How much effort do you put in to not have lost customers? If it is something that you have not asked yourself, you should know that keeping your customers is a key to increasing the profits of your company. The statistics confirm this since they indicate that a 5% increase in the customer retention rate can increase, depending on the sector, between 25% and 95% of its profits.
Therefore, while marketing campaigns to attract customers are essential for any brand, they cannot ignore customer retention campaigns. Remember that loyalty is a more profitable strategy, as capture, a new customer costs five times more than keeping one satisfied.
Customer Retention Services in Jaipur understands that the retention rate is an indicator of loyalty, in addition to customer retention KPI. Therefore it is essential to measure it to know if your retention marketing strategy is working or not. When a company has a high retention rate, it has loyal customers who will undoubtedly return again and again to buy the company markets' products or services.
To measure customer retention, you must calculate the percentage of customers your company can retain for a given period of time. It is the counterpart of the abandonment rate, which is responsible for measuring the number of customers who have abandoned your brand in a specific period of time.
It has been observed that the higher the retention rate a company has, the faster it grows. But you must bear in mind that a reasonable rate depends on several factors and that it is not the same in all businesses. This depends on aspects of Customer Retention Services in Jaipur such as the sector, the opportunity costs, the product or service marketed, the business model, among other things.
Strategies of Customer Retention Services in Jaipur and Bhubaneswar:
The strategies of Customer Retention Services in Bhubaneswar are based on creating an excellent customer experience that fosters positive consumer sentiment and thus loyalty so that they are willing to continue to buy in your business.
If you wonder how to retain customers, there are different strategies, and these are some examples of customer retention that you can use.
Improve customer service:
If you want to improve loyalty, you must take care of the customer service you offer. It is a fact that most consumers can leave a mark and turn to the competition due to poor customer service.
To do this, it is crucial to take care of all communication channels with customers. Remember that they now have multiple options, and whoever they choose to address customer complaints, inquiries or comments, must be dealt with by the company efficiently. In this case, companies can be supported by different customer service tools, such as CRM, chatbots, etc.
Personalize messages and offers:
You can't treat all of your clients the same because they are not all the same. So if you want to keep them happy, you must know them to personalize the messages and offers based on their consumption habits, needs, and/or preferences.
The customer segmentation will help you divide your audience, create archetypes of customers, and design messages tailored to each group. If you send a weekly newsletter, for example, you must prepare the offers based on the target so that it meets the objective of increasing the frequency of purchase or its value.
Take advantage of social networks:
Another strategy to retain customers has to do with the correct use of customer service on social networks. These platforms can increase your retention rate because it is a direct communication channel that will allow you to build good relationships with your customers. In addition, it is an opportunity to show them how much you care.
On the other hand, you should consider that social networks help improve the perception that users have about brands. Why? Well, because users often share their experiences on these platforms and negative reviews greatly influence brand reputation.
Therefore, you must make sure you create positive experiences for buyers. If so, they are likely to share it on their accounts, which will help generate a positive perception in others.
Tools for better Nimbus BPOs’ Customer Retention Services in Jaipur and Bhubaneswar:
Emotional costs: They are given by the customer's relationship with their supplier through the people who represent the company or the brand itself. This is a useful element of loyalty.
Customer habits: To the extent that the customer has to change the product, he has to modify his behavior. This may entail an exchange cost.
Necessary learning efforts: It means the personal cost of studying new products or systems.
Economic advantages: The client may lose economic benefits linked to the client's relationship and seniority's continuity.
Psychological risks: Any change involves a feeling of risk and fear of losing something if it doesn't turn out as expected.
To implement a customer retention plan, it is essential to segment customers based on the benefit or value they bring to the company. Here at Nimbus BPO, you can establish different retention actions based on that classification. To apply a customer retention marketing strategy, we take care of your target audience and develop the process to know who buys and utilize the most effective techniques to keep them happy with your brand and prevent them from leaving with the competition.