Experience Solution here! Author Profile DialDesk Latest Post 2022.03.29Customer Support CRMCritical Ways To Keep Your […]
Read moreis the apt framework developed for deploying the right mix of People, Process & Technology in a business with a clear eye on increasing lead conversion, reducing customer acquisition & management cost, and winning customers for life.
Some truly great posts on this site, regards for contribution. “A liar should have a good memory.” by Quintilian.
As soon as I noticed this web site I went on reddit to share some of the love with them.